50 moving average current resistance level that bitcoin most break.

arpon11

sr. member

Activity: 882

Merit: 282

Quote from: leowonderful on July 29, 2019, 11:56:40 AM

Including a picture of where the 50MA is currently at since OP didn't post a picture of it below. Used Bitcoinwisdom.io to make this image, adjusted MA parameters using the 'settings' section on the site. I would agree it does look like resistance at this point, and we even had a little flip of the support to resistance as well with the candle from the upper $10ks to $9k. Been looking at a potential double bottom at $9k with the daily candle yesterday as a result of the stophunt we had as well. I am personally staying out of the markets for the time being, however.

Thank you @leowonderful for adding this picture and I think we can now see clearly of the next task ahead. If bitcoin can close above that level (50ma) in next two days, in a day candlestick , then we should expect a breakthrough that may cause bitcoin to retest $10,800, $11,080, and $12,122 . However, the more bitcoin stay below 50ma the more weakening it become and bear may take the advantage and push it down further. I think you agree with me from macd that the current market position is 50/50 . The probability of bitcoin going down more is high and staying were it is for more days may create doom.

BitHodler

legendary

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People currently seem to hype up a looming golden cross on social media and hope it will result in the price to pump, but I doubt that it will move the price with how it has gone up a lot already.

It might be calculated in today's price already, just like the block halving may be. What was the last time traders and investors didn't front run a bullish event? By the time events take place people usually sell the news.

With how the price has been slowly trending down for a while now, it wouldn't surprise me if we see a counter move when this golden cross takes place and go down instead.

1Referee

legendary

Activity: 2170

Merit: 1427

Bitcoin tends to retest the 21 daily EMA (weekly chart) during bull runs and find support there, which it currently hasn't tested yet, and for that reason expect a touch in the forthcoming weeks, perhaps months. Range is $8200-$8500. From there we will have to see if it finds support or ignores it to fall even lower. If the bull run is still going, it will find support there just like it did back in 2017 and continue making higher highs.

The thing that makes me a bit more bearish is how we didn't respect any major resistance level on the way up until the 61.8% fib level that resulted in a brutal selloff twice. Bitcoin shot past last year's major support as if it didn't exist. In that regard, it will not surprise me if the price similarly doesn't respect it on the way down.

Mahanton

hero member

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Merit: 632

Quote from: leowonderful on July 29, 2019, 11:56:40 AM

Including a picture of where the 50MA is currently at since OP didn't post a picture of it below. Used Bitcoinwisdom.io to make this image, adjusted MA parameters using the 'settings' section on the site. I would agree it does look like resistance at this point, and we even had a little flip of the support to resistance as well with the candle from the upper $10ks to $9k. Been looking at a potential double bottom at $9k with the daily candle yesterday as a result of the stophunt we had as well. I am personally staying out of the markets for the time being, however.

Market is moving on sideways with gradual decreasing its momentum but you can took up the risk on buying out with these ranges yet
it might or can possibly able to break it out once theres a trigger or catalyst for the price to shoot up once again.If none,then we might see
an another nearly stable market movement for months once again.

leowonderful

legendary

Activity: 1624

Merit: 1130

Bitcoin FTW!

Including a picture of where the 50MA is currently at since OP didn't post a picture of it below. Used Bitcoinwisdom.io to make this image, adjusted MA parameters using the 'settings' section on the site. I would agree it does look like resistance at this point, and we even had a little flip of the support to resistance as well with the candle from the upper $10ks to $9k. Been looking at a potential double bottom at $9k with the daily candle yesterday as a result of the stophunt we had as well. I am personally staying out of the markets for the time being, however.

arpon11

sr. member

Activity: 882

Merit: 282

The 50 moving average has created a strong resistance level that bitcoin must break in other to resume at its bullish trend again. Bear will push price further down if bitcoin did not cross the 50ma on a daily charts, in the next three days, as the more it stays below 50ma the weaker it becomes. I do believe that the interest rate cutting may give bitcoin an upper edge against USD and bitcoin will cross that limitation in days to come.

Topic: 50 moving average current resistance level that bitcoin most break. (Read 150 times)