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Short Term Trading Week Starting: 25 Feb, page-51

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Lambrae

481 Posts.

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26/02/19

11:01

Post #: 37568821
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Originally posted by peejayhercules: ↑

Straight after I tipped DCC the Bitcoin price collapsed, with the Bitcoin chart turning into a bearish crossover. Of course there's always an expert who suggests this is a good thing. Trouble is, I don't know if he's a genius, or just plain delusional.

https://www.coindesk.com/long-term-price-indicator-tuns-bearish-suggesting-bitcoin-may-have-finally-bottomed-out
"A lagging indicator has turned bearish for the first time in four years, suggesting bitcoin’s price may have bottomed out and that a new bull run could begin this year. As of press time, bitcoin’s 50-week moving average has dropped below the 100-week MA, confirming a bearish crossover – the first since April 2015. Long-term bearish crossovers, however, tend to occur at the end of a big bear move, with prices rallying soon after, as MAs are based on past data.
For instance, the 50-week MA responds to price action seen over the last 12 months, and the 100-week MA tracks much older data. Therefore, the bearish cross of the two is the product of a prolonged bear market – BTC dropped from $20,000 to $3,122 in the 12 months ending December 2018.
Put simply, it takes a great effort on the part of the bears to push the 50-week MA below the 100-week MA. As a result, the bear market is usually exhausted by the time the crossover is confirmed, which seems to be the case with BTC.
The leading cryptocurrency by market capitalization is currently trading at $3,749, up more than 19 percent from the lows near $3,100 seen 11 weeks ago. Further, bitcoin’s historical data shows the previous bear market ended with the 50-week MA falling below the 100-week MA in April 2015."
Bitcoin/ blockchain / cryptocurrency might be on the precipice, but of what I don’t know. Hmmmmm … this usually happens just after I've placed money on something,rather than just before like now.

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I was liking your DCC tip. Am still thinking of tipping it myself soon. Will have a closer look again.

XAO Value at posting: 6,224.7
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