BTC - Crucial times ahead for Bitcoin on the weekly chart
Updated
BTC - A look at the Weekly Chart:
BTC is still above it’s 50EMA on this weekly timeframe.
BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA on this weekly timeframe. Note that the Lower Band has risen up indicating volatility has slowed and now brought back into equilibrium for this weekly timeframe. Note that the Bollinger Bands Upper and Lower Bands are moving sideways.
If we look at the Longterm Pitchfork Pattern (A,B,C), BTC is still above its Longterm Upwards Pitchfork Median Line.
At the moment, BTC is still below its Volume Moving Average (Orange Line) for this weekly timeframe which is a 20 Period MA. Overall volume is still low for this week.
I have added the 100EMA and 200EMA so you can see where these potential levels of support are at the moment of typing this for this weekly timeframe.
The Average Directional Index (ADX DI) is showing that the trend strength has dropped with the ADX (Yellow Line) dropping to 50.33 and its below its 9 Period EMA (White Line) which is at 58.25. The -DI (Red Line) is at 22.97 above its +DI (Green Line) 15.59. Notice however that the -DI (Red Line) is pointing downwards indicating negative momentum has also dropped. We eventually need the +DI (Green Line) to start curving upwards and eventually cross back over the -DI (Red Line) that will indicate renewed longterm positive momentum for this weekly timeframe.
The Chaikin Money Flow (CMF) is showing that accumulation has dropped massively from its high but the CMF (Green Line) is still in the Accumulation Zone at 0.03. Notice that the CMF (Green Line) is starting to curve slightly sideways. I have added a Least Squares Moving Average (LSMA) (Blue Line) to the CMF, note that the CMF (Green Line) is below its LSMA (Blue Line) which is at 0.15, a very good sign will be if the CMF curves upwards and gets back above the LSMA.
This week and next will be very crucial for BTC, if you are longterm long then you need BTC to stay above the Longterm Pitchfork Median Line and the 50EMA on this weekly chart. If BTC cannot stay above the 50EMA & Pitchfork Median Line on this weekly timeframe then BTC may drop into the Distribution Zone on the CMF for this weekly timeframe.
A very good sign to look out for is if this weekly candle and especially next week’s candle closes green with a higher high and a higher low and especially above that crucial support of the 50EMA and Pitchfork Median Line.
Here is a closer look at the Chaikin Money Flow (CMF):
Here is a closer look at the Average Directional Index (ADX DI):
I hope this is helpful with your trading or hodl-ing.
BTC is still above it’s 50EMA on this weekly timeframe.
BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA on this weekly timeframe. Note that the Lower Band has risen up indicating volatility has slowed and now brought back into equilibrium for this weekly timeframe. Note that the Bollinger Bands Upper and Lower Bands are moving sideways.
If we look at the Longterm Pitchfork Pattern (A,B,C), BTC is still above its Longterm Upwards Pitchfork Median Line.
At the moment, BTC is still below its Volume Moving Average (Orange Line) for this weekly timeframe which is a 20 Period MA. Overall volume is still low for this week.
I have added the 100EMA and 200EMA so you can see where these potential levels of support are at the moment of typing this for this weekly timeframe.
The Average Directional Index (ADX DI) is showing that the trend strength has dropped with the ADX (Yellow Line) dropping to 50.33 and its below its 9 Period EMA (White Line) which is at 58.25. The -DI (Red Line) is at 22.97 above its +DI (Green Line) 15.59. Notice however that the -DI (Red Line) is pointing downwards indicating negative momentum has also dropped. We eventually need the +DI (Green Line) to start curving upwards and eventually cross back over the -DI (Red Line) that will indicate renewed longterm positive momentum for this weekly timeframe.
The Chaikin Money Flow (CMF) is showing that accumulation has dropped massively from its high but the CMF (Green Line) is still in the Accumulation Zone at 0.03. Notice that the CMF (Green Line) is starting to curve slightly sideways. I have added a Least Squares Moving Average (LSMA) (Blue Line) to the CMF, note that the CMF (Green Line) is below its LSMA (Blue Line) which is at 0.15, a very good sign will be if the CMF curves upwards and gets back above the LSMA.
This week and next will be very crucial for BTC, if you are longterm long then you need BTC to stay above the Longterm Pitchfork Median Line and the 50EMA on this weekly chart. If BTC cannot stay above the 50EMA & Pitchfork Median Line on this weekly timeframe then BTC may drop into the Distribution Zone on the CMF for this weekly timeframe.
A very good sign to look out for is if this weekly candle and especially next week’s candle closes green with a higher high and a higher low and especially above that crucial support of the 50EMA and Pitchfork Median Line.
Here is a closer look at the Chaikin Money Flow (CMF):
Here is a closer look at the Average Directional Index (ADX DI):
I hope this is helpful with your trading or hodl-ing.
Note
Here is a look at the 4hr Chart with an added Ichimoku Cloud and downwards Pitchfork Pattern. We need BTC to close this 4hr Candle within the Ichimoku Cloud Equilibrium Zone if there is going to be any attempt made at getting back above the 50EMA, Pitchfork Median Line and Bollinger Bands Middle Band Basis 20 Period SMA on the 4hr Chart.I hope this is helpful.
Note
Here is a look at the Daily Chart with full the Ichimoku Cloud for comparison: BTC is in the Bearish Zone of the Ichimoku Cloud.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating short-term momentum is downwards.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating mid-term momentum is sideways at then moment.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating that momentum right now is downwards.
Volume is still low on the daily chart and the volume is still below its Volume MA.
BTC is below its 50EMA and its 200EMA on the daily chart. We do not want the 50EMA to cross back under the 200EMA as that would be a death cross. It is crucial for the longterm that BTC eventually closes a daily candle back above the 200EMA and and then 50EMA levels and turn both into strong support.
BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA. BTC needs to eventually close a daily candle above this level and turn it into strong support.
If we look a the downwards Pitchfork Pattern (A,B,C), we can see that BTC is below its downwards Pitchfork Median Line. It is crucial for the longterm that BTC eventually closes a daily candle above this level.
I hope this is helpful.
Note
Here is a quick look at the 1 Month Chart with extra EMAs added. We need BTC to close this Monthly Candle above the 10EMA and the Pitchfork Median Line.Note
Here is a look at the Ichimoku Cloud, comparing the 1D, 2D, 4D and 6D timeframes for BTC using the Ichimoku Cloud Crypto Settings of 20,60,120,30. This enables you to check to see if there is any cascading effect or chance that BTC may drop into the Bearish Zone from the lower to higher timeframes, comparing where the short-term and mid-term momentum is heading using the Conversion Line (Tenkan Sen) and Base Line (Kijun Sen), as well as checking & comparing where the Lagging Span (Chikou Span) is in relation to the price from 30 Periods ago on these various timeframes.I hope this is helpful.
Note
Looking at the Daily Chart & changing to a more traditional charting technique, you can clearly see that the weekly 50EMA is the one to keep a VERY close eye on.Note
UPDATE:BTC closed the weekly candle above the 50EMA and the Pitchfork Median Line. BTC also closes the weekly candle with a higher high and a higher low opening and closing price. Notice that the Bollinger Bands Lower Band is starting the curve upwards.
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.