Bitcoin Daily Update (day 309)
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Consensio: P < S MA = M MA < Bullish L MA
Patterns: Phase 7 hyperwave | Bear channel
Horizontals: S: $3,580 | R: $3,673
Trendline: Bear Channel
Parabolic SAR: $3,862
Futures Curve: Backwardation with 3.95% spread
BTCUSDSHORTS: Appears to be finding support at 21,300
Funding Rates: Shorts pay longs 0.0321%
TD’ Sequential: Price flip
Ichimoku Cloud: Bearish kumo twist
Average Directional Index: Still threatening to cross 20.
Price Action: 24h: -0,1% | 2w: -5.4% | 1m: -2.1%
Bollinger Bands: MA at $3,750 which is in confluence with the bottom of the cloud
Stochastic Oscillator: Still creating higher highs and higher lows
Summary: Over the past four days the price has not moved a percent. Even though that is the case we still got some significant changes.
Consensio is almost fully bearish. The only thing left would be for the L MA to flatten / roll down. If we continue to consolidate below it for much longer then that is exactly what will happen.
The Ichimoku Cloud recently had a bearish kumo twist and the Tenkan-Sen is diverging from the Kiju-Sen in a bearish manner. It is fully bearish.
The Stochastic has managed to stay bullish throughout all of that which is interesting.
Yet again the only important indicator that is telling me to be bullish is backwardation and it is important enough for me to expect continued consolidation / a dead cat bounce as long as that is the case. The spread is wide which makes me things we are still a ways from reentering Contango.
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: P < S MA = M MA < Bullish L MA
Patterns: Phase 7 hyperwave | Bear channel
Horizontals: S: $3,580 | R: $3,673
Trendline: Bear Channel
Parabolic SAR: $3,862
Futures Curve: Backwardation with 3.95% spread
BTCUSDSHORTS: Appears to be finding support at 21,300
Funding Rates: Shorts pay longs 0.0321%
TD’ Sequential: Price flip
Ichimoku Cloud: Bearish kumo twist
Average Directional Index: Still threatening to cross 20.
Price Action: 24h: -0,1% | 2w: -5.4% | 1m: -2.1%
Bollinger Bands: MA at $3,750 which is in confluence with the bottom of the cloud
Stochastic Oscillator: Still creating higher highs and higher lows
Summary: Over the past four days the price has not moved a percent. Even though that is the case we still got some significant changes.
Consensio is almost fully bearish. The only thing left would be for the L MA to flatten / roll down. If we continue to consolidate below it for much longer then that is exactly what will happen.
The Ichimoku Cloud recently had a bearish kumo twist and the Tenkan-Sen is diverging from the Kiju-Sen in a bearish manner. It is fully bearish.
The Stochastic has managed to stay bullish throughout all of that which is interesting.
Yet again the only important indicator that is telling me to be bullish is backwardation and it is important enough for me to expect continued consolidation / a dead cat bounce as long as that is the case. The spread is wide which makes me things we are still a ways from reentering Contango.
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