Very quick BTC daily chart update:
BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe.
Note that at the moment, the Bollinger Bands Upper and Lower Bands are NOT extending outwards for this 1D timeframe. The Upper and Lower Bands extending outwards means increased volatility.
BTC is below its Schiff Pitchfork (A,B,C) Median Line. BTC needs to eventually close a daily candle above this level.
At the moment of typing this, BTC is below its Volume Profile Visible Range VPVR Point of Control (POC) for this chart range.
At the moment of typing this, BTC is below its Volume Profile Fixed Range VPFR Point of Control (POC) for the range i have selected.
Note that Volume is still relatively low for this 1D timeframe and the Daily Volume Bar is still below its Volume 20 Period MA.
BTC has found some support from its Schiff Pitchfork (A,B,C) Lower Yellow Support Line. Note that BTC has bounced off this support line twice before on this 1D chart. This is a crucial level to CLOSE a daily candle above.
Note that the 50MA is getting really close to the 200MA. If you don’t know, It is called a death cross if the 50MA crosses below the 200MA.
Now for the good news…….. BTC is still above its Weekly 50EMA.
The weekly 50EMA is the one to watch, even if the death cross happens on the daily, from my perspective that is not the end game, the weekly 50EMA is the deciding factor for me. If BTC keeps CLOSING WEEKLY candles ABOVE the WEEKLY 50EMA then all will BE WELL and we’ll just see sideways ranging within a range until the next run up. If BTC CLOSES a WEEKLY candle BELOW the WEEKLY 50EMA, then all will NOT BE WELL for BTC. Remember that BTC wicked 3 times below the WEEKLY 50EMA but did not close below it! If your longterm, its where the candle closes that’s important, not where it wicks to.
I hope this is helpful with your trading and hodl-ing.
BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe.
Note that at the moment, the Bollinger Bands Upper and Lower Bands are NOT extending outwards for this 1D timeframe. The Upper and Lower Bands extending outwards means increased volatility.
BTC is below its Schiff Pitchfork (A,B,C) Median Line. BTC needs to eventually close a daily candle above this level.
At the moment of typing this, BTC is below its Volume Profile Visible Range VPVR Point of Control (POC) for this chart range.
At the moment of typing this, BTC is below its Volume Profile Fixed Range VPFR Point of Control (POC) for the range i have selected.
Note that Volume is still relatively low for this 1D timeframe and the Daily Volume Bar is still below its Volume 20 Period MA.
BTC has found some support from its Schiff Pitchfork (A,B,C) Lower Yellow Support Line. Note that BTC has bounced off this support line twice before on this 1D chart. This is a crucial level to CLOSE a daily candle above.
Note that the 50MA is getting really close to the 200MA. If you don’t know, It is called a death cross if the 50MA crosses below the 200MA.
Now for the good news…….. BTC is still above its Weekly 50EMA.
The weekly 50EMA is the one to watch, even if the death cross happens on the daily, from my perspective that is not the end game, the weekly 50EMA is the deciding factor for me. If BTC keeps CLOSING WEEKLY candles ABOVE the WEEKLY 50EMA then all will BE WELL and we’ll just see sideways ranging within a range until the next run up. If BTC CLOSES a WEEKLY candle BELOW the WEEKLY 50EMA, then all will NOT BE WELL for BTC. Remember that BTC wicked 3 times below the WEEKLY 50EMA but did not close below it! If your longterm, its where the candle closes that’s important, not where it wicks to.
I hope this is helpful with your trading and hodl-ing.
Comment:
Splat! The Death Cross has been triggered. As i stated above it is the WEEKLY 50EMA that is the real deciding factor. All those prophets screaming sub $20K cannot deny the fact that unless BTC CLOSES a WEEKLY candle BELOW the WEEKLY 50EMA then $20K let alone sub $20K will not happen. IF BTC NEVER CLOSES a WEEKLY candle BELOW the WEEKLY 50EMA, then we will see sideways ranging "within a range" at worst and upwards at best. $20K will only become a viable possibility if BTC CLOSES a WEEKLY candle BELOW the WEEKLY 50EMA. Thats it!
