A look at the BTC daily chart
A look at the BTC daily chart:
At the moment of typing this, BTC is still above its WEEKLY 50EMA.
During this period of sideways ranging, BTC has yet to close a WEEKLY candle BELOW the WEEKLY 50EMA.
Note that the 50MA is potentially starting to curve sideways.
At the moment of typing this, BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA. Note that the Upper Band is pointing downwards and the Lower Band is pointing upwards.
At the moment of typing this, BTC is just below its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range.
Volume is still relatively low for this 1D timeframe and note that the Volume Bar is still below its Volume 20 period Moving Average.
The Moving Average Convergence Divergence (MACD) is showing that the MACD Line (Blue Line) is still above the Signal Line (Orange Line) and is starting to curve sideways creating lighter green Histograms showing a weakening of upwards momentum. If you are waiting for full bullish positive confirmation on the MACD then you would wait until the MACD Line (Blue Line) crosses back above the 0.0 Base Line level, this indicates that a 12 Period EMA has crossed back above a 26 Period EMA on this daily chart.
The Average Directional Index (ADX DI) is indicating the trend strength is weakening with the ADX (Yellow Line) dropping to 28.38 & below its 9 Period EMA (White Line) which is at 32.43. The -DI (Red Line) has dropped to 24.41 but is still above its +DI (Green Line) which is at 17.69. If you are waiting for positive confirmation on this indicator then you need the +DI (Green Line) to cross back above the -DI (Red Line) and for the ADX (Yellow Line) to stay above 20 and cross back above its 9 Period EMA (White Line)
The Chaikin Money Flow (CMF) is indicating that BTC is still in the accumulation zone, note that the CMF Line (Green Line) has risen from 0.01 to 0.04 and note that the CMF Line (Green Line) looks like its may cross back above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.04. If BTC drops downwards into the distribution zone, its needs to rebound quickly to avoid longterm distribution.
The Relative Strength Index (RSI) is indicating sideways momentum at the moment. Note that the RSI (Purple Line) is showing weakness by being below its 9 Period EMA (Yellow Line).
As you can see from this chart, the Weekly 50EMA level is now being tested quite a lot on this daily chart. As stated many times, the WEEKLY 50EMA is a very, very crucial level for BTC to keep closing WEEKLY candles above. So long as BTC keeps closing WEEKLY candles above the WEEKLY 50EMA, then all we will see is sideways ranging until the powers that be, decide that the direction of least resistance is upwards. If BTC does close a WEEKLY candle below the WEEKLY 50EMA then there is a possibility that the powers that be, have decided that the direction of least resistance is downwards.
I hope this is helpful with your trading and hodl-ing.
At the moment of typing this, BTC is still above its WEEKLY 50EMA.
During this period of sideways ranging, BTC has yet to close a WEEKLY candle BELOW the WEEKLY 50EMA.
Note that the 50MA is potentially starting to curve sideways.
At the moment of typing this, BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA. Note that the Upper Band is pointing downwards and the Lower Band is pointing upwards.
At the moment of typing this, BTC is just below its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range.
Volume is still relatively low for this 1D timeframe and note that the Volume Bar is still below its Volume 20 period Moving Average.
The Moving Average Convergence Divergence (MACD) is showing that the MACD Line (Blue Line) is still above the Signal Line (Orange Line) and is starting to curve sideways creating lighter green Histograms showing a weakening of upwards momentum. If you are waiting for full bullish positive confirmation on the MACD then you would wait until the MACD Line (Blue Line) crosses back above the 0.0 Base Line level, this indicates that a 12 Period EMA has crossed back above a 26 Period EMA on this daily chart.
The Average Directional Index (ADX DI) is indicating the trend strength is weakening with the ADX (Yellow Line) dropping to 28.38 & below its 9 Period EMA (White Line) which is at 32.43. The -DI (Red Line) has dropped to 24.41 but is still above its +DI (Green Line) which is at 17.69. If you are waiting for positive confirmation on this indicator then you need the +DI (Green Line) to cross back above the -DI (Red Line) and for the ADX (Yellow Line) to stay above 20 and cross back above its 9 Period EMA (White Line)
The Chaikin Money Flow (CMF) is indicating that BTC is still in the accumulation zone, note that the CMF Line (Green Line) has risen from 0.01 to 0.04 and note that the CMF Line (Green Line) looks like its may cross back above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.04. If BTC drops downwards into the distribution zone, its needs to rebound quickly to avoid longterm distribution.
The Relative Strength Index (RSI) is indicating sideways momentum at the moment. Note that the RSI (Purple Line) is showing weakness by being below its 9 Period EMA (Yellow Line).
As you can see from this chart, the Weekly 50EMA level is now being tested quite a lot on this daily chart. As stated many times, the WEEKLY 50EMA is a very, very crucial level for BTC to keep closing WEEKLY candles above. So long as BTC keeps closing WEEKLY candles above the WEEKLY 50EMA, then all we will see is sideways ranging until the powers that be, decide that the direction of least resistance is upwards. If BTC does close a WEEKLY candle below the WEEKLY 50EMA then there is a possibility that the powers that be, have decided that the direction of least resistance is downwards.
I hope this is helpful with your trading and hodl-ing.
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