Hi guys! It has truly been a huge period of red with the bitcoin correction and cryptocurrency at large. The chart below is a 1 day on BTCUSD, where we just hit the 200MA red line. As expected, there is a bounce back from this line, so we are still looking good for now in the bitcoin market. Unfortunately, the 100MA could not hold us some days back, which from history has always been the area we normally have a bounce back as shown in the chart as well (green line).
However, anything can still happen, so we still have the close of the day candle and the whole weekend to be sure if we will be really holding in this region or not. We should be retesting anyway, so I am personally keeping my fingers crossed and I hope we really hold as this would perceive bitcoin to be extremely weak by investors if it doesn't and that is not going to be a good one. Nevertheless, I still see this as the handwork of institutions to have a stronger hand in the market.
Anyway, this is not a trade suggestion, just my opinion and would love fellow traders to share theirs in the comment section. Luckily, I bought some for long position at $7,700, with a stop loss below the 200MA. After retesting and things end up looking good, I am looking forward to buying more.
What do you guys think? Good move? I know no one can be confident for now with the whole FUD, but do you think we should be good from here, with some consolidation in coming weeks?
By the way, I am hoping to keep sharing my cryptocurrency trade decisions based on my impulse, what I have learned and what I see on the chart. With constructive criticism, I believe I will get better and also help other prospective traders.
Cheers!