BitcoinLong
Daily Chart: Momentum Picking Up For BTC
Updated
The 50 MA shows that the trend is up, and as long as its not heading down, we are in a Bull Market. It is the direction of the line we are looking at, NOT whether we cross above or below it. (More on this later.)
The 200 MA also shows that the trend is up. Breaking below this is a danger sign, but I don't see that happening anytime soon.
When we break below the 50 MA, this has been a place where the charts has pivoted and reversed in the past to continue upwards. We reverse to the "Mean Price" because prices were out of balance, and then move up again.
The 9, 12, and 15 MA show a powerful directional change when they align and then cross over. History has shown that when the 9. 12 and 15 converge to one price and then shift where 9 is above 15 or 15 is above 9, price direction changes. The 9, 12, and 15 have converged and the 9 is above the 15 showing bullishness. These will move and spread as the trend picks up.
The Parabolic SAR also shows a general trend. It too is moving up AND has crossed and broken through the previous downward SAR. This too is a positive indicator.
The MACD 5 has crossed the 20 and this is also a positive up indicator. BUT what is even more important is that the HISTOGRAM is above 0 and gaining momentum. This is probably the strongest sign that we are heading upwards because whenever this has happened in years past, we have had a strong upward move.
The stochastic Indicator does SEEM to show that we are overbought BUT this does not seem to fall in line with the other indicators. Stochastic could be indicating more of a follow through of the other positive indicators, not showing overbought. It seems to be a CONTINUATION sign, not an overbought sign.
Fib at 0786 is now showing signs of support.
Fractals on other time charts, especially the weekly are showing that this looks strong.
All of this to me means we are going higher. I think our real test will be whether we break through $5000 or if it will fail. I personally don't think so, but I'll need to further evaluate when that time comes.
The 200 MA also shows that the trend is up. Breaking below this is a danger sign, but I don't see that happening anytime soon.
When we break below the 50 MA, this has been a place where the charts has pivoted and reversed in the past to continue upwards. We reverse to the "Mean Price" because prices were out of balance, and then move up again.
The 9, 12, and 15 MA show a powerful directional change when they align and then cross over. History has shown that when the 9. 12 and 15 converge to one price and then shift where 9 is above 15 or 15 is above 9, price direction changes. The 9, 12, and 15 have converged and the 9 is above the 15 showing bullishness. These will move and spread as the trend picks up.
The Parabolic SAR also shows a general trend. It too is moving up AND has crossed and broken through the previous downward SAR. This too is a positive indicator.
The MACD 5 has crossed the 20 and this is also a positive up indicator. BUT what is even more important is that the HISTOGRAM is above 0 and gaining momentum. This is probably the strongest sign that we are heading upwards because whenever this has happened in years past, we have had a strong upward move.
The stochastic Indicator does SEEM to show that we are overbought BUT this does not seem to fall in line with the other indicators. Stochastic could be indicating more of a follow through of the other positive indicators, not showing overbought. It seems to be a CONTINUATION sign, not an overbought sign.
Fib at 0786 is now showing signs of support.
Fractals on other time charts, especially the weekly are showing that this looks strong.
All of this to me means we are going higher. I think our real test will be whether we break through $5000 or if it will fail. I personally don't think so, but I'll need to further evaluate when that time comes.
Note
Told you so.Note
We blasted way past the All Time High. New chart coming for resistance
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.