Bitcoin Trend Trade
On may 14 I published an idea about bitcoin in a bear flag pattern and it broke the pattern. The support levels at 47k and 44k have been reached. Bitcoin seems to be trending lower. The exponential moving averages are trending lower. The relative strength index is way below 50 on the daily chart showing signs of sellers in control and the MACD is showing a very strong momentum to the downside. Now that the bear pattern has broken bitcoin could trend even lower before pulling back to the moving averages for a rally then continuing lower. Bitcoin has been overbought on the monthly chart with readings way over 80. Any instrument with an relative strength index with a reading above 80 should be approached cautiously as profit taking tends to follow overbought readings. How far will bitcoin trend who knows. To get a better picture with all the news and reactions happening best to wait to see when bitcoin pulls back to the 9 and 15 moving averages to see if it strengthens or shows signs of continuing lower. I have nothing against bitcoin I am just a day trader who is here for profit or loss. Win, Lose, or Draw do not get emotionally attached to these products. At the end of the day we are all here to profit not hope.
Good luck and good trading!
Good luck and good trading!
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