BTCUSD: MACD Fakeout or Trend Change?
Updated
As the MACD shows on the Daily chart, we are currently facing a not-yet-confirmed bear-cross today, lasts seen December 17th 2019 at $6,612. Since the breakdown from 10K last September we have seen 4 bear crosses, twice causing the price to drop 20-25% (September 21st & November 9th 2019), the other two two times were not-so-obvious bear traps before price rallied 40% (October 24th at $7,435 and as previously referenced).
Needless to say, there is more upside with this becoming a MACD fakeout, than a trend change to bearish on the Daily chart. It's also worth noting that while the Daily is bear-crossing, the Weekly MACD is still close to bull-crossing, implying a lack of confluence:
All this while the Monthly MACD bear-crossed last month, although has been shedding bearish momentum this month:
To say that there is indecision in the markets, based on different time frames (short, medium, long) is an understatement.
Recent Bitcoin TA:
Volume Profile Accumulation Zone $5,910 - $8,630
Bitcoin Futures Confirms 100 & 200 Day Bear Cross
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February 6th-11th 2020 - The Next Swing Low
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Needless to say, there is more upside with this becoming a MACD fakeout, than a trend change to bearish on the Daily chart. It's also worth noting that while the Daily is bear-crossing, the Weekly MACD is still close to bull-crossing, implying a lack of confluence:
All this while the Monthly MACD bear-crossed last month, although has been shedding bearish momentum this month:
To say that there is indecision in the markets, based on different time frames (short, medium, long) is an understatement.
Recent Bitcoin TA:
Volume Profile Accumulation Zone $5,910 - $8,630
Bitcoin Futures Confirms 100 & 200 Day Bear Cross
Network Hash Gives 10th Buy Signal In 9 Years
February 6th-11th 2020 - The Next Swing Low
Could This Descending Triangle Be The Final Fake Out?
Extrapolating 2014 Correction - Could $6,500 Be The Low?
Two & Four Year MA's Claim It's Time To Accumulate
Note
With the second close of the macd bear cross, it looks like this is a trend change, rather than a fakeout:Still no bull-cross on the Weekly,:
Note
Weekly:Noticeably, despite the 15% increase in price, the Monthly macd shows an increase in selling momentum:
Note
Weekly MACD bull-crossing on the opening candle:Daily MACD has started losing bearish momentum after confirming trend change.
Monthly MACD back to slightly losing bearish momentum, but otherwise neutral:
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