BTC - Lets have a look shall we
Updated
BTC 1D Chart Update:
BTC is still Ranging Sideways within its Sideways Channel. Remember that Sideways Ranging is NOT done at a constant level but WITHIN a range of values.
Note that BTC has failed to make any recent higher highs over the last couple of days.
BTC is below its WEEKLY 50EMA. BTC HAS closed 8 Weekly Candles in a row BOVE its Weekly 50EMA. This is a VERY crucial week as BTC needs to close this weekly candle ABOVE its WEEKLY 50EMA. Failure to day so may cause further downwards momentum.
BTC is still below its Bollinger Bands Middle Band Basis 20 Period SMA. Note that the Upper and Lower bands are indicating Sideways Volatility but that the Lower Band is curving slight upwards.
BTC is in another potential Descending Triangle Pattern. A Descending Triangle Pattern is a potential Bearish Continuation Pattern, so if you are LONG then you need to wait for a successful breakout of the Descending Trend-Line with a successful re-test of that level as strong support. We need to keep an eye on this pattern very carefully.
BTC is also in a Descending Channel Pattern. A break above the upper Resistance Line and successful retest of the resistance as support will be confirmation of a potential reversal to the upside, or failure to breakout will, be possible bearish continuation.
BTC is still below its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range that i have selected.
Daily Volume is still low and todays Volume Bar is still below its Volume 20 Period Moving Average. Note that yesterdays Volume Bar was slightly above the Volume MA.
The Moving Average Convergence Divergence (MACD) is indicating we have had the MACD Line (Blue Line) cross back under the Signal Line (Orange Line) which is a sell signal for most traders that use this indicator. Note we have negative Red Histograms forming.
The Average Directional index (ADX DI) is indicating the trend strength is increasing with the ADX (Yellow Line) rising to 26.76 and getting very close to crossing back above its 9 Period EMA (White Line) which is at 27.34. Note that the -DI (Red Line) has actually dropped to 24.82 but is still way above its +DI (Green Line) which is at 12.92. This is showing me that the -DI (Red Line) which is Negative Momentum had dropped quite sharply but the +DI (Green Line) which is Positive Momentum has also dropped.
The Chaikin Money Flow (CMF) is indicating a sharp rise in accumulation with the CMF (Green Line) rising from 0.05 to 0.13. note that the CMF (Green Line) is back above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.08 and tis indicates a rising strength in accumulation.
The Relative Strength Index (RSI) is indicating momentum is downwards at the moment. The RSI (Purple Line) is below its 9 Period EMA (Yellow Line) indicating downwards momentum is strong. Note that the RSI (Purple Line) is getting closer to the Oversold Zone.
Here is a look at the BTC Weekly Chart. Looking at this chart, you can clearly see that the Weekly 50EMA is VERY crucial level for BTC to continue to close above.
This is a VERY crucial week for BTC. BTC needs to CLOSE a WEEKLY Candle back ABOVE the WEEKLY 50EMA. Even though BTC is below the WEEKLY 50EMA, BTC is still Ranging Sideways within its sideways channel. The indicators are telling me that although momentum is downwards, Trading Volume is still relatively low but BTC is still being strongly accumulated. With overall Trading Volume Low, from My perspective this indicates a lack of Big Institutional Money. Remember that Retail money does not move the market, big institutional money does. Note that it is the institutional money that is put in AFTER they have accumulated their asset of choice, that moves the market up, NOT the money used in the accumulation phase.
As we’ve seen recently, the Fundamentals for BTC, ADA, VET & most cryptos are truly amazing, but the Technicals are utter crap at the moment unless you’re short selling. Looking at the way the world is going, I have no doubt that soon the technicals will match the fundamentals, in a big way.
This should be a very interesting couple of days.
I hope his is helpful with your trading and hold-ing.
BTC is still Ranging Sideways within its Sideways Channel. Remember that Sideways Ranging is NOT done at a constant level but WITHIN a range of values.
Note that BTC has failed to make any recent higher highs over the last couple of days.
BTC is below its WEEKLY 50EMA. BTC HAS closed 8 Weekly Candles in a row BOVE its Weekly 50EMA. This is a VERY crucial week as BTC needs to close this weekly candle ABOVE its WEEKLY 50EMA. Failure to day so may cause further downwards momentum.
BTC is still below its Bollinger Bands Middle Band Basis 20 Period SMA. Note that the Upper and Lower bands are indicating Sideways Volatility but that the Lower Band is curving slight upwards.
BTC is in another potential Descending Triangle Pattern. A Descending Triangle Pattern is a potential Bearish Continuation Pattern, so if you are LONG then you need to wait for a successful breakout of the Descending Trend-Line with a successful re-test of that level as strong support. We need to keep an eye on this pattern very carefully.
BTC is also in a Descending Channel Pattern. A break above the upper Resistance Line and successful retest of the resistance as support will be confirmation of a potential reversal to the upside, or failure to breakout will, be possible bearish continuation.
BTC is still below its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range that i have selected.
Daily Volume is still low and todays Volume Bar is still below its Volume 20 Period Moving Average. Note that yesterdays Volume Bar was slightly above the Volume MA.
The Moving Average Convergence Divergence (MACD) is indicating we have had the MACD Line (Blue Line) cross back under the Signal Line (Orange Line) which is a sell signal for most traders that use this indicator. Note we have negative Red Histograms forming.
The Average Directional index (ADX DI) is indicating the trend strength is increasing with the ADX (Yellow Line) rising to 26.76 and getting very close to crossing back above its 9 Period EMA (White Line) which is at 27.34. Note that the -DI (Red Line) has actually dropped to 24.82 but is still way above its +DI (Green Line) which is at 12.92. This is showing me that the -DI (Red Line) which is Negative Momentum had dropped quite sharply but the +DI (Green Line) which is Positive Momentum has also dropped.
The Chaikin Money Flow (CMF) is indicating a sharp rise in accumulation with the CMF (Green Line) rising from 0.05 to 0.13. note that the CMF (Green Line) is back above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.08 and tis indicates a rising strength in accumulation.
The Relative Strength Index (RSI) is indicating momentum is downwards at the moment. The RSI (Purple Line) is below its 9 Period EMA (Yellow Line) indicating downwards momentum is strong. Note that the RSI (Purple Line) is getting closer to the Oversold Zone.
Here is a look at the BTC Weekly Chart. Looking at this chart, you can clearly see that the Weekly 50EMA is VERY crucial level for BTC to continue to close above.
This is a VERY crucial week for BTC. BTC needs to CLOSE a WEEKLY Candle back ABOVE the WEEKLY 50EMA. Even though BTC is below the WEEKLY 50EMA, BTC is still Ranging Sideways within its sideways channel. The indicators are telling me that although momentum is downwards, Trading Volume is still relatively low but BTC is still being strongly accumulated. With overall Trading Volume Low, from My perspective this indicates a lack of Big Institutional Money. Remember that Retail money does not move the market, big institutional money does. Note that it is the institutional money that is put in AFTER they have accumulated their asset of choice, that moves the market up, NOT the money used in the accumulation phase.
As we’ve seen recently, the Fundamentals for BTC, ADA, VET & most cryptos are truly amazing, but the Technicals are utter crap at the moment unless you’re short selling. Looking at the way the world is going, I have no doubt that soon the technicals will match the fundamentals, in a big way.
This should be a very interesting couple of days.
I hope his is helpful with your trading and hold-ing.
Comment
EDIT: On the still of the ADX DI, the Red Line Label says (+DI =) but it should say (-DI = Negative Momentum). Apologies as i missed that typo mistake ;-)Comment
Update:Yesterday's daily candle bounced right off the Descending Channel Support Line. It looks like today may be another lower low and lower high. If the support around $31,000 fails, then BTC will hit $30,085. Be very careful going long if BTC fails to CLOSE this weekly Candle back ABOVE the WEEKLY 50EMA by the end of this week.
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