Long
TUBE/BTC 4H | Ichimoku Cloud Break Very Possible
Hey everyone, this BITTREX:TUBEBTC analysis really is quite simple.
First off, we have a very strong price movement up to the Leading Span B (top of the cloud), which has shown to be a strong resistance point. This price action, of course, was backed by a large amount of volume, which is promising. As long as the bulls don't run out of fuel too early, this asset can really turn around on the 4H timeframe and become an uptrend. The daily chart is also showing signs of reversal which will obviously hold more weight.
For the past week Bittube has had healthy price movement in the positive direction which can hopefully be backed up by the ADX. The ADX needs to hit 30+ to confirm a trend, it is currently sitting at 26.
You'll notice we pointed out the Ichimoku break level, ADX uptrend, and spikes in trading volume. In our opinion these can be just enough for a small cap coin to make a solid move.
Is the HTF macro downtrend(massacre) going to be over? Probably not. But, utilizing these tools on more "medium" time frames, we can take advantage of some spikes along the way.
Comment and let us know what you think!
- Balkoins
First off, we have a very strong price movement up to the Leading Span B (top of the cloud), which has shown to be a strong resistance point. This price action, of course, was backed by a large amount of volume, which is promising. As long as the bulls don't run out of fuel too early, this asset can really turn around on the 4H timeframe and become an uptrend. The daily chart is also showing signs of reversal which will obviously hold more weight.
For the past week Bittube has had healthy price movement in the positive direction which can hopefully be backed up by the ADX. The ADX needs to hit 30+ to confirm a trend, it is currently sitting at 26.
You'll notice we pointed out the Ichimoku break level, ADX uptrend, and spikes in trading volume. In our opinion these can be just enough for a small cap coin to make a solid move.
Is the HTF macro downtrend(massacre) going to be over? Probably not. But, utilizing these tools on more "medium" time frames, we can take advantage of some spikes along the way.
Comment and let us know what you think!
- Balkoins
Note
We would like to also note, the RSI is following a similar trendline to the ADX, and is completely in agreement with recent price action, without being overbought.Note
As you can see the break did happen, and the top of the cloud proved to become new support. Successful trade.
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