So what's BTC saying
Here's a quick BTC 1D chart update:
The BTC Daily Chart is looking really good. BTC is still above its 50EMA and its Bollinger Bands Middle Band Basis 20 Period SMA.
BTC is above its Volume Profile Fixed Range (VPFR) Point of Control (POC) for the fixed range i have selected.
BTC is above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this chart’s visible range.
Volume has dropped slightly and note that yesterday’s daily Volume Bar closed below its Volume 20 Period Moving Average.
Nota that BTC has managed to close 6 daily candles above its Pitchfork Median Line and looks like it will make it 7 daily candles.
The Average Directional Index (ADX DI) is indicating Positive Momentum has dipped slightly with the +DI (Green Line) at 28.64 but note that negative momentum is also pointing downwards with the -DI (Red Line) at 9.15. The ADX is showing a strong trend with the ADX (Yellow Line) at 36.36 which is still above its 9 Period EMA (White Line) which is at 33.06.
The Relative Strength Index (RSI) is showing momentum is upwards at the moment and note that the RSI (Purple Line) is above its 9 Period EMA (Yellow Line) indicating upwards momentum is strong. The RSI is in the Overbought Zone but note that being in the Overbought Zone doesn't mean BTC will drop because the RSI can range sideways in the Overbought Zone for a prolonged period of time or go up further.
Worthy of note is the fact that BTC at 1am on the 9th August, CLOSED a Weekly Candle ABOVE its Sideways Channel.
Note that the Bollinger Bands Upper and Lower Bands are NOT over extended indicating that BTC still has volatility room to move either UP or DOWN before becoming overextended on this 1D timeframe.
We could see BTC range sideways for a couple of days within a range, but if BTC does dip, it may find support from its Pitchfork Median Line or at around $42,698 range which where its Potential Support Range located.
All in all, despite the many prophets of doom and soothsayers on TradingView, 20K didn’t happen! So well done if you managed to stock up on BTC at around 29K.
I hope this is helpful with your Trading and Hodl-ing.
The BTC Daily Chart is looking really good. BTC is still above its 50EMA and its Bollinger Bands Middle Band Basis 20 Period SMA.
BTC is above its Volume Profile Fixed Range (VPFR) Point of Control (POC) for the fixed range i have selected.
BTC is above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this chart’s visible range.
Volume has dropped slightly and note that yesterday’s daily Volume Bar closed below its Volume 20 Period Moving Average.
Nota that BTC has managed to close 6 daily candles above its Pitchfork Median Line and looks like it will make it 7 daily candles.
The Average Directional Index (ADX DI) is indicating Positive Momentum has dipped slightly with the +DI (Green Line) at 28.64 but note that negative momentum is also pointing downwards with the -DI (Red Line) at 9.15. The ADX is showing a strong trend with the ADX (Yellow Line) at 36.36 which is still above its 9 Period EMA (White Line) which is at 33.06.
The Relative Strength Index (RSI) is showing momentum is upwards at the moment and note that the RSI (Purple Line) is above its 9 Period EMA (Yellow Line) indicating upwards momentum is strong. The RSI is in the Overbought Zone but note that being in the Overbought Zone doesn't mean BTC will drop because the RSI can range sideways in the Overbought Zone for a prolonged period of time or go up further.
Worthy of note is the fact that BTC at 1am on the 9th August, CLOSED a Weekly Candle ABOVE its Sideways Channel.
Note that the Bollinger Bands Upper and Lower Bands are NOT over extended indicating that BTC still has volatility room to move either UP or DOWN before becoming overextended on this 1D timeframe.
We could see BTC range sideways for a couple of days within a range, but if BTC does dip, it may find support from its Pitchfork Median Line or at around $42,698 range which where its Potential Support Range located.
All in all, despite the many prophets of doom and soothsayers on TradingView, 20K didn’t happen! So well done if you managed to stock up on BTC at around 29K.
I hope this is helpful with your Trading and Hodl-ing.
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