AmitSchandillia
Long

BTCUSD: Bears still lurking in the shadows

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We seem poised to breach 100EMA on the daily chart . My hypothesis is that if that happens, we might see a brief rally to around 9.9k before a potential ominous news pulls us back below that line. The precedent can be seen when this happened last on 2/27. BTCUSD 0.19% had closed at 10.4k that day after briefly teasing the 100EMA on the daily. That day, MACD was just starting to breach into positive while the signal line was still below zero. Over the next 6 days, BTCUSD 0.19% continued on to 11.1k before making a very sharp reversal going as low as 7.2k over the next 13 days. Today, we have a similar scenario with the MACD just about entering the positive, signal line still below zero, and 100EMA about to be breached. Discounting the bears completely in this euphoria would be a blunder.
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