MA200 | A Trolls Nightmare
2024-09-22

This is what makes it really hard for trolls to sleep at night, signals like this one...

Good Sunday my fellow Cryptocurrency traders, are you ready for a crazy Monday?

We never know if it will actually happen on Monday or Tuesday, or Wednesday or next week or next month, it is obvious that Bitcoin has been going lower and it keeps on going lower and this has been happening for months.

A new lower high is in. This is the sixth major lower high in a row.

It came to my attention the fact that people were celebrating, actual celebration and worldwide coverage because Bitcoin hit 63K. Excuse me, I love Bitcoin, but there is nothing to celebrate.

We either celebrate when Bitcoin goes bullish on the way up (above 70/71K), or when Bitcoin turns bullish on the way down (be ending the corrective phase).

The fact that the whole market was celebrating a non-event, is indicative that some anxiety is lurking behind the scenes. When we are sitting on a strong position, we do not celebrate small wins, we just watch with a detached attitude exuding an aura of equanimity, don't you agree?

When we are on a strong position we just let it all go.
When we are on a weak position, we celebrate when we get any confirmation that supports the position we hold.

MA200 is a major and very important indicator, it works great with Cryptocurrencies.

When prices are below this moving average, we see it as a long-term bearish signal. When prices are above, we see the potential is open for growth.

Bitcoin is currently trading below MA200 and this level is working as resistance now and it is being confirmed as resistance after a lower high... This is not good. It confirms the bearish bias and the recent bounce happened on low volume.

Everything keeps pointing down.

This is honest analysis based on the chart signals.

Thanks a lot for your continued support.

Namaste.