BTC - Let's see how this daily candle ends
Updated
BTC has had a successful breakout and retest off its sideways channel resistance as support but its still best to wait to see where this daily candle closes and how.
Note that we may have a potential Hanging Man Candle pattern on this daily chart so its best to keep an eye on how this daily candle ends and also how tomorrows candle begins and ends for confirmation of any bearish reversal.
BTC is above its daily 50EMA as well as still safely above its Weekly 50EMA.
BTC is still above the Bollinger Bands Middle Band Basis 20 Period SMA. Note that BTC is back under the Upper Band. Note the expansion on the Upper and Lower Bands.
BTC is still above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range.
BTC is still above its Volume Profile Fixed Range (VPFR) Point of Control (POC) for this charts fixed range i have selected.
Note that yesterday’s Volume Bar ended above its Volume 20 Period Moving Average.
Note that BTC is still above its Pitchfork Median Line.
The Moving Average Convergence Divergence (MACD) is showing strong upwards momentum. Note that todays histogram has lightened and decreased in size which is to be expected. Note that the MACD Line (Blue Line) is still safely above the Signal Line (Orange Line).
The Average Directional Index (ADX DI) is indicating a strong trend with the ADX (Yellow Line) at 31.97 and still above its 9 Period EMA (White Line) which is at 28.22. The +DI (Green Line) is at 33.56 and showing that positive momentum is sideways within a range. The -DI (Red Line) has dropped to 10.22 indicating a weakening of negative momentum for this 1D timeframe.
The Chaikin Money Flow (CMF) is showing strong accumulation with a rise from 0.17 to 0.23 with a drop to 0.22. Note that the CMF (Green Line) is still way above its Least Squares Moving Average (LSMA) which is at 0.12.
The Relative Strength Index (RSI) is in the Overbought zone for this 1D timeframe. Note that because the RSI (Purple Line) is in the Overbought Zone that doesn’t necessarily mean that the RSI will drop downwards as the RSI can range sideways in the Overbought Zone.
We have to keep an eye on how this Daily Candle ends because at the moment this daily candle could possibly turn out to be a Hanging Man Candle Pattern which is a potential bearish reversal pattern. This might become a possibility especially because the RSI in the Overbought Zone and the Bollinger Bands have had quite a big expansion so there is plenty of room for some significant retraction. So if you are Long, its best to wait for confirmation of a bearish reversal or continued upwards or sideways momentum.
I hope this is helpful with your trading and hodl-ing.
Note that we may have a potential Hanging Man Candle pattern on this daily chart so its best to keep an eye on how this daily candle ends and also how tomorrows candle begins and ends for confirmation of any bearish reversal.
BTC is above its daily 50EMA as well as still safely above its Weekly 50EMA.
BTC is still above the Bollinger Bands Middle Band Basis 20 Period SMA. Note that BTC is back under the Upper Band. Note the expansion on the Upper and Lower Bands.
BTC is still above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range.
BTC is still above its Volume Profile Fixed Range (VPFR) Point of Control (POC) for this charts fixed range i have selected.
Note that yesterday’s Volume Bar ended above its Volume 20 Period Moving Average.
Note that BTC is still above its Pitchfork Median Line.
The Moving Average Convergence Divergence (MACD) is showing strong upwards momentum. Note that todays histogram has lightened and decreased in size which is to be expected. Note that the MACD Line (Blue Line) is still safely above the Signal Line (Orange Line).
The Average Directional Index (ADX DI) is indicating a strong trend with the ADX (Yellow Line) at 31.97 and still above its 9 Period EMA (White Line) which is at 28.22. The +DI (Green Line) is at 33.56 and showing that positive momentum is sideways within a range. The -DI (Red Line) has dropped to 10.22 indicating a weakening of negative momentum for this 1D timeframe.
The Chaikin Money Flow (CMF) is showing strong accumulation with a rise from 0.17 to 0.23 with a drop to 0.22. Note that the CMF (Green Line) is still way above its Least Squares Moving Average (LSMA) which is at 0.12.
The Relative Strength Index (RSI) is in the Overbought zone for this 1D timeframe. Note that because the RSI (Purple Line) is in the Overbought Zone that doesn’t necessarily mean that the RSI will drop downwards as the RSI can range sideways in the Overbought Zone.
We have to keep an eye on how this Daily Candle ends because at the moment this daily candle could possibly turn out to be a Hanging Man Candle Pattern which is a potential bearish reversal pattern. This might become a possibility especially because the RSI in the Overbought Zone and the Bollinger Bands have had quite a big expansion so there is plenty of room for some significant retraction. So if you are Long, its best to wait for confirmation of a bearish reversal or continued upwards or sideways momentum.
I hope this is helpful with your trading and hodl-ing.
Note
Note that yesterday's daily candle ended bearish but it didn't turn out to be a Hanging Man Candle.
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