BTC Daily Update (day 329)
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Consensio: S MA < M MA < P < L MA = price being squeezed between golden cross?
Patterns: Phase 7 hyperwave. Bear channel
Horizontals: $3,661
Trendline: See bear channel posted on day 326
Parabolic SAR: $3,397
Futures Curve: Reentering Contango. Great example of why you buy the future when it is cheaper than spot. If you are right on the long then the future should become worth more that spot through the premium in Contango which is a nice added premium.
BTCUSDSHORTS: Looks like a higher low still pretty neutral in my opinion.
Funding Rates: Longs pay 0.01% which confirms my thought that it is pretty neutral.
TD’ Sequential: G2 right now is very interesting. A close above the 1 would be in line with a breakthrough of the 50 EMA.
Ichimoku Cloud: Above would also be in line a kumo breakout.
Relative Strength Index: 58, higher high
Average Directional Index: Higher low above 20?
Price Action: 24h: +2.4% | 2w: +7.2% | 1m: +2.9%
Bollinger Bands: Top band starting to turn up
Summary: The 50 and 200 EMA’s on the 4 hour chart is my best indication that we are in for a strong bounce. They have been in a bearish cross for 6 months. That might be a record, it is at least since the beginning of 2017 (bull or bear).
My target is the 200 Day EMA which I expect to be in the $4,800 hundred area. Originally I thought we would go get above that due to the gap in volume profile at $5,000, but now it really looks like alts are going to suck up the majority of this bounce.
ETH appears to be leading the way and BTC is presenting a few very nice entries!
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
Consensio: S MA < M MA < P < L MA = price being squeezed between golden cross?
Patterns: Phase 7 hyperwave. Bear channel
Horizontals: $3,661
Trendline: See bear channel posted on day 326
Parabolic SAR: $3,397
Futures Curve: Reentering Contango. Great example of why you buy the future when it is cheaper than spot. If you are right on the long then the future should become worth more that spot through the premium in Contango which is a nice added premium.
BTCUSDSHORTS: Looks like a higher low still pretty neutral in my opinion.
Funding Rates: Longs pay 0.01% which confirms my thought that it is pretty neutral.
TD’ Sequential: G2 right now is very interesting. A close above the 1 would be in line with a breakthrough of the 50 EMA.
Ichimoku Cloud: Above would also be in line a kumo breakout.
Relative Strength Index: 58, higher high
Average Directional Index: Higher low above 20?
Price Action: 24h: +2.4% | 2w: +7.2% | 1m: +2.9%
Bollinger Bands: Top band starting to turn up
Summary: The 50 and 200 EMA’s on the 4 hour chart is my best indication that we are in for a strong bounce. They have been in a bearish cross for 6 months. That might be a record, it is at least since the beginning of 2017 (bull or bear).
My target is the 200 Day EMA which I expect to be in the $4,800 hundred area. Originally I thought we would go get above that due to the gap in volume profile at $5,000, but now it really looks like alts are going to suck up the majority of this bounce.
ETH appears to be leading the way and BTC is presenting a few very nice entries!
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