Quick Analysis of 3 key indicators on the Bitcoin MONTHLY chart
Hi everyone,
Welcome to another Bitcoin update on the Monthly Chart!
As usual, it's all pretty clear in the chart. I take a look at the MACD, Sqz Momentum Indicator and RSI on the Monthly chart.
Assuming we are in a new BULL market (as of April/May 2019), here are some points to consider on the indicators:
1) A bearish MACD cross never happens when BTC is in a BULL market. So we expect the blue line to stay above the orange line until the end of this bull market.
2) Squeeze momentum indicator always shows a bullish decay in the red going into bullish rise in the green all throughout the bull market. We do not expect another bright red candle until well into the next bear market
3) RSI always attempts to stay above the 50 mark in BTC bull markets.
If that's the case, there may be a little bit more downside but nothing significant at all. This month's candle is likely to go back to green as we've already had 3 red months in a row; that is quite uncharacteristic in a bull market. Let's see what happens in the PA moving forward.
Cheers,
Leb Crypto
Welcome to another Bitcoin update on the Monthly Chart!
As usual, it's all pretty clear in the chart. I take a look at the MACD, Sqz Momentum Indicator and RSI on the Monthly chart.
Assuming we are in a new BULL market (as of April/May 2019), here are some points to consider on the indicators:
1) A bearish MACD cross never happens when BTC is in a BULL market. So we expect the blue line to stay above the orange line until the end of this bull market.
2) Squeeze momentum indicator always shows a bullish decay in the red going into bullish rise in the green all throughout the bull market. We do not expect another bright red candle until well into the next bear market
3) RSI always attempts to stay above the 50 mark in BTC bull markets.
If that's the case, there may be a little bit more downside but nothing significant at all. This month's candle is likely to go back to green as we've already had 3 red months in a row; that is quite uncharacteristic in a bull market. Let's see what happens in the PA moving forward.
Cheers,
Leb Crypto
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