Crypto BTC- Weekly update
Looking at the technicals what can we see?
We can see a deceleration in the selling pressure, how do I come to that conclusion?
Technical Principles
- MACD Divergence is still in play, as lower prices and MACD is going in the opposite direction.
- We can see the last 2 impressions in the Histogram are higher than the previous impression, this is another means of a deceleration in selling pressure if shorts are getting exhausted this means something in the opposite direction is buying.
-This doesn't mean that the price can't fall more, as it could well be very plausible, with lots of algorithmic trading still selling.
Final Note:
Marked all the critical areas on the chart, and we need to see at some point some positive impressions in the MACD (the positive points at the moment is the negative impressions are getting smaller) and a curling up of the RSI so we can be confident that the bottom has been hit and a rally will start, that moment the camp remains bearish to Neutral.
Disclaimer:
All TRADING involves high risk and YOU can LOSE a substantial amount of money, no matter what method you use. All trading involves high risk; past performance is not necessarily indicative of future results. I am not a licensed financial planner, financial advisor, stockbroker, investment broker, or investment advisor. Before making any trades, check with a financial planner, investment advisor, tax advisor, or anyone else that controls your finances to make sure option trading is right for you. The information provided on this site should not be construed as individual investment advice. All information presented on this site is the opinion of the author only and is not a solicitation to buy, sell, or hold any investment or security of any kind.
We can see a deceleration in the selling pressure, how do I come to that conclusion?
Technical Principles
- MACD Divergence is still in play, as lower prices and MACD is going in the opposite direction.
- We can see the last 2 impressions in the Histogram are higher than the previous impression, this is another means of a deceleration in selling pressure if shorts are getting exhausted this means something in the opposite direction is buying.
-This doesn't mean that the price can't fall more, as it could well be very plausible, with lots of algorithmic trading still selling.
Final Note:
Marked all the critical areas on the chart, and we need to see at some point some positive impressions in the MACD (the positive points at the moment is the negative impressions are getting smaller) and a curling up of the RSI so we can be confident that the bottom has been hit and a rally will start, that moment the camp remains bearish to Neutral.
Disclaimer:
All TRADING involves high risk and YOU can LOSE a substantial amount of money, no matter what method you use. All trading involves high risk; past performance is not necessarily indicative of future results. I am not a licensed financial planner, financial advisor, stockbroker, investment broker, or investment advisor. Before making any trades, check with a financial planner, investment advisor, tax advisor, or anyone else that controls your finances to make sure option trading is right for you. The information provided on this site should not be construed as individual investment advice. All information presented on this site is the opinion of the author only and is not a solicitation to buy, sell, or hold any investment or security of any kind.
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.