BitcoinUpdated Simple BTC Analysis | No Need to Overcomplicate
Bitcoin on the daily timeframe is obviously following a support & resistance combo creating a wedge. Notice how price action has stayed correlated to the base line within the bollinger bands. I have also included the Ichimoku Cloud with crypto parameters to show the confluence between these indicators. We have the wedge, bands, and Ichimoku Cloud all showing agreements. If one was to trade for this larger timeframe it would be crucial to just follow the lines and keep it simple. Be wary of the baseline in the Bollinger Bands and notice how the Ichimoku Cloud points to the future direction of price being contained within the wedge. At this moment, the R:R is not worth the postion until price returns to the bottom support line. As price inches closer and closer to the inflection point of the wedge, things can get volatile. https://balkoins.com
Note
Price has still remained in the flag, Ichimoku Cloud being respected and points out that price is in "transition" phase, AKA uncertainty in direction.
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