BTC/USD - 1 day chart analysis
Updated
Looking at the BTC/USD daily chart we can see that BTC is still under its Least Squares Moving Average as well as still under its Bollinger Bands Middle Band Basis 20 Period SMA. Note that we have expansion of the Lower Bollinger Band.
BTC is still in a Descending Pitchfork Pattern and has found some support from its Upper Green Pitchfork Support Line. Note that BTC is still above the Descending pitchfork Median Line. A drop to the Pitchfork Median Line would take BTC to around $20,000 which is new its 0.786 Trend-Based Fib level at around $20,122.
I have added various Support Lines on this chart and you can see the major Descending trend-line that BTC must CLOSE ABOVE and if needs be to successfully re-test as support on this 1 day timeframe. There are more support lines i could add but the chart would become too messy.
Looking at the Trend-Based-Fib Extension we can see that BTC is still under its 0.5 Trend-Based Fib level around $30,352.
Looking at the Volume Profile Visible Range (VPVR) we can see areas of interest that that might arise that has previously had massive volume. These levels coincide with the Support and Resistance Lines that I’ve added. The Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range is at around $19,112.
I have added a Volume Profile Fixed Range (VPFR) indicator which is from 27th Mar 22 to 11th June 22 and as you can see BTC is still below its Volume Profile Fixed Range Point of Control (VPFR POC) for that fixed range.
Here is a closer look at this 1 day chart.
Looking at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line on this 1 day chart. Note that it looks like the MACD Line (Blue Line) may cross back under its Signal Line (Orange Line) creating a Sell Signal for this indicator on this 1 day timeframe.
Looking at the Average Directional Index (ADX DI) we can see that Negative Momentum has increased with the -DI (Red Line) rising to 25.39 and Positive Momentum has dropped with the +DI (Green Line) dropping to 15.50. Note that the Trend Strength is now turning sideways with the ADX (Orange Line) at 24.18 and the 9 Period EMA (Black Line) is heading downwards at 34.37. If the ADX (Orange Line) crosses back above the 9 Period EMA (Black Line) then that will be further strength for the downside if the -DI (Red Line) is still above the +DI (Green Line) on this 1 day timeframe.
All in all looking at this 1 day chart mid-term wise BTC shows no sign of breaking to the upside just yet. Look like there will be continued opportunities to acquire your crypto of choice at bargain prices.
I hope this chart is helpful with your Trading and Hodl-ing.
BTC is still in a Descending Pitchfork Pattern and has found some support from its Upper Green Pitchfork Support Line. Note that BTC is still above the Descending pitchfork Median Line. A drop to the Pitchfork Median Line would take BTC to around $20,000 which is new its 0.786 Trend-Based Fib level at around $20,122.
I have added various Support Lines on this chart and you can see the major Descending trend-line that BTC must CLOSE ABOVE and if needs be to successfully re-test as support on this 1 day timeframe. There are more support lines i could add but the chart would become too messy.
Looking at the Trend-Based-Fib Extension we can see that BTC is still under its 0.5 Trend-Based Fib level around $30,352.
Looking at the Volume Profile Visible Range (VPVR) we can see areas of interest that that might arise that has previously had massive volume. These levels coincide with the Support and Resistance Lines that I’ve added. The Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range is at around $19,112.
I have added a Volume Profile Fixed Range (VPFR) indicator which is from 27th Mar 22 to 11th June 22 and as you can see BTC is still below its Volume Profile Fixed Range Point of Control (VPFR POC) for that fixed range.
Here is a closer look at this 1 day chart.
Looking at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line on this 1 day chart. Note that it looks like the MACD Line (Blue Line) may cross back under its Signal Line (Orange Line) creating a Sell Signal for this indicator on this 1 day timeframe.
Looking at the Average Directional Index (ADX DI) we can see that Negative Momentum has increased with the -DI (Red Line) rising to 25.39 and Positive Momentum has dropped with the +DI (Green Line) dropping to 15.50. Note that the Trend Strength is now turning sideways with the ADX (Orange Line) at 24.18 and the 9 Period EMA (Black Line) is heading downwards at 34.37. If the ADX (Orange Line) crosses back above the 9 Period EMA (Black Line) then that will be further strength for the downside if the -DI (Red Line) is still above the +DI (Green Line) on this 1 day timeframe.
All in all looking at this 1 day chart mid-term wise BTC shows no sign of breaking to the upside just yet. Look like there will be continued opportunities to acquire your crypto of choice at bargain prices.
I hope this chart is helpful with your Trading and Hodl-ing.
Note
Looking at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) has crossed back under its Signal Line (Orange Line) generating a Sell Signal for this indicator on this 1 day timeframe. Note that we also have a new Red Histogram Bar.Looking at the Average Directional Index (ADX DI) we can see that the ADX (Orange Line) has started to point upwards indicating the Trend Strength for the Downside on this 1 day timeframe is strong. Note that the +DI (Green Line) is still dropping and the -DI (Red Line) is still rising.
Note
Here is a closer look at what is going on. The Trend-Based Fib Extension 0.768 Level located at around $20,122 will be a crucial support. If BTC closes a daily candle below that level and successfully re-test it as resistance then we might be looking at $17,563, then the lower green pitchfork support line around $14,800 and then the Trend-Based Fib Extension 1 Level located at $12,468.Note
Pretty much spot on with those support/resistance lines.
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