Bitcoin 50, 100-Day SMA, Keltner Channels Point to Lower Price
Bitcoin is in process of moving lower. You can see this pretty clearly and simply by looking at the 50 Day SMA, 100 Day SMA and Keltner Channels.
Essentially this is an action-reaction process. Looking at the March-April time period the Bitcoin price fell below the Keltner Channels (most or all of one candle body) for 17 days.
During May and June the Bitcoin price rose above the Keltner Channels for 20 days.
Bitcoin price now has fallen below Keltner Channels. If similar to past two instances where price rose above or fell below Keltner Channels, then Bitcoin will stay below channels for 17-20 days.
Price fell below on 7-27-14 so price could stay below Keltner Channels until 8-15-14 or so.
At this point, would not worry too much about up and down price swings. In other words, don't get sucked into buying just because of a $50-60 price swing. Wait for move lower to play out.
Essentially this is an action-reaction process. Looking at the March-April time period the Bitcoin price fell below the Keltner Channels (most or all of one candle body) for 17 days.
During May and June the Bitcoin price rose above the Keltner Channels for 20 days.
Bitcoin price now has fallen below Keltner Channels. If similar to past two instances where price rose above or fell below Keltner Channels, then Bitcoin will stay below channels for 17-20 days.
Price fell below on 7-27-14 so price could stay below Keltner Channels until 8-15-14 or so.
At this point, would not worry too much about up and down price swings. In other words, don't get sucked into buying just because of a $50-60 price swing. Wait for move lower to play out.
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