BitcoinLong
4 HR OBV looking good
Back before I learned TA, I didn't see the signs in Dec-Jan that clearly showed that BTC was heading for a crash. The 4H OBV in particular is a very good indicator of the market because it's so easy to read.
Unlike other indicators like RSI, MACD, Volume and EMA that don't conclusively show overall market direction, the OBV has been a superior predictor regardless of actual price movement.
Since $6500, the OBV has clearly turned bullish, and I watched the OBV as it downturned during the previous correction. You can see clearly that the OBV went way below the downward trend line, but then turned bullish since $7920 - it went down a little and rejoined the previous downtrend line but now has passed it in a bullish trend.
Many people believe that $7900 is the start of a primary wave 2 - primary wave 1 started at $6500. So far the 4H OBV supports this.
Unlike other indicators like RSI, MACD, Volume and EMA that don't conclusively show overall market direction, the OBV has been a superior predictor regardless of actual price movement.
Since $6500, the OBV has clearly turned bullish, and I watched the OBV as it downturned during the previous correction. You can see clearly that the OBV went way below the downward trend line, but then turned bullish since $7920 - it went down a little and rejoined the previous downtrend line but now has passed it in a bullish trend.
Many people believe that $7900 is the start of a primary wave 2 - primary wave 1 started at $6500. So far the 4H OBV supports this.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.