“A False Try of Breaking The “Golden Cross”

08.09.2015 was a false try of breaking the “Golden Cross”.

“Golden Cross” is a Bullish figure in the technical analysis that occurs while crossing the short and long-term moving average(MA).

A Bullish pattern of crossing the 50 EMA from bottom to up and 200 EMA on the daily time frame is considered to be a signal for a strong uptrend. For some investors, this may serve as a signal to buy.

But since there was no breakdown, the second attempt of crossing the Golden Cross was 10.29.2015. The breakdown was successful and the price rose over the week from $ 305 to $ 502 — that is, by 60%.

Today, 24.04.2019 we have the opportunity to observe this pattern livelily. But, you need to be careful, as the sample can be false. We can go 30% down from this point (according to the history — the last time it was like this), the price of $ 3,800 — this is if you look back to 2015.

At present, the situation is the following: We see good support in the $ 4,800 area + this is the 50% Fibonacci level — the approximate level of correction after strong growth.

The scenario for the action is a Short position, you can open it now with Stops at a price of $ 5,720 and the first goal is $ 4,800. If you have BTC, change to USDT; later- you will catch BTC at levels from $ 4,900 and to $ 4,300, it will be difficult for the asset to fall below this level, although anything is possible, but this is a topic for the next posts.

• Short $ 5 500
• Target $ 4,800
• Stop Lost $ 5,720