Bitcoin and Moving Averages - Are they worth using ?
Bitcoin Daily and Weekly Charts with SMA ribbons - 2 stories
This is the channel BTC has been in since Jan 2023. We broke out of it on Feb 2024 and returned into it in July 2024
The main image is the weekly chart and we can see how, as a result of this Long term Rise since Jan 2023, The SMA's have begun crossing Bullish with the 100 (blue ) just recently regaining ground above the 200 ( yellow) . This is despite the Long Term Range we are currently in and shows the strength the PA Has Had.
The 50 ( RED) was the first to recover and it is that that is currently offering support to PA as is shown by the bounce off it just 3 weeks ago. However, the Long Term range just mentioned has yet to fully appear in these SMA's
So, lets look at the Daily
https://www.tradingview.com/x/ys4bvqTD/
The Daily shows us the battle taking place between the 50 (red ) and the 100 ( blue )
The Bullish order for these SMA's is , from top to bottom, 50 ( red) 100 ( blue) 128 ( green and 200 ( yellow )
What worried a lot of people was, on the 8 August, we saw a "Death Cross", where the 200 crossed above the 50.
this is considered a bearish sign but I will say, we saw this on a few occasions in 2020 - 2021 nad PA recovered.
We can see how PA has tried to recover recently and, in fact, made a slightly higher high and it even got through the 200, that tried to be resistance.... But we failed to hold that and now, just today, we have found support on the 50 again.
We need to hold this but we may not.
For me, I think we will see 58K , FEAR will set in again and we will have to wait and see how things play out.
The problem with Moving Averages and using them as Tools for understanding the market , is how laggy they are. They take so long to react.
The Weekly Looks fine.... Very bullish, 100 crossing over the 200 - everything looks LOVELY but the real story is below that, the Daily, all hell is breaking Loose.
And the lower down the time frames we go, the worse it gets but the nearer to the real time data we get.
I Look at MA's, I do my business with other Tools.
A Death Cross, for instance, only shows us what has happened ALREADY and any decent trader will already have seen that signal elsewhere, like in the PA for instance !
But, they do have thrie uses.........But there are better tools for a Fast moving asset like Crypto
Just my opinion
This is the channel BTC has been in since Jan 2023. We broke out of it on Feb 2024 and returned into it in July 2024
The main image is the weekly chart and we can see how, as a result of this Long term Rise since Jan 2023, The SMA's have begun crossing Bullish with the 100 (blue ) just recently regaining ground above the 200 ( yellow) . This is despite the Long Term Range we are currently in and shows the strength the PA Has Had.
The 50 ( RED) was the first to recover and it is that that is currently offering support to PA as is shown by the bounce off it just 3 weeks ago. However, the Long Term range just mentioned has yet to fully appear in these SMA's
So, lets look at the Daily
https://www.tradingview.com/x/ys4bvqTD/
The Daily shows us the battle taking place between the 50 (red ) and the 100 ( blue )
The Bullish order for these SMA's is , from top to bottom, 50 ( red) 100 ( blue) 128 ( green and 200 ( yellow )
What worried a lot of people was, on the 8 August, we saw a "Death Cross", where the 200 crossed above the 50.
this is considered a bearish sign but I will say, we saw this on a few occasions in 2020 - 2021 nad PA recovered.
We can see how PA has tried to recover recently and, in fact, made a slightly higher high and it even got through the 200, that tried to be resistance.... But we failed to hold that and now, just today, we have found support on the 50 again.
We need to hold this but we may not.
For me, I think we will see 58K , FEAR will set in again and we will have to wait and see how things play out.
The problem with Moving Averages and using them as Tools for understanding the market , is how laggy they are. They take so long to react.
The Weekly Looks fine.... Very bullish, 100 crossing over the 200 - everything looks LOVELY but the real story is below that, the Daily, all hell is breaking Loose.
And the lower down the time frames we go, the worse it gets but the nearer to the real time data we get.
I Look at MA's, I do my business with other Tools.
A Death Cross, for instance, only shows us what has happened ALREADY and any decent trader will already have seen that signal elsewhere, like in the PA for instance !
But, they do have thrie uses.........But there are better tools for a Fast moving asset like Crypto
Just my opinion
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