I have been using the same Bitcoin chart for the last 15 months, on it I have coded in the 10, 50, 100, 200, 300, 400, 500, 600, 700, 800, 900, and 1000 day Simple Moving Averages (SMAs); calculated by adding recent price and then dividing by time periods. I also added the Bull Market Support Band (20 week SMA, 21 week EMA (exponential moving average; placing greater weight on more recent data points)).
[Bitcoin Simple Moving Average Lines](
I’m no technical analyst, but it looks like the price in USD has been bouncing on and off that tan 600 day SMA many times this year. Every time it goes back down to this average we get the FUD *”Bitcoin has crashed, fell, & tanked”* articles. This may be oversimplified, but prices seem to both shake and grasps these average lines. Recent FUD has been calling for 800/900 day SMA levels. For some hopium; notice how those longer averages just slowly and constantly trend upwards.
This is not financial advice. This is just a chart.
You say you’re no technical analyst but what you made is very technically analytical
Just a question: why go for rounded off figures like 600, 700. Why not any value between them?
If you draw 100s of lines on a graph, something’s got to fit.
We closed the daily below the 600D MA for the first time yesterday this cycle, all previous wicks below have been bought up before the close but didn’t happen this time. We are currently getting rejected off it today, so it looks like it might actually be turning into resistance and further downside might be coming in the short term
All fun and games and hopium until that breaks.
I like to think of trends like this as a self-fulfilling prophecy
The hopium is real with this post. Time to buy some more (but not like I needed an article to tell me to).
Market will go up!!! …or down 🤔
Now you’ve noticed it, it won’t work. That is the law.
I don’t know shit about fuck but is it not suppossed to be like that? I mean if it’s an average of course it’s going to bounce on and off, some times a little higher some times a little lower from the average, that’s what an average is supposed to be right? Am I the crazy here?
If you watch Benjamin, he always says how things can only bounce so many times before it gives out. It’s the only thing I remember from his videos but he is really good at what he does or so I think so.
Bitcoin is pretty great!
Too many big words
Graph go BBBRRRTTTTT
with the stock market tanking, it’s risk off. Bitcoin will trade down.
and it’s gone 🤡
“TA is a scam”Reminder that **bots use TA** to make decisions. Not like “double inverse head and shoulders into a Bart Simpson constellation”, but DEFINITELY raw numbers like min, max, moving averages, volume etc.
You can literally build a bot that does the above “when price <= 600d MA, buy” and “when price > 2x 600d MA, sell” and you get this.
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Also, people set manual orders at clean round numbers. Notice the big bounces are when the 600d intersects with 35k, 37.5k and 40k.
So we get a reversal/pump in a few days, got it.
*snorts hopium*
That’s why they say, “Bitcoin trends upwards with time.” Just be patient everyone.
Crypto has more correlation with the overall stock market than it had in the past. If the overall market continues trending down, crypto likely falls as well.
For it to massively fall out of this trend line would be statistically improbable, but that’s why it’s TA and anything can happen even if it doesn’t seem logical according to trends.
Hi no technical analyst, I’m Dad.
Crab market
“I’m no technical analyst but here’s something 99% of you won’t be able to read”
Fuck me op, turns out I’m no technical analyst either, who knew lol
Those lines, do you have more of those?
The best strategy is just to set up auto-buy every month, and not look at it for 10-20 years
At any given time for any coin you can find some type of moving average or other indicator that confirms your bias
Given how long weve been at this level support goes to show how intense the sell pressure is, it may even be brief but sentiment seems to lean towards a nosedive from here
What I don’t get about these charts is can’t you just put any line there that happens to have a name and say it’s been bouncing off this line all year?
There’s always going to be a line one can fit into the graph
I never understand that graphs but is amazing because of the colors and the up and downs. Feels like a rollercoaster is amazing too see that is a rollercoaster.
I’m starting to hate that this are called technical analysis when it’s just a bunce of lines that conform someone’s bias.
Technical analysis is meaningless.
SOURCE: just review decades of technical analysis of all financial assets.
Great stuff! Moving averages are such a simple and effective tool, yet they don’t get enough recognition or use by retail investors.
You’re right, you’re not technical analyst, and neither should you become one.
I hope your right 👍 if not I’ll continue to DCA and hold…
Oh some hopium at last !
Let’s hope we hold that level at least …
#hopium
PS nice chart & post OP 🙂
No one uses the 600 dma, just a coincidence
This is the good shit right here
Aaaand we’ve broken it 💔
Yeah nah it is not looking bullish. Break and close below that EMA. Also look how the slope is changing, it’s flattening out, shows a lot of weakness. Also every time that a moving average gets touched after a trend is established, it ultimately gets weaker and less likely to continue acting as support/resistance.
Fwiw I’m neutral, both in holdings and sentiment.
…So far, in 2022 !