Bitcoin where to now?G'Day Cobbers
After a strong few weeks we have found the 8500 level impassable and the selling pressure has pushed us back down in a corrective move, the question we need to be asking is this a healthy correction or are we heading back down to retest the recent breakout. If we break below this level I will be switching my long term bias to bearish, as it will signal the latest breakout was just another fakeout rally.
Current state of affairs is posted on the chart, if you use a simple crossover strategy the 5/10 has signalled a short but we are still long if you follow the 10/25, Backtesting on the daily for both these over the last 18months on xbtusd has proved quite profitable, especially with the 5/10ma strategy.
Good Luck
G'day
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Trader, Chart analyst and all round larrikin. Reside in NQ Australia, surrounded by Crocodiles, snakes & giant spiders, not to mention the boxing Kangaroos and devilish Drop bears. It makes my job quite hazardous but strewth mate, I love it.
