As you can see, we might be on the way of stochastic divergence. Thought, we have no indication of a major bull run, the trend is definitely bearish as ou can see in the keltner channel, wich suggests a downtrend continuation. If the stochastic divergence is confirmed, with a OBV divergence, i would expect the price to move towards the 7800 before bouncing back to the current price.
PS: Im not a finacial adviser neither an experienced trader so take my analysis with a pint of salt, tought im convince my analysis is solid. Hope you guys enjoyed
PS: Im not a finacial adviser neither an experienced trader so take my analysis with a pint of salt, tought im convince my analysis is solid. Hope you guys enjoyed
Note
Stochastic divergence confirmed, OBV increasing, confirming price action. All going as predicted.Note
If we see this week candle reaching new 4 week's high we will have another strong confirmation of a bulish market as the 4 week rule tells us. Dont forget that the major trend is still bearish, be aware of the 6900 resistence in the MA and the 7800 resistence in the keltner chanel. If the price breaks the 7800 level i would expect a new major bulltrend for BTC.Note
As predicted, we saw in the last 9 days an upward move in the chart. Now the OBV and the stochastic oscillator indicates a price correction, keep an eye on the correction, the price moved to below the middle keltner channel indicating a dowtrend move. If the price moves below the beginning of the last upwards move, i would discart the suspicion of a new bullish scenario. But, if we see the price going to 0.382 fib and going up again it would confirm a weak bull move in the daily chart.Note
Price bounced in the 0.382 Fib and reversed, indicating a weak bullish move.Note
Well the bulltrend came, resulting in excellent profits for those that followed my ideia. I would expect another dowtrend move in the weekly chard meaning that this last up move was a counter trend movement, im waiting a new top before a new major uptrend move in the weekly chart following the fan principle.Cheers lads
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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.