BTC trend change incoming, Short? Long?
I haven't been able to pick anything up looking at any candles outside of these one hour candles as the market seems very indecisive right now.
In my experience when we observe these small candles with wicks on each side, there tends to be a trend change incoming.
Even though this is more of a neutral analysis is it could go either way, I will say at least for the time being we will see BTC seek support around the 200 DEMA line, which represents long term support (only on this one hour chart).
This RSI indicator has been scary accurate and the MACD index is tried and true. Both are bearish leaning for now.
Also important to note that the whole market is still considered to be trending down. There has only ever been corrections since ATH, no real rallies to make me feel confident about the price breaking 45k let alone 50k.
Closing above
42K with strong volume may negate this scenario. Closing above 45k and maintaining it would certainly make me feel more confident.
Until then, I believe BTC will revisit the 30k zone before it can move forward again.
Good luck traders,
CryptoSlayer
Check below for some other ideas.
In my experience when we observe these small candles with wicks on each side, there tends to be a trend change incoming.
Even though this is more of a neutral analysis is it could go either way, I will say at least for the time being we will see BTC seek support around the 200 DEMA line, which represents long term support (only on this one hour chart).
This RSI indicator has been scary accurate and the MACD index is tried and true. Both are bearish leaning for now.
Also important to note that the whole market is still considered to be trending down. There has only ever been corrections since ATH, no real rallies to make me feel confident about the price breaking 45k let alone 50k.
Closing above
42K with strong volume may negate this scenario. Closing above 45k and maintaining it would certainly make me feel more confident. Until then, I believe BTC will revisit the 30k zone before it can move forward again.
Good luck traders,
CryptoSlayer
Check below for some other ideas.
Note
We called this one dead on, we're not always right, but we are right enough of the time. Booking profits and waiting for the next signal in this sea of noise.The market is very indecisive right now. If you cant make profits no matter which direction the market goes you do not have a winning strategy. That's ok, I am putting all of this content out for free.
*not financial advice*
Just my ideas.
Related publications
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.