50 day average on BTC is approaching the 200 day moving average
This is known as a Death Cross spooks the heck out of traders, I'm thinking that it maybe it will be pivotal point for BTC and as DO is correlating with BTC currently it could be a spike down, opportunity to buy more at bargain basement prices
TA only works in crypto because people believe it work. If you believe in a death cross then you will obviously sell off if it gets close to it. The same goes for everyone else who believes in TA. I have been daytrading the last few days, quite successfully. This is not because I am a zen master meditating in the mountains to learn what an inverted head and shoulders pattern followed by a cup and handle with funny triangles mean.
This is simply because I am riding on what all the TA people thinks and setting stop limits.
You cannot TA something as volatile as bitcoin. How will your TA accomodate for JP Morgan saying they are integrating a bitcoin exchange into all customer bank accounts tomorrow? Or UK banning anything crypto?
What about a youtuber with 200k followers mentioning a coin? Will TA predict that pump?
You dont need funny lines and triangles for this, it is simple - dont be greedy and only buy on lows. A death cross doesnt mean anything in reality, but due to everyone who believes in it we will probably see this imaginary line being crossed. But alas. I will even buy bitcoin tomorrow if I had spare fiat, its not on a all time high so why not buy now?