Topic: BTC to reach 200 day moving average and previous high in Nov 2017 (?) (Read 137 times)
February 02, 2018, 11:04:41 AM
Well BTC reached the 200 dma as mentioned in the initial post, it actually pierced it based on the GDAX exchange. Will it hold?
January 31, 2018, 12:21:32 PM
Because the crypto market is much more volatile than the conventional markets, I have noticed that BTC often overshoots support and resistance levels quite often. But they do generally hold...
And regardless of fud/sentiment/emotion going forward, the previous major peaks have provided support and technical analysis has shown to be a helpful tool to locate potential bottoms. We will see fairly soon if support holds...
And regardless of fud/sentiment/emotion going forward, the previous major peaks have provided support and technical analysis has shown to be a helpful tool to locate potential bottoms. We will see fairly soon if support holds...
January 31, 2018, 12:12:57 PM
Remember how BTC moves, when it goes down hard, it moonshots in the next rally. That's what I want to think this year, but I feel this one's different. This could be the year where BTC could be dethroned as the top 1 market cap. If that 200 MA is broken down, it could be the beginning of the end, or the end of a beginning, depending on what perspective are you in.
January 31, 2018, 12:06:14 PM
We can not say that so surely whether it will be again reaching the ATH of November because for that to happen we need to stick around the current market cap. For now the market is continuously dropping, and if weak investors started to panic at that downtrend then it can push the market cap in negative side of your downtrend line very fast and thus reducing the prices for the bitcoin.
That’s the fear where we are more concerned because we are not sure about the investors. What if someone started to think that it’s already reaching 7900 prices and it might go down below, but they have inevsted at that prices previously. This will affect their investment and thus will start panic sell for that group.
This is why i do see this market is almost affected by emotion because anytime prices would go even more deeper as we speculated because we wont even know on how investors do feel from time to time. If theres a panic then that strong support level would be break in no time.Having technical analysis isnt really bad which i do agree on plotting on charts this is really the ATH on last november and it seems we are heading there.That’s the fear where we are more concerned because we are not sure about the investors. What if someone started to think that it’s already reaching 7900 prices and it might go down below, but they have inevsted at that prices previously. This will affect their investment and thus will start panic sell for that group.
TA has big limitations and they're exactly as you said, it's great for identifying support levels and potential bottoms but what it cannot tell you is how the feeling in the market will be at the time. If we reach 8k and then suddenly there is a big bad news story that breaks, the support level will not hold, that's for sure. News and feeling drive the market much more than anything else.
January 31, 2018, 12:00:46 PM
We can not say that so surely whether it will be again reaching the ATH of November because for that to happen we need to stick around the current market cap. For now the market is continuously dropping, and if weak investors started to panic at that downtrend then it can push the market cap in negative side of your downtrend line very fast and thus reducing the prices for the bitcoin.
That’s the fear where we are more concerned because we are not sure about the investors. What if someone started to think that it’s already reaching 7900 prices and it might go down below, but they have inevsted at that prices previously. This will affect their investment and thus will start panic sell for that group.
This is why i do see this market is almost affected by emotion because anytime prices would go even more deeper as we speculated because we wont even know on how investors do feel from time to time. If theres a panic then that strong support level would be break in no time.Having technical analysis isnt really bad which i do agree on plotting on charts this is really the ATH on last november and it seems we are heading there.That’s the fear where we are more concerned because we are not sure about the investors. What if someone started to think that it’s already reaching 7900 prices and it might go down below, but they have inevsted at that prices previously. This will affect their investment and thus will start panic sell for that group.
TA has big limitations and they're exactly as you said, it's great for identifying support levels and potential bottoms but what it cannot tell you is how the feeling in the market will be at the time. If we reach 8k and then suddenly there is a big bad news story that breaks, the support level will not hold, that's for sure. News and feeling drive the market much more than anything else.
January 31, 2018, 11:42:57 AM
We can not say that so surely whether it will be again reaching the ATH of November because for that to happen we need to stick around the current market cap. For now the market is continuously dropping, and if weak investors started to panic at that downtrend then it can push the market cap in negative side of your downtrend line very fast and thus reducing the prices for the bitcoin.
That’s the fear where we are more concerned because we are not sure about the investors. What if someone started to think that it’s already reaching 7900 prices and it might go down below, but they have inevsted at that prices previously. This will affect their investment and thus will start panic sell for that group.
This is why i do see this market is almost affected by emotion because anytime prices would go even more deeper as we speculated because we wont even know on how investors do feel from time to time. If theres a panic then that strong support level would be break in no time.Having technical analysis isnt really bad which i do agree on plotting on charts this is really the ATH on last november and it seems we are heading there. That’s the fear where we are more concerned because we are not sure about the investors. What if someone started to think that it’s already reaching 7900 prices and it might go down below, but they have inevsted at that prices previously. This will affect their investment and thus will start panic sell for that group.
January 31, 2018, 11:28:29 AM
We can not say that so surely whether it will be again reaching the ATH of November because for that to happen we need to stick around the current market cap. For now the market is continuously dropping, and if weak investors started to panic at that downtrend then it can push the market cap in negative side of your downtrend line very fast and thus reducing the prices for the bitcoin.
That’s the fear where we are more concerned because we are not sure about the investors. What if someone started to think that it’s already reaching 7900 prices and it might go down below, but they have inevsted at that prices previously. This will affect their investment and thus will start panic sell for that group.
That’s the fear where we are more concerned because we are not sure about the investors. What if someone started to think that it’s already reaching 7900 prices and it might go down below, but they have inevsted at that prices previously. This will affect their investment and thus will start panic sell for that group.
January 31, 2018, 11:15:04 AM
Guess it is hard to visualize or if you are not looking at the same setup on the chart. So here is what I'm looking at...
[http://s17.photobucket.com/user/Glenn408/media/Jan312018.jpg.html]
[http://s17.photobucket.com/user/Glenn408/media/Jan312018.jpg.html]
January 31, 2018, 10:47:56 AM
When looking at the chart, BTC is in a downwards channel. Depending upon which exchange you look at, the last peak on Nov 8th was around 7900.
The 200 day moving average is rising with a current value of 7742, it appears that it will be close to the previous high mentioned above by next week sometime. It may also be near the bottom trend line which would all line up on a chart. (When looking back at this time)
IMO, it is going to be a major support level and since BTC has pulled back to previous highs in the past (look at the chart), the 7900 level may be the bottom of the downtrend. (My speculation)
The 200 day moving average is rising with a current value of 7742, it appears that it will be close to the previous high mentioned above by next week sometime. It may also be near the bottom trend line which would all line up on a chart. (When looking back at this time)
IMO, it is going to be a major support level and since BTC has pulled back to previous highs in the past (look at the chart), the 7900 level may be the bottom of the downtrend. (My speculation)
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