[Short] BTCUSD outlook
Updated
Cloud Analysis:
M: Bullish Future, sadly BTC is still too young for the monthly cloud,
W: Bearish, broke all levels of support, unless we close above 5400 before monday
D: Bearish
4H: Bearish, however we stepped over the tenkan-sen,
1H: Bearish
15Min: Bearish
Verdict:
Nothing looks good for btc, the only thing helping us is the monthly chart, but BTC being so young, It's hard to rely on it, therefore there is nothing positive to say beside the 4h timeframe, where btc looks the strongest beside the monthly.
TSI Analysis
M: Positive but trending downward
W: Oversold and trending lower
D: Oversold but forming a bottom.
4H: Oversold but slowly closing to normal levels
1H: Trending downward and loosing strength
15Min: drifting downward
Verdict:
Sadly nothing much to say here, the outlook looks bad, however the weekly and the montly TSI, being positive and the daily forming a bottom, might be enough to gain us some time to reevaluate what is next for bitcoin.
TD Sequential Analysis
M: Red 4 (8)
W: Red 2
D: Red 8 (7)
4H: Ranging
1H: Red 5
15Min: Red 3
Vertict:
The montly is on a red 4 but if we remove the noise by using Heikin instead, we get a red 8, which is good and could mark at least a bounce on the monthly. The Daily is also signaling a potential reversal and close to reach a 9.
Conclusion:
The outlook for Bitcoin is not very good at the moment, the montly chart and the daily are the only timeframes supporting at least a short term bullish reversal. Continue hold if you wish, Its too late to sell at this point. In the case we break down, the next level to look for a reversal is around 3000$ USD
M: Bullish Future, sadly BTC is still too young for the monthly cloud,
W: Bearish, broke all levels of support, unless we close above 5400 before monday
D: Bearish
4H: Bearish, however we stepped over the tenkan-sen,
1H: Bearish
15Min: Bearish
Verdict:
Nothing looks good for btc, the only thing helping us is the monthly chart, but BTC being so young, It's hard to rely on it, therefore there is nothing positive to say beside the 4h timeframe, where btc looks the strongest beside the monthly.
TSI Analysis
M: Positive but trending downward
W: Oversold and trending lower
D: Oversold but forming a bottom.
4H: Oversold but slowly closing to normal levels
1H: Trending downward and loosing strength
15Min: drifting downward
Verdict:
Sadly nothing much to say here, the outlook looks bad, however the weekly and the montly TSI, being positive and the daily forming a bottom, might be enough to gain us some time to reevaluate what is next for bitcoin.
TD Sequential Analysis
M: Red 4 (8)
W: Red 2
D: Red 8 (7)
4H: Ranging
1H: Red 5
15Min: Red 3
Vertict:
The montly is on a red 4 but if we remove the noise by using Heikin instead, we get a red 8, which is good and could mark at least a bounce on the monthly. The Daily is also signaling a potential reversal and close to reach a 9.
Conclusion:
The outlook for Bitcoin is not very good at the moment, the montly chart and the daily are the only timeframes supporting at least a short term bullish reversal. Continue hold if you wish, Its too late to sell at this point. In the case we break down, the next level to look for a reversal is around 3000$ USD
Note
Looks like we broke out of the descending triangle, I had on the chart but didn't talk about. 3000$ is now the target to look for a potential bullish reversal. Stars are still aligned to bottoming In sync with the daily Red 9 of the sequential.Note
After breaking of the descending triangle at 4k, bitcoin finally reach his first bounce at 3.5k.There is now 12 more hours remaining on the current daily but the current daily candle is a doji reversal candle coupled with a red 9. Which is looking quite good for at least a short term reversal to give us more time to reevaluate.
Trade closed: target reached
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