BTCUSD seems bullish in the long term, but will probably dip in the short term. This signal plays out almost every time in all sorts of markets.Sell-Signal:
People often talk about MACD crosses and golden crosses and all sorts of moving average crosses. There is a really simple trading strategy which plays against the masses and works more often than not. Basically, we are looking for a typical moving average cross, which would be important enough to give a bullish or bearish signal for a longer time frame. If this signal is for example bearish and the price is always very extended on the bearish side (way underneath the moving average and the cross), then the 'bearish'-cross works as a counter indicator and gives a signal for short term bullish movement. You can backtest this principle in all markets and all asset classes and also almost all timeframes. If you take this trade then the probability is on your side.
In the case of bitcoin, we are anticipating a cross of the 100 DMA and the 200DMA and the price is front running the cross. This is another bearish indicator which combined with my recent analysis BTC-LONG-TERM-BULLISH-BUT-SHORT-TERM-DOWNSIDE-POSSIBLE/ just increases the odds of a short term pull back.
Targets:
Targets are the same as in my old analysis:
BTC-LONG-TERM-BULLISH-BUT-SHORT-TERM-DOWNSIDE-POSSIBLE/
I hope this was helpful.
Best,
Felix Kewa
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