Daily Discussion, July 12, 2019

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  1. BitcoinAlways


    **Bitcoin’s Price Charts Point to an Impending ‘Golden Cross’**



    A bitcoin price indicator is about to turn bullish for the first time since the early stages of the 2016-17 bull market.

    The 50-candle moving average (MA) on bitcoin’s three-day chart is in a solid upward trajectory and looks set to cross above the 200-candle MA in the next few days.

    That would be the first golden crossover on the three-day chart since early February 2016. CoinDesk reported on a golden cross for bitcoin’s daily chart back in April.

    Seasoned traders often refer to that long-term bull market signal as a lagging indicator. After all, the MA studies are based on historical data and tend to lag prices, which also means they have limited predictive abilities at best.

    While that is true for most crossovers, the one that is about to happen on the three-day chart has proved its mettle as a reliable bull market indicator in the past.

  2. Buckeye1234


    I bought BTC starting early ‘19 after reading 100s of articles.

    And I was HELLA bullish in Jan/Feb.

    That bullishness was based on my read of institutional sentiment around BTC. Don’t know anything about TA but trust my read of human behavior/sentiment, which has been incredibly useful to me in my life/career and relatively lucrative.

    I am today WAY more bullish than back in Jan/Feb ‘19.

    We just had the top finance guy in the ******* country compare BTC to gold.

    The TA guys may tell me that based on RSI/MACD/triangles/Golden Crosses/pen-ants/EMAs (?)/bounces/dead cats and so on that I am full of ****.

    But I am convinced to my core that this is a once-in-a-lifetime opportunity and that in the long-term BTC only goes one way—up—and continues its majestic rise.

    And no amount of drawing on a graph will change that.

  3. MickeyM42


    Looks like we are moving to the resolution point of a bull pennant on the daily. Everything in the last week has just been within that pattern.

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