Negative divergence on RSI for DJI According to the values on Aug 19 and Sep 9, there is a negative divergence on RSI. So, DJI may continue to drop to 34700.
#rsi
BTC - Let's have a look at the Daily ChartBTC Update:
BTC has finally made it above its major resistance area and turned that level into support.
BTC is back below its Pitchfork (A,B,C) Median Line.
BTC is still above its Bollinger Bands Middle Band Basis 20 Period SMA. Note that Volatility is actually still low on this 1D timeframe because we do not yet have expansion of the Upper and lower Bollinger Bands. Note that the Upper Band is starting to point Downwards and the Lower Band is still moving upwards indicating we may see a Bollinger Bands Pinch on this 1D timeframe.
At the moment of posting this, BTC has dropped below its Least Squares Moving Average (LSMA). A close above this level is crucial. A close below the LSMA will probably mean a drop back into the support area and possibly the BB Middle Band Basis.
Using the 20,60,120,30 settings for the Ichimoku Cloud, note that we now have a Cloud (Kumo) Twist into a new Bullish Green Cloud for this 1D timeframe.
Note that BTC is still above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 7 daily candles i have selected.
BTC is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
Note that Volume today is still low and the Volume Bar is still under its Volume 20 Period Moving Average, that could change as the day ticks on.
Using Simple Moving Averages, note that the 50MA is still rising and it looks like we may very soon see a 50MA cross back over and above the 200MA creating a GOLDEN CROSS for this 1D timeframe.
The Average Directional Index (ADX DI) is indicating the trend strength has increased with the ADX (Orange Line) at 28.17 heading sideways but very close to crossing over and above its 9 Period EMA (Black line) which is at 28.20. The +DI (Green Line) has dropped to 23.21 and the -DI (Red Line) has increased to 11.47 at the moment. This means that Positive momentum has dropped and Negative momentum has increased on this 1D timeframe. Note however that there is still a big gap between the +DI (Green Line) and -DI (Red Line) so the price would have to drop substantially for Negative momentum to become dominant on this 1D timeframe.
The Relative Strength Index (RSI) is indicating momentum is downwards on this 1D timeframe at the moment. Note that the RSI (Purple Line) is back below its 9 Period EMA (Red Line) indicating increased strength for negative momentum at the moment.
So key levels to watch for a daily close ABOVE or BELOW on this 1D timeframe are the LSMA, VPFR POC and the Upper Support Zone. The Bollinger Bands Middle Band Basis becomes the next crucial level to watch if those previous levels mentioned fails as support.
I hope this is helpful with your Trading and Hodl-ing.
Notes for those who don’t know:
LSMA = Black Squiggly Line on chart
50MA = Yellow Squiggly Line on Chart
200MA = Red Squiggly Line on Chart
Bollinger Bands = Grey Bands on Chart
Pitchfork = A,B,C Pattern on Chart
Ichimoku Cloud = Red and Green Cloud Pattern on Chart
VPVR POC = Long Horizontal Red Line on Chart
VPFR POC = Short Horizontal Red Line on Chart
Volume Bar = Bottom of Chart
Volume 20 Period MA = Black Line Going through volume Bars
Support Areas = Horizontal Parallel Black Lines with Yellow Shading
BTC - could we soon witness a GOLDEN CROSS?BTC Update:
BTC is still safely above its 50MA and its 200MA. Note that the 50MA is pointing upwards and the 200MA is pointing sideways. If the support levels hold strong and if and when BTC is able to push above the Upper Resistance Zone and the Pitchfork Median Line then........ we will witness a GOLDEN CROSS on this 1D timeframe.
BTC is back above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe.
Note that the Upper Band is starting to point downwards and the lower Band is pointing upwards indicating volatility has slowed on this 1D timeframe. With this consolidation, we are seeing the start of a potential Bollinger Band Pinch, which could lead to a big volatility induced move.
BTC has found some resistance from its Least Squares Moving Average (LSMA). Note that a daily close ABOVE the LSMA is a potential buy signal.
BTC is above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
At the moment, BTC is fighting to stay above its Volume Profile Fixed Range Point of Control (VPFR POC) the the fixed range of 14 daily candles that I’ve selected.
Volume has increased and note that yesterday and today’s volume Bar are above its Volume 20 Period Moving Average.
BTC is still in an Upwards Pitchfork Pattern (A,B,C). Note that BTC has crossed under the Pitchfork Median Line (Middle Dashed Line). The Pitchfork Median Line is a crucial level to cross and close back above.
BTC has found strong resistance from its Upper Resistance Area of $50,604 - $49,087.
BTC has now found strong support from its new Support Area of $46,693 - $46,231.
If i just use the Ichimoku Cloud (Kumo) without the other IC indicatiors, you can clearly see that BTC has found VERY STRONG support from the Ichimoku Cloud Leading Span B (Senkou Span B) support Level. This level also coincides with the new Support Area I’ve added.
If we look at the Average Directional Index (ADX DI) we can see the trend strength has dropped with the ADX (Orange Line) at 26.50 and still under its 9 Period EMA which is at 31.22. The +DI (Green Line) is pointing upwards at 18.46 and the -DI (Red Line) is pointing downwards at 14.86. This means that while the Trend strength has dropped, Positive Momentum has actually increased and Negative Momentum has decreased. The further the +DI (Green Line) gets away from the -DI (Red Line) the better.
The Relative Strength Index (RSI) is indicating Momentum is upwards at the Moment. Note that the RSI (Purple Line) is pointing upwards and looking like it may cross back above its 9 Period EMA (Red Line), this will be a good sign of upwards momentum strength for this 1D timeframe if that happens. Note that the RSI still has plenty of room to move up before becoming overbought on this 1D timeframe.
If you are uncertain to go long, then confirmation will be when BTC successfully crosses ABOVE and CLOSES a daily candle ABOVE the Upper Resistance Area. If you are uncertain to go short, then you would wait for BTC to successfully break UNDER and CLOSE a daily candle UNDER the New Support Area and the Leading Span B (Senkou Span B) support Level.
Remember that a close ABOVE the LSMA is also a potential BUY signal for this indicator. Full Bullish Confirmation on this 1D Timeframe will be when the Leading Span A (Senkou Span A) crosses back above the Leading Span B (Senkou Span B) cloud support creating a Cloud (Kumo) Twist a new Bullish Green Cloud for this 1D timeframe.
Also, don't forget to get your cameras ready for when that 50MA & 200MA Golden Cross happens. ;-)
I hope this is helpful with your Trading and Hodl-ing..... cause it does take a while to type it all up :-)
Notes for those that don’t know:
50MA = Yellow Squiggly Line on chart
200MA = Red Squiggly Line on chart
LSMA = Black Squiggly Line on chart
Bollinger Bands = Grey Bands on chart on chart
Ichimoku Cloud = Red and Green fluffy Cloud on chart
Pitchfork = A,B,C Lines on chart
VPVR POC = Long Horizontal Red Line on chart
VPFR POC = Short Horizontal Red Line on chart
Volume Bars = Bottom of Chart
Volume Moving Average = Black Line going through Volume Bars
Support and Resistance Areas = Horizontal Black Lines with Yellow Shading
Quick VTHO 1D updateQuick VTHO 1D chart update:
VTHO is still in the Equilibrium Zone of the Ichimoku Cloud for this 1D timeframe.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating the mid-point of the short-term momentum is slightly upwards.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid-point of the mid-term momentum is sideways.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is upwards at the moment.
VTHO has found support from its Ichimoku Cloud Base Line (Kijun Sen) and has bounce off this level twice over the last 3 days.
VTHO has found some resistance from its Conversion Line (Tenkan Sen) level.
VTHO is still in its triangle pattern walking downwards, keep an eye on if the breakout is upwards or downwards. We may see VTHO head to its triangle pattern APEX before we see a breakout. A successful break ABOVE the descending resistance line and re-test as support is crucial.
Volume is still relatively low and VTHO is below its Volume 20 Period Moving Average. It’s a good thing that this period of downwards movement over the last couple of days has not been on huge volume.
VTHO is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
VTHO is still below its Volume Profile Fixed Range point of Control, (VPFR POC) for the fixed range i have selected.
VTHO is still below its Least Squares Moving Average (LSMA) if you are waiting for LONG confirmation then a close above the LSMA and successful retest of it as support is crucial.
VTHO is above its Bollinger Bands Middle Band Basis 20 Period SMA at the moment. A daily close ABOVE this & successful re-test as support is crucial for renewed upwards momentum.
The Average Directional Index (ADX DI) is showing the trend strength has weakened with the ADX (Orange Line) at 44.63 crossing under its 9 Period EMA (Black Line) which is at 48.63. The +DI (Green Line) has dropped to 22.87 and the -Di (Red Line) is sideways at 16.81. This indicates that while we have seen a drop in Positive Momentum, Negative Momentum has not increased but is sideways at the moment.
The Relative Strength Index (RSI) is confirming that momentum is upwards at the moment. Note that the RSI (Purple Line) is still below its 9 Period EMA (Orange Line), a cross back above the 9 Period EMA will be a sign of renewed upwards momentum strength. Note that VTHO has room to move up on this 1D timeframe before it becomes overbought.
I hope this is helpful with your trading and hodl-ing.
BTC update - On possibly the sexiest 1D chart of the evening ;-)Lets have a look at the BTC 1D chart using the Ichimoku Cloud with the 20,60,120,30 settings and a few other indicators and squiggly lines:
BTC is in the Bullish Zone of the Ichimoku Cloud for this 1D timeframe. BTC has closed 4 daily candles within the Bullish Zone for this 1D timeframe.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid point of the sort-term momentum is sideways.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid point of the mid-term momentum is sideways.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is downwards at the moment. Note that the Lagging Span (Chikou Span) is still safely above the Price from 30 Periods ago.
Note that the gap between the Ichimoku Cloud Leading Span B (Senkou Span B) and Leading Span A (Senkou Span A) has shrunk so if BTC stays in the Bullish Zone, we may eventually get a cloud (Kumo) Twist into a new Bullish Green Cloud for this 1D Timeframe.
BTC is still above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe. Note that the Upper Band is moving downwards and the Lower Band is moving upwards indicating we may see some consolidation and a drop to the Middle Band Basis.
BTC found strong resistance and is below its Least Squares Moving Average (LSMA) level. A candle close below the LSMA is a possible SELL signal for traders who use this indicator. A candle close above the LSMA is a BUY signal.
Note that BTC is still above its 50EMA for this 1D timeframe and now is quite a distance safely away from it.
BTC is above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range i have selected.
BTC is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
Note that volume has increased but the volume Bars are still under its Volume 20 Period Moving Average.
I have added a few potential support zone areas just incase BTC shits the bed ;-). I could add more but didn’t want to make this chart to messy ;-). I have also added a Zone where BTC has found repeated resistance, so a close above this level is crucial for continued upwards momentum.
The Average Directional Index (ADX DI) is indicating the trend straight has dropped slightly with the ADX (Orange Line) at 37.42 but still above its 9 Period EMA (Black Line) which is at 36.71. The +DI (Green Line) has dropped to 27.02 and the -DI (Red Line) has risen to 13.70. This is indicating a decrease in Positive Momentum and an increase in Negative Momentum. Note that the +DI (fGreen line) is still above the -DI (Red Line). If the ADX (Orange Line) crosses back under the 9 Period EMA (Black line) then this could lead to a further drop on this 1D timeframe. On the plus side, we still do have some distance separating the +DI (Green Line) and -DI (Red Line) which is a good thing.
The Relative Strength Index (RSI) is indicating momentum is downwards at the moment. Note that the RSI (Purple Line) is below its 9 Period EMA (Red Line) which is a sign of strength for downwards momentum. On the plus side, the RSI is a fast reacting indicator so it does mean that BTC still has room to move up before becoming Overbought on this 1D timeframe.
A very good sign will be if BTC closes this daily candle above the Leading Span B (Senkou Span B) cloud support in the Bullish Zone. A close below the Leading Span B (Senkou Span B) cloud support in the Equilibrium Zone will most likely lead to further drops to the below support zones, so it’s crucial for BTC to stay above and more importantly CLOSE ABOVE this level. Full Bullish Confirmation for this 1D timeframe will be when the Leading Span A (Senkou Span A) crosses back above the Leading Span B (Senkou Span B) level creating a Cloud (Kumo) Twist into new Bullish Green Cloud for this 1D timeframe.
Again my post are not price prediction post but more educational about what BTC has above and below it & hopefully this post has explained what the various indicator that i have used are actually indicating.
I hope this is helpful with your trading and hodl-ing.
VTHO - 1D Chart with the Ichimoku CloudVTHO 1D chart update using the Ichimoku Cloud with the 20,60,120,30 settings:
Note that VTHO is in the Ichimoku Cloud Equilibrium Zone for this 1D timeframe.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid point of the short-term momentum is sideways.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid point of the mid-term momentum is sideways.
The Ichimoku cloud Lagging Span (Chikou Span) is indicating that the momentum at the moment is downwards. Note that the Lagging Span (Chikou Span) is still above the candle from 30 periods ago.
VTHO has found some support from around its Conversion Line (Tenkan Sen) level for this 1D timeframe. A good sign will be if VTHO manages to stay above & close a daily candle above this level.
Note that VTHO has dropped below its Volume Profile Fixed range Point of Control (VPFR POC) that i have selected on this chart.
VTHO is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
Note that Volume is still very low on this finance chart and the last 6 Volume Bars have been below its Volume 20 Period Moving Average.
VTHO is still above its Bollinger Bands Middle Band Basis 20 Period SMA, VTHO may find support at this level if the Conversion line (Tenkan Sen) support fails.
VTHO had dropped below its Least Squares Moving Average (LSMA) 3 days ago which is a sell signal for most traders who use this indicator. If you are LONG, then for this indicator confirmation of renewed upwards momentum will be when VTHO closes a daily candle back above the LSMA.
VTHO has found resistance from its descending resistance line. A close above this and successfully retest as support is crucial for continued upwards momentum.
The Average Directional index (ADX DI) is showing the trend strength has dipped with the ADX (Orange Line) at 51.90 but note its still above its 9 Period EMA (Black Line) which is at 50.72. The +DI (Green Line) has dipped to 28.34 and the -DI (Red Line) has risen to 14.12, this indicates that Positive Momentum has dropped and Negative Momentum has increased. If the ADX (Orange Line) crosses back under the 9 Period EMA (Black line) then we may see a bigger drop in price for this 1D timeframe. What we don't want to happen is the +DI (Green Line) to cross back under the -DI (Red Line), that would mean that Negative Momentum has completely overtaken Positive Momentum for this 1D timeframe.
The Relative Strength Index (RSI) is indicating momentum is downwards at the moment. Note that the RSI (Purple Line) has dropped below its 9 Period EMA (Orange Line) this is an indication downwards momentum strength.
If you are LONG and using this method, full bullish confirmation for this 1D timeframe will be when the Ichimoku Cloud Leading Span A (Senkou Span A) crosses back over and above the Leading Span B (Senkou Span B) level creating a new Bullish Green Cloud (Kumo) for this 1D timeframe.
If the Conversion Line (Tenkan Sen) fails as support then VTHO has the Bollinger Bands Middle Band Basis 20 Period SMA, the Base Line (Kijun Sen) as well as its Ascending Support Line as potential support levels.
As always we have to keep an eye on what BTC is doing but looking at this analysis, there could be some good opportunities to acquire more VTHO at a much cheaper price.
I hope this is helpful with your trading and hodl-ing.
VeChain - 1D chart updateVeChain 1D chart update using the 20,60,120,30 Ichimoku Cloud Settings:
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid point of the short-term momentum is sideways.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid point of the mid-term momentum is sideways.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum at the moment is upwards. Note that the Lagging Span (Chikou Span) is way above the price from 30 Periods ago.
Note that VET is inside the Ichimoku Cloud Equilibrium Zone for this 1D timeframe.
VET is above its Volume Profile Visible Range Point of Control (VPVR POC) for this chart’s visible range.
VET is above its Volume Profile Fixed Range Point of Control (VPFR POC) for this chart’s fixed range i have selected.
Volume is still relatively low for this 1D timeframe and notice that the last 4 Volume Bars have been below its Volume 20 Period Moving Average.
Note that VET is still safely above its longterm upwards Trend-line.
VET is in a triangle pattern so be on the lookout for which direction VET may break out from, at the moment it looks like VET will break upwards. VET has found some resistance from its triangle descending line.
VET is above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe. Note that the Lower BB is moving upwards and the Upper BB is moving sideways, this shows me that we may see a bit of consolidation and also that VET still has a lot room to move up before volatility becomes overextended.
The Average Directional Index (ADX DI) is indicating the trend is sideways with the ADX (Orange Line) at 46.99 and still above its 9 Period EMA (Black Line) which is at 46.47. The +DI (Green Line) is sideways at 23.03 and the -DI (Red Line) is at 8.41. Note that the +DI (Green Line) is sideways and the -DI (Red Line) is pointing downwards, this indicates that while Positive Momentum is sideways, Negative Momentum has dropped for this 1D timeframe. Please be aware that if the ADX (Orange Line) drops below the 9 Period EMA (Black Line) then we will may see a price drop on this 1D timeframe.
The Relative Strength Index (RSI) is also indicating momentum is upwards at the moment. Note that the RSI (Purple Line) has just crossed back above its 9 Period EMA (Orange Line) which is a good sign of upwards strength for this 1D timeframe. Note that the RSI (Purple Line) still has room to move up before entering the Overbought Zone on this 1D timeframe. Note that being in the Overbought Zone doesn't mean the price will drop as the RSI (Purple Line) can go up, down and also range sideways in the Overbought Zone for a prolonged period of time.
If you are LONG and need to wait for confirmation of renewed upwards momentum then a successful close above the Potential Resistance Line and retest of that as support is crucial. If you use the Ichimoku Cloud System as your confirmation then you will wait for the price to break above the Leading Span B (Senkou Span B) resistance into the Bullish Zone and a successful retest of the Leading Span B (Senkou Span B) as support, FULL Bullish Confirmation for this 1D timeframe will be when the Leading Span A (Senkou Span A) crosses back above the Leading Span B (Senkou Span B) creating a new Bullish Green Cloud (Kumo) for this 1D timeframe.
Using this system I’ve posted, if VET cannot make it above its Resistance Area and drops, it will find potential support from its Conversion Line (Tenkan Sen), Base Line (Kijun Sen), its Potential Support Area and also the Leading Span A (Senkou Span A) support level. There are other timeframes with many other support & resistance levels to take into account but I’m just focusing on the 1D timeframe for this post.
This chart may seem messy to some and there is a lot going on, but as I’ve stated before, my charts are more TA educational instead of price predication, so hopefully I’ve succeeded in explaining to you what information each indicator is actually showing us.
All in all, depending on what BTC does, VeChain is looking really good.
I hope this is helpful with your trading and hodl-ing.
Quick and Dirty BTC updateBTC is still above its upwards Pitchfork Median Line (A,B,C) on this 1D timeframe.
BTC is still above its Bollinger Bands Middle Band Basis 20 Period SMA on this 1D timeframe.
Note that the 50EMA (Yellow Line) has finally crossed back above the 200EMA (Red Line) on this 1D timeframe.
BTC has found some resistance at its Least Squares Moving Average level (LSMA) (White Line). For people who use this indicator, a candle close above the LSMA is a potential buy signal.
Volume is still relatively low and note that todays Volume Bar is below its Volume 20 Period Moving Average (Orange Line) at the moment.
Here is a closer look at this chart:
Using the Ichimoku Cloud settings of 20,60,120,30:
The Ichimoku Cloud Conversion Line (Tenkan Sen) (Blue Line) is indicating the mid point of the short-term momentum is sideways.
The Ichimoku Cloud Base Line (Kijun Sen) (Orange Line) is indicating the mid point of the mid-term momentum is sideways.
The Ichimoku Cloud Lagging Span (Chiikou Span) (Green Line) is indicating momentum is upwards at the moment.
Note that BTC has found some support from its Leading Span B (Senkou Span B) Cloud support.
Note that gap between the Leading Span A (Senkou Span A) and the Leading Span B (Senkou Span B) levels has shrunk. Bullish confirmation for this 1D timeframe will be when the Leading Span A (Senkou Span A) crosses back over the Leading Span B (Senkou Span B) creating a new Bullish Green Cloud (Kumo).
The Average Directional Index (ADX DI) is indicating the trend strength has dropped slightly and is moving sideways with the ADX (Yellow Line) at 35.42 dropping under its 9 Period EMA (White Line) which is at 35.72. The +DI (Green Line) is pointing upwards at 24.42 and the -DI (Red Line) is pointing slightly downwards at 11.96. This indicates that positive momentum has increased and negative momentum has decreased on this 1D timeframe.
The Relative Strength Index (RSI) is indicating momentum is upwards at the moment. Note that the RSI (Purple Line) has crossed back above its 9 Period EMA (Yellow Line) indicating upwards strength. Note that the RSI still has room to move up before becoming overbought on this 1D timeframe.
If you are still waiting for sub $20K, you might be in for a very long wait especially if BTC creates a new Bullish Green Cloud for this 1D timeframe.
I hope tis is helpful with your trading and hodl-ing.
VTHO 4hr chart updateQuick VTHO 4hr chart update:
After yesterday’s massive price rise, VTHO has dropped back under the Upper Bollinger Band which should come as a surprise after such a large rise.
Note that we have had an extreme expansion on the Upper and Lower Bollinger Bands so a BB contraction and price dip is a possibility and should not come as a surprise.
VTHO is back below its Pitchfork Median Line for this 4hr timeframe.
VTHO is still above its 50EMA (Yellow Line) for this 4hr timeframe.
VTHO is still above its Least Squares Moving Average (LSMA) (White Line).
VTHO has found some resistance from Upper Bollinger Band. Note that VTHO is safely above its Bollinger Bands Middle Band Basis 20 Period SMA.
VTHO is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
At the moment of typing this, VTHO is below its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range i have selected.
VTHO has closed 7x 4hr Volume Bars above its Volume 20 Period Moving Average and looks like it will close a 8th Volume Bar above it.
The Average Directional Index (ADX DI) is showing that the trend strength is still strong with the ADX (Yellow Line) at 56.58 and still above its 9 Period EMA (White Line) which is at 48.46. The +DI (Green Line) has dropped to 39.65 indicating positive momentum has dropped for this 4hr timeframe, but note that the -DI (Red Line) has also dropped to 2.36 indicating negative momentum has also dropped for this 4hr timeframe. Note that the -DI (Red Line) is starting to curve sideways.
The Relative Strength Index (RSI) is indicating that momentum is downwards at the moment, note that the RSI (Purple Line) is below its 9 Period EMA (Yellow Line) which is a sign weakness for upwards momentum. Renewed upwards momentum will be confirmed when the RSI (Purple Line) cross back above the 9 Period EMA (Yellow Line) for this 4hr timeframe. The RSI (purple Line) has just dropped out of the Overbought Zone.
Here is a closer look at this 4hr timeframe.
We could see VTHO range sideways within a range for a few hours/days which would bring the Lower Bollinger Band Upwards, or we could see VTHO drop to its LSMA or 50EMA level as a major support. If the 50EMA fails as support, VTHO could drop back to its Bollinger Bands Middle Band Basis 20 period SMA. If you are waiting for confirmation to place a long, a successfully break ABOVE the Pitchfork Median Line and successful RETEST of that level as support is key, but note that may change as there might be better lower levels to go long if VTHO dips more.
Note that the Pitchfork Hagopian Line has acted as very strong support over the last few weeks so this level is crucial for VTHO stop stay above on this 4hr timeframe.
I hope this is helpful with your trading and hold-ing.
VeChain quick and dirty 4hr chart updateVeChain is still above its Pitchfork Median Line for this 4hr timeframe.
VeChain is still above its 50EMA (Yellow Line) for this 4hr timeframe.
VeChain has found some resistance from its Least Squares Moving Average (LSMA) (White Line). If you are waiting for positive confirmation for this indictor, a successful 4hr candle close ABOVE and RETEST off this indicator as support is a potential buy signal for traders who use this indicator.
VeChain had dipped in and out of its support zone and found strong support from its Bollinger Bands Middle Band Basis 20 Period SMA and is now back above its VPFR POC.
VeChain is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
VeChain is back above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range i have selected.
VeChain has closed 7x 4hr Volume Bars above its Volume 20 Period Moving Average.
The Average Directional Index (ADX DI) is showing that the trend strength had dropped with the ADX (Yellow Line) at 28.47 and is below its 9 Period EMA (White Line) which is at 30.22. The +DI (Green Line) has dropped to 18.47 indicating positive momentum has dropped for this 4hr timeframe, the -DI (Red Line) has also dropped to 14.87 indicating negative momentum has also dropped for this 4hr timeframe. There will be more downwards momentum if the +DI (Green line) crosses back under the -DI (Red Line) so its best to keep an eye on this.
The Relative Strength Index (RSI) is indicating that momentum is upwards at the moment but note that the RSI (Purple Line) is under its 9 Period EMA (Yellow Line) which is a sign weakness for upwards momentum. Renewed upwards momentum will be confirmed when the RSI (Purple Line) crosses back above the 9 Period EMA (Yellow Line) for this 4hr timeframe.
Here is a closer look at this 4hr chart with the LSMA, VPFR levels and the Support Zone I've selected:
After last nights dip, VeChain still made a higher low so we will have to see is VeChain can continue to make higher highs and higher lows and as always wee need to keep an eye on what uncle BTC is doing.
I hope this is helpful with your trading and hold-ing.
So what's BTC sayingHere's a quick BTC 1D chart update:
The BTC Daily Chart is looking really good. BTC is still above its 50EMA and its Bollinger Bands Middle Band Basis 20 Period SMA.
BTC is above its Volume Profile Fixed Range (VPFR) Point of Control (POC) for the fixed range i have selected.
BTC is above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this chart’s visible range.
Volume has dropped slightly and note that yesterday’s daily Volume Bar closed below its Volume 20 Period Moving Average.
Nota that BTC has managed to close 6 daily candles above its Pitchfork Median Line and looks like it will make it 7 daily candles.
The Average Directional Index (ADX DI) is indicating Positive Momentum has dipped slightly with the +DI (Green Line) at 28.64 but note that negative momentum is also pointing downwards with the -DI (Red Line) at 9.15. The ADX is showing a strong trend with the ADX (Yellow Line) at 36.36 which is still above its 9 Period EMA (White Line) which is at 33.06.
The Relative Strength Index (RSI) is showing momentum is upwards at the moment and note that the RSI (Purple Line) is above its 9 Period EMA (Yellow Line) indicating upwards momentum is strong. The RSI is in the Overbought Zone but note that being in the Overbought Zone doesn't mean BTC will drop because the RSI can range sideways in the Overbought Zone for a prolonged period of time or go up further.
Worthy of note is the fact that BTC at 1am on the 9th August, CLOSED a Weekly Candle ABOVE its Sideways Channel.
Note that the Bollinger Bands Upper and Lower Bands are NOT over extended indicating that BTC still has volatility room to move either UP or DOWN before becoming overextended on this 1D timeframe.
We could see BTC range sideways for a couple of days within a range, but if BTC does dip, it may find support from its Pitchfork Median Line or at around $42,698 range which where its Potential Support Range located.
All in all, despite the many prophets of doom and soothsayers on TradingView, $20K didn’t happen! So well done if you managed to stock up on BTC at around $29K.
I hope this is helpful with your Trading and Hodl-ing.
Quick ADA 4hr Chart UpdateADA 4hr Update:
ADA is still safely above its 50EMA for this 4hr timeframe.
ADA is above its Volume Profile Fixed Range (VPFR) Point of Control (POC) for this charts fixed range i have selected.
ADA is above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range.
Note that the last 10x 4hr Volume Bars have been above its Volume 20 Moving Average.
ADA is above its Bollinger Bands Middle Band Basis 20 Period SMA. Note that we have had extreme expansion on the Upper and Lower Bands so a re-trace back would not be unexpected.
The Average Directional Index (ADX DI) is showing strong positive momentum with the +DI (Green Line) at 42.44 and the -DI (Red Line) at 5.99. The ADX is showing a strong trend with the ADX (Yellow Line) at 40.65 and above its 9 Period EMA (White Line) which is at 32.17. The +DI (Green Line) is showing that positive Momentum has dropped but note that the -DI (Red Line) is showing that Negative Momentum has also dropped.
The Relative Strength Index (RSI) is indicating strong upwards momentum and note that the RSI (Purple Line) is in the Overbought Zone. Being in the Overbought Zone does not mean that ADA will drop as the RSI (Purple Line) can range sideways within the Overbought Zone for a prolonged period of time. Note that the RSI (Purple Line) is above its 9 Period EMA (Yellow Line) indicating upwards momentum is strong at the moment.
A 4hr candle close above the Pitchfork Median Line and re-test of that level as support is crucial for continued upwards momentum. Note that ADA is also walking up the Upper Bollinger Band, we may see more upwards momentum but because of the extreme BB expansion a slight re-trace back should not be unexpected. If ADA does re-trace backwards, it could drop to its Pitchfork (A,B,C) Lower Green Support Line or lower to it's Bollinger Bands Middle Band Basis 20 Period SMA as potential support levels, but at the moment it looks like ADA might continue walking up the upper band or even consolidate sideways for a few hours bringing the Lower Bollinger Band upwards. As always, we also need to keep an eye or 2 what BTC is doing & may potentially do.
Apologies for the lack of post, it’s been a busy time. I hope this is helpful with your Trading and Hold-ing.
VeChain - Keep an eye on key levelsVeChain analysis:
VET is back above its 50EMA for this 1D timeframe.
VET is still above its Bollinger Bands Middle Band Basis 20 Period SMA. Note that VET is still walking upwards on the inside of the Upper Bollinger Band.
VET has found some resistance from its Pitchfork Median Line. If you are Long and waiting for confirmation then a close and successful retest of the Pitchfork Median Line as support is crucial for you.
VET is above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range.
VET is below its Volume Profile Fixed Range (VPFR) Point of Control (POC) for this charts fixed range that i have selected.
Note that VET has closed 3 volume bars in the green but they have all been below the Volume 20 Period Moving Average.
The Moving Average Convergence Divergence (MACD) is showing strong positive momentum and the MACD Line (Blue Line) is now in the positive zone.
The Average Directional Index (ADX DI) is showing a strong trend with the ADX (Yellow Line) at 29.89 above its 9 Period EMA (White Line) which is at 29.25. the +DI (Green line) has increased to 22.95 and the -DI (Red Line) has dropped to 9.85, this indicates an increasing in Positive momentum while a decrease in Negative Momentum.
The Chaikin Money Flow (CMF) is indicating that the CMF (Green Line) is now back above the Zero Line & back in the Accumulation Zone at 0.02. Note that the CMF (Green line) is way above its Least Squares Moving Average (LSMA) which is at -0.07.
The Relative Strength Index (RSI) is showing strong upwards momentum, note that the RSI (Purple Line) is still safely above its 9 Period EMA (Yellow Line) and note that the RSI still has room to move up before entering the Overbought Zone on this 1D timeframe.
So if you are waiting to go long on VET, a break above the Pitchfork Median Line and successful re-test of that level as support is crucial for you. If VET cannot make it back above the Pitchfork median Line then it could drop back to its Bollinger Bands Middle Band Basis 20 Period SMA as potential support, and as always, we need to keep an eye on what BTC is doing.
I hope this is helpful with your trading and hold-ing.
BTC - Be prepared to adapt to different scenariosBTC Daily Chart Analysis: (Unbiased & just telling it how it is)
BTC is still ranging sideways within its massive sideways channel. Note that even if BTC drops back down to $30K, it will still be considered ranging sideways so you should be prepared for this because it will become more of a possibility especially if BTC continues failing to break ABOVE and more importantly CLOSE a daily candle ABOVE its Sideways Channel Resistance.
BTC has found strong resistance from its 2 resistance levels.
BTC has found some support from around its $38,355 support line area.
BTC is sill above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range.
IMPORTANT: Since the big volume spike on the 26th July, Daily Volume has been DECREASING and note that the yesterday’s Volume Bar closed BELOW its Volume 20 Period Moving Average. We shouldn’t have been shocked by today’s drop, it was inevitable because you can clearly see the Divergence between the previous 4 days Candles and the Volume Bars because it was indicating a rising Price but diminishing Volume.
Note that BTC is still safely above its WEEKLY 50EMA.
BTC is still above its Bollinger Bands Middle Band Basis 20 Period SMA. Note that the Upper and Lower Bands have started to curve sideways and that this daily Candle is now back inside the Upper Band. Decreasing volatility is to be expected especially after the last few days of increased volatility.
The Moving Average Convergence Divergence (MACD) is indicating upwards momentum is weakening with the MACD Line (Blue Line) curving slightly sideways and notice the green histogram has lightened and decreased in height which is a sign of weakening upwards momentum. The day isn’t over yet so this may change. A very bad sign for longs on the daily will be if the MACD Line (Blue Line) crosses back Under the Signal Line (Orange Line) which would be a major sell signal for most traders.
The Average Directional Index (ADX DI) is indicating Positive Momentum has dropped with the +DI (Green Line) dropping to 31.67, note we also have increasing Negative Momentum with the -DI (Red Line) moving up to 14.62. The ADX (Yellow Line) is starting to curve sideways at 29.17 and the 9 Period EMA (White Line) is pointing upwards at 27.06 so if the 9 Period EMA (White Line) crosses back above the ADX (Yellow Line) then we may see a continued weakening of trend strength on this 1D timeframe.
The Chaikin money Flow (CMF) is indicating accumulation has dropped slightly with the CMF (Green Line) dropping to 0.16. The CMF (Green Line) is still above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.08. You do to want the CMF (Green Line) to cross under the LSMA (Blue Line) on this 1D timeframe.
The Relative Strength Index (RSI) is indicating a big increase in downwards momentum and the RSI (Purple Line) has dropped out of the Overbought Zone for this 1D timeframe. We can expect more downwards trajectory if the RSI (Purple Line) crosses below the 9 Period EMA (Yellow Line) which will be further confirmation of increasing downwards strength on this 1D timeframe.
Potential scenarios if BTC continues failing to CLOSE a Daily Candle ABOVE its Sideways Channel Resistance:
1: BTC drops back to its Bollinger Bands Middle Band 20 Period SMA level as potential support.
2: BTC drops back to its WEEKLY 50EMA level as potential support.
3: BTC drops right back to its Sideways Channel Support at around $31K - $29K levels as potential support.
4: BTC continues to flop around $40,951 - $36,970 ranges.
5: BTC continues to flop around $40,951 - $38,355 ranges.
Obviously this is all my opinion and BTC could be at $64K by tomorrow lunch time ;-) but NOT if it continues failing to CLOSE a daily candle ABOVE its sideways channel resistance ;-)
I hope this is helpful with your trading and hodl-ing.
ADA - Let's have a look at the 4hr chartADA 4hr chart:
ADA is above its 50EMA for this 4hr timeframe.
ADA is back above its Bollinger Bands Middle Band Basis 20 Period SMA.
ADA is still above its ascending support line.
ADA is above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range.
ADA is above its Volume Profile Fixed Range (VPFR) Point of Control (POC) for this charts fixed range i have selected.
Volume has been increasing and note that the Volume Bars have been above the Volume 20 Period Moving Average for the last 6x 4hr Bars.
The Moving Average Convergence Divergence (MACD) is indicating we may see the MACD Line (Blue Line) may cross back above the Signal Line (Orange Line) which would be a potential buy signal for most traders who use this indicator. Note that the Red Histograms have turned lighter and are decreasing in size.
The Chaikin Money Flow (CMF) is showing a sharp rise in accumulation with the CMF (Green line) rising to 0.10, back in the accumulation zone and back above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.02. Note that the CMF (Green Line) has dipped a bit on the start of this new 4hr candle.
The Average Directional index (ADX DI) is indicating Positive Momentum is sideways with the +DI (Green Line) at 27.65 and way above the -DI (Red Line) which has dropped to 15.18. The ADX (Yellow Line) is at 28.56 but still below its 9 Period EMA (White Line) which is at 29.44. Note that the ADX (Yellow Line) is starting to curve upwards so we may see the ADX (Yellow Line) eventually cross back above the 9 Period EMA (White Line) which would be a sign of good upwards trend strength if the +DI (Green Line) stays above the -DI (Red Line).
The Relative Strength Index (RSI) is indicating upwards momentum has increased with the RSI (Purple Line) back above its 9 Period EMA (Yellow Line). Note that at the moment of typing this, the RSI has dipped slightly indicating a weakening of upwards momentum.
All in all ADA is looking quite strong on this 4hr chart and looks even better on the Daily and Weekly charts. Obviously we need to keep an eye on what BTC is doing and whether or not BTC can successfully break upwards from its sideways channel. If the MACD Line (Blue Line) crosses back above the Signal Line (Orange Line) then we should see increased upwards momentum.
Again my charts are not price prediction charts but more educational explaining what the indicators i have selected are actually indicating so i hope this is helpful with your Trading and Hold-ing.
VTHO - what's going on the 4hr chartA quick look at the VeChainThor (VTHO) 4hr Chart:
VTHO is still above is 50EMA for this 4hr timeframe.
VTHO is still above its Bollinger Bands Middle Band Basis 20 Period SMA.
VTHO had shot up outside its Bollinger Bands Middle Upper Band but has now re-traced back below the Upper Band.
Overall Volume has increased and note that the last 6 Volume Bars have been above the Volume 20 Period Moving average on this 4hr timeframe.
At the moment VTHO is back above this charts Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range I’ve selected.
At the moment VTHO is above this charts Volume Profile Fixed Range (VPFR) Point of Control (POC) for this charts fixed range I’ve selected.
Ideally we need VTHO to close this 4hr candle above its 2nd resistance line.
The Moving Average Convergence Divergence (MACD) is indication a sharp rise in positive momentum and note that the MACD Line (Blue Line) is in the positive zone and back above its Signal Line (Orange Line). Note that this 4hr histogram bar has decreased in size and has gone lighter indicating a weakening of upwards momentum for this 4hr timeframe.
The Average Directional index (ADX DI) is showing Positive momentum has dropped but is still strong with the +DI (Green Line) at 43.23 and still above its -DI (Red Line) which has dropped to 5.74. The ADX (Yellow Line) is indicating a string trend at 35.56 and above its 9 Period EMA (White Line) which is at 26.77. We do not want the +DI (Green Line) to cross back under the -DI (Red Line) on this 4hr timeframe.
The Chaikin Money Flow (CMF) is showing that accumulation has dropped slightly to 0.09 but note that the CMF (Green Line) is still above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.03. We need the CMF to stay in the accumulation zone for renewed upwards momentum.
The Relative Strength Index (RSI) is indicating upwards momentum has dropped and the RSI (Purple Line) has dropped out of the Overbought Zone. Note that at the moment the RSI (Purple Line) has dropped back under its 9 Period EMA (Yellow Line) which is a sign of weakening upwards momentum. So we could see more of a drop before the price starts picking up, especially if BTC doesn't pick up.
I thought i’d break it up a bit and do a quick analysis of some of my other crypto holdings, in this case VTHO.
I hope this is helpful with your Trading and Hold-ing.
VeChain - Lets have a look at yaVeChain daily chart update:
VeChain had broken upwards through its Falling Wedge Pattern on the 22nd July.
VET has broken upwards through its downward trend-line and successfully re-tested it as support 4 days ago.
Note that VET had successfully tested its Major Longterm Upwards Trend-line as support twice on the 20th-21st July.
As noted on the chart, VeChain may have a new Support Line if VeChain closes this daily candle above it and turns it into support.
VET has found some resistance from its 50EMA and has dropped below it. We 110% need to close a daily candle above this crucial level and turn it into strong support on this 1D timeframe.
VeChain is above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe.
VeChain is slightly above its Bollinger Bands Upper band so we may see a drop back under the Upper Band or VET may continue walking upwards on the outside of the Upper BB.
Volume has increased and notice that todays volume bar is way above its Volume 20 Period Moving Average.
VeChain is back above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range that I’ve selected.
If VET goes higher, we can expect strong resistance at around. $0.0955
The Moving Average Convergence Divergence (MACD) is showing that the MACD (Blue Line) is still above its Signal Line (Orange Line) and we have Green Histograms of increasing size. We may see the MACD Line (Blue Line) cross back over the 0.0 Level into the positive zone. This would mean that a 12 Period EMA has crossed back over a 26 Period EMA on this 1D timeframe, this would be a very good thing. Note that the MACD Line (Blue Line) has not been in the positive zone above the 0.0 level since 17th May 2021 for this 1D timeframe.
The Average Directional Index (ADX DI) is indicating Positive Momentum has finally overtaken Negative Momentum on this 1D timeframe. The +DI (Green Line) is at 24.82 and has crossed over the -DI (Red Line) which is at 15.46. The ADX (Yellow Line) is starting to curve sideways at 28.46 but still below its 9 Period EMA (White Line) which is at 30.13. Note that this is the fist time the +DI (Green Line) has been above the -DI (Red Line) since 11th May 2021 for this 1D timeframe.
The Chaikin Money Flow (CMF) is indicating a sharp rise in accumulation with the CMF (Green Line) rising from -0.15 to the Zero Line at 0.0. Note that the CMF (Green Line) is back above its Least Squares Moving Average (LSMA) (Blue Line) which is at -0.13. It's a good sign of accumulation strength when the CMF (Green Line) is above the LSMA (Blue Line).
The Relative Strength Index (RSI) is showing a sharp rise in upwards momentum with the RSI (Purple Line) rising to 59.43 from back when it was in the Oversold Zone on the 20th July. Note that the RSI (Purple Line) is back above its 9 Period EMA (Yellow Line) which is at 44.86, this is a good sign of upwards strength.
Congrats if you managed to buy VET at $0.056 or near enough. This rise is great but we shouldn’t jump the gun & we obviously need to keep an eye on what BTC is doing and whether or not BTC can break out upwards from its sideways channel. For VeChain, the daily 50EMA is a crucial level to watch. If VeChain fails to close a daily candle above the 50EMA then VeChain may drop back to its Bollinger Bands Middle Band Basis 20 Period SMA, but at the moment it’s looking very promising VET will close above the 50EMA, but again its best to wait for confirmation if your uncertain to go Long.
I hope this is helpful with your Trading or Hold-ing
ADA - 1W ChartADA Longterm Weekly Chart:
ADA is still above its Weekly 50EM.
ADA is back above its Upper Yellow Pitchfork Resistance Line, ADA needs to close this Weekly Candle above it.
ADA has found some resistance from its Bollinger Bands Middle Band Basis 20 Period SMA for this 1W timeframe.
Note that the Bollinger Bands Lower Band is starting to curve upwards for this 1W timeframe.
Worthy of note is that ADA never got anywhere near its Longterm Upwards Pitchfork Median Line.
Note that Weekly Volume is still low and note that the Volume 20 Period Moving Average is also sloping downwards.
The Moving Average Convergence Divergence (MACD) is showing that the MACD Line (Blue Line) is still in the positive zone and starting to curve sideways. Note that the MACD Line (Blue Line) is still below its Signal Line (Orange Line). Note that this week’s Red Histogram has decreased in size and has also lightened indicating a weakening of negative momentum for this 1W timeframe at the moment.
The Average Directional Index (ADX DI) is indicating Positive Momentum has increased and Negative momentum has decreased. The +DI (Green Line) has risen to 20.29 and the -DI (Red Line) has dropped to 16.32. Note that the ADX (Yellow Line) is at 46.09 starting to curve slightly sideways but is still below its 9 Period EMA (White Line) that is at 56.21. Note that during this downtrend we did not have a +DI (Green line) cross back under the -DI (Red Line) on this 1W timeframe and note that the +DI (Green Line) and -DI (Red Line) are starting to move away from each other on this 1W timeframe.
The Chaikin Money Flow (CMF) is indicating accumulation has increased with the CMF (Green line) rising back into the Accumulation Zone to 0.07 and crossing above its Least Squares Moving Average (LSMA) Blue Line) which is at 0.06. The CMF (Green Line) crossing back above the LSMA (Blue line) is a good sign of accumulation strength for this 1W timeframe The bigger the gap between the CMF (Green Line) when its above the LSMA (Blue Line), the better.
The Relative Strength Index (RSI) is showing upwards momentum has increased with the RSI rising to 53.07 but note that the RSI (Purple Line) is still below its 9 Period EMA (Yellow Line) which is at 55.87 for this 1W timeframe. This is indicating that positive momentum still has a lot of potential to move up before reaching the Overbought Zone on this 1W timeframe.
Looking at ADA on this 1W timeframe, you can clearly see that during the recent downtrend, ADA was one of the least effected cryptos and looking at this 1W chart really put it in perspective. If you are Longterm Long then closing this weekly candle ABOVE the Pitchfork Median Line and back ABOVE the Bollinger Bands Middle Band Basis 20 period SMA will be a very good sign of renewed longterm upwards strength.
I hope this is helpful with your trading and hodl-ing.
BTC - daily chart updateBTC Daily Chart Update:
BTC is back above its Weekly 50EMA.
BTC is back above its Bollinger Bands Middle Band Basis 20 Period SMA.
At the moment, BTC is above its Bollinger Bands Upper Band so we could see a re-tracement back under the Upper Band or BTC could continue walking up on the outside of the Upper Band.
BTC has broken upwards from its Descending Channel and Descending Triangle.
BTC is still in its Sideways Channel.
BTC is back above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range that i have selected.
Volume has increased & note that todays Volume Bar is above its Volume 20 Period Moving Average.
The Moving Average Convergence Divergence (MACD) is showing that the MACD Line (Blue Line) has crossed back above the Zero threshold, this indicates that a 12 Period EMA has crossed back above a 26 Period EMA on this daily chart. Note that the Green Histograms are increasing in size and that the MACD Line (Blue Line) is still above its Signal Line (Orange Line) for this 1D timeframe. Note that this is the first time that the MACD Line (Blue Line) is back in the positive zone above the 0.0 level since 11th May 2021.
The Average Directional Index (ADX DI) is showing that Positive Momentum has overtaken Negative Momentum with the +DI (Green Line) crossing back above the -DI (Red Line). The +DI (Green line) has risen sharply to 35.72 and the -DI (Red Line) dropping to -15.98. The ADX (Yellow Line) is at 24.27 pointing upwards but still below its 9 Period EMA (White Line) at the moment which is at 25.69. Note that this is the first time since 25th March 2021 that the +DI (Green Line) has successfully crossed back ABOVE the -DI (Red Line) for the 1D timeframe.
The Chaikin money Flow (CMF) is indicating accumulation has increased with the CMF (Green Line) rising sharply to 0.14 with the CMF (Green Line) back in the Accumulation Zone and back above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.03.
The Relative Strength Index (RSI) is indicating a sharp spike in upwards momentum with the RSI (Purple Line) back above its 9 Period EMA (Yellow Line). Note that the RSI still has a bit more room to move up before entering the Overbought Zone for this daily timeframe.
For the longterm, we need BTC to successfully break upwards from its Sideways Channel Resistance and turn that resistance line into strong support. If BTC cannot successfully do that, then BTC with just continue ranging sideways within its massive sideways channel & possibly drop back to its Weekly 50EMA and Bollinger Bands Middle Band Basis 20 Period SMA.
I hope this is helpful with your trading and hodl-ing.
Trading with RSI IndicatorRSI TA
SETUP
1. Start a new layout on Trading View. Call it “RSI TA” to distinguish it from the rest
2. Add only the following indicators:
A) Volume: straight forward, nothing to configure here
B) RSI Candles: Configure it as follows:
Length = 9
UpLevel = 60
DownLevel = 40
Change the Bar Colors to any colors that suit you or keep them as default if you like. I use phosphoric green for 60 (color 0) and phosphoric red for 40 (color 1)
C) RSI Multi Level V3: Configure it as follows:
Length = 9
Style:
Plot ( I chose yellow to distinguish it from my background and the rest)
Level 80 Phosphoric Green (to distinguish it from the regular green candles)
Level 60 Phosphoric Red (to distinguish it from the regular red candles)
Level 50 White ( I use dark mode, so white is visible. Otherwise choose black if you use light mode)
Level 40 Green
Level 20 Red
Disable the rest
READINGS:
1. Use the daily chart, don’t apply it to lower time frames.
In a BULL RUN Market:
- Go long after the close of the first daily phosphoric green candle.
- Continue longing daily phosphoric green candles
- Once the daily candle is no more phosphoric green, exit the trade.
- Go long again when the candle turns phosphoric green.
- Make sure you do not enter/exit a trade before a triggering phosphoric candle.
In a BEAR RUN Market:
- Go short after the close of the first daily phosphoric red candle.
- Continue shorting daily phosphoric red candles
- Once the daily candle is no more phosphoric red, exit the trade.
- Go short again when the candle turns phosphoric red.
- Make sure you do not enter/exit a trade before a triggering phosphoric candle.
Apply the above to previous historical data to get confident about it. Observe how the signals reflect on the RSI Multi Level V3 Indicator at the bottom of the page to get an understanding of how the indicators are getting triggered.
Feel free to paper trade first. And if you are margin trading, make sure you use Stop Losses.
BTC - Lets have a look shall weBTC 1D Chart Update:
BTC is still Ranging Sideways within its Sideways Channel. Remember that Sideways Ranging is NOT done at a constant level but WITHIN a range of values.
Note that BTC has failed to make any recent higher highs over the last couple of days.
BTC is below its WEEKLY 50EMA. BTC HAS closed 8 Weekly Candles in a row BOVE its Weekly 50EMA. This is a VERY crucial week as BTC needs to close this weekly candle ABOVE its WEEKLY 50EMA. Failure to day so may cause further downwards momentum.
BTC is still below its Bollinger Bands Middle Band Basis 20 Period SMA. Note that the Upper and Lower bands are indicating Sideways Volatility but that the Lower Band is curving slight upwards.
BTC is in another potential Descending Triangle Pattern. A Descending Triangle Pattern is a potential Bearish Continuation Pattern, so if you are LONG then you need to wait for a successful breakout of the Descending Trend-Line with a successful re-test of that level as strong support. We need to keep an eye on this pattern very carefully.
BTC is also in a Descending Channel Pattern. A break above the upper Resistance Line and successful retest of the resistance as support will be confirmation of a potential reversal to the upside, or failure to breakout will, be possible bearish continuation.
BTC is still below its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range that i have selected.
Daily Volume is still low and todays Volume Bar is still below its Volume 20 Period Moving Average. Note that yesterdays Volume Bar was slightly above the Volume MA.
The Moving Average Convergence Divergence (MACD) is indicating we have had the MACD Line (Blue Line) cross back under the Signal Line (Orange Line) which is a sell signal for most traders that use this indicator. Note we have negative Red Histograms forming.
The Average Directional index (ADX DI) is indicating the trend strength is increasing with the ADX (Yellow Line) rising to 26.76 and getting very close to crossing back above its 9 Period EMA (White Line) which is at 27.34. Note that the -DI (Red Line) has actually dropped to 24.82 but is still way above its +DI (Green Line) which is at 12.92. This is showing me that the -DI (Red Line) which is Negative Momentum had dropped quite sharply but the +DI (Green Line) which is Positive Momentum has also dropped.
The Chaikin Money Flow (CMF) is indicating a sharp rise in accumulation with the CMF (Green Line) rising from 0.05 to 0.13. note that the CMF (Green Line) is back above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.08 and tis indicates a rising strength in accumulation.
The Relative Strength Index (RSI) is indicating momentum is downwards at the moment. The RSI (Purple Line) is below its 9 Period EMA (Yellow Line) indicating downwards momentum is strong. Note that the RSI (Purple Line) is getting closer to the Oversold Zone.
Here is a look at the BTC Weekly Chart. Looking at this chart, you can clearly see that the Weekly 50EMA is VERY crucial level for BTC to continue to close above.
This is a VERY crucial week for BTC. BTC needs to CLOSE a WEEKLY Candle back ABOVE the WEEKLY 50EMA. Even though BTC is below the WEEKLY 50EMA, BTC is still Ranging Sideways within its sideways channel. The indicators are telling me that although momentum is downwards, Trading Volume is still relatively low but BTC is still being strongly accumulated. With overall Trading Volume Low, from My perspective this indicates a lack of Big Institutional Money. Remember that Retail money does not move the market, big institutional money does. Note that it is the institutional money that is put in AFTER they have accumulated their asset of choice, that moves the market up, NOT the money used in the accumulation phase.
As we’ve seen recently, the Fundamentals for BTC, ADA, VET & most cryptos are truly amazing, but the Technicals are utter crap at the moment unless you’re short selling. Looking at the way the world is going, I have no doubt that soon the technicals will match the fundamentals, in a big way.
This should be a very interesting couple of days.
I hope his is helpful with your trading and hold-ing.
VeChain - 1D Chart Analysis UpdateVeChain 1D Chart Update:
VeChain is still below its Bollinger Bands Middle Band 20 Period SMA. Note that we have expansion of the Upper and Lower Bands indicating increased volatility but on the negative side.
VeChain is still following the its Major Downwards Trend-Line and is having real trouble crossing above it. If you are long then a breakout and successful re-test of this level as support is crucial.
VeChain is getting very near to its Major Upwards Longterm Trend-Line. We 110% do not want VeChain to close a Daily Candle below this level.
VeChain is still on the upper side of its falling wedge pattern.
I have added some support areas if VeChain breaks below its Major Longterm Upwards Trend-line.
Note that the overall Volume is still low on this daily timeframe and the Volume Bar is still below its Volume 20 Period Moving Average.
VeChain is still below its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts Visible Range I’ve selected.
The Moving Average Convergence Divergence (MACD) is indicating trend momentum is sideways but note that it looks like we may see the MACD Line (Blue Line) cross back under the Signal Line (Orange Line) which would be a sell signal for most traders so we may see another downwards drop that would also create Red Histograms indicating sellers are in control. Note that the Green Histograms have also decreased in size indicating a weakening of buying strength.
The Average Directional Index (ADX DI) is showing the downtrend has gotten stronger with the ADX (Yellow Line) rising to 28.42 and back above its 9 Period EMA (White Line) which is at 27.22. Note that the -DI (Red Line) has actually dropped sharply to 20.61 but is still below its +DI (Green line) which is at 9.25. So even though the -DI (Red Line) which is Negative momentum has dropped, the +DI (Green Line) which is Positive Momentum is still showing a big lack of upwards strength at the moment, but note it has not dropped as sharply at the -DI (Red Line).
The Chaikin Money Flow (CMF) is indicating accumulation has actually increased with the CMF (Green Line) rising from -0.03 to +0.03 in the accumulation zone. Note that the CMF is back above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.00.
The Relative Strength Index (RSI) is indicating momentum is downwards at the moment, The RSI (Purple Line) is below its 9 Period EMA (Yellow Line) indicating strong downwards strength. Note that the RSI is getting very near the Oversold Zone on this 1D timeframe so be on the look out for any divergence between Price and the RSI for potential reversals.
From my perspective, at the moment for VeChain and the whole Crypto Market, overall traded Volume is still low indicating a possible lack of big institutional money. Remember that retail money doesn’t move the market, big institutional money does. Note that it is the institutional money that is put in after they have accumulated their assets that moves the market up, not in the accumulation phase.
If VeChain breaks downwards through its Major Upwards Support Line and closes a daily candle below it, then there is a possibility VeChain may drop to $0.035. Note that even though Volume is Low, crypto assets are still being accumulated.
If you are waiting to go long on VeChain but need confirmation, then a breakout of the Major Downwards Trend-Line and a successful re-test of it as support is what you will need to wait for. After that, another is a breakout and support test of the Bollinger Bands Middle Band Basis 20 Period SMA. If you are Dollar Cost Averaging (DCA) & if VeChain breaks downwards through its Major Longterm Upwards Trend-Line, then there could be really good opportunities to acquire more VeChain at a cheaper price.
The Falling Wedge could indicate that we are coming to end of this downwards pressure but we could see a re-test of $0.058 before a potential breakout, but remember that we are at the mercy of BTC so we have to keep an eye on what Bitcoin is doing as any new potential drop with BTC will effect all alts as well.
I hope this is helpful with your Trading and Hodl-ing.
ADA - Lets look at the weeklyADA a look at the Longterm weekly chart
ADA is back above its Bollinger Bands Middle Band Basis 20 Period SMA on this 1W timeframe. Note that the Lower Band has fully contracted upwards & the direction of the Upper and Lower Bands is now sideways for this 1W timeframe.
ADA is well above its 50EMA for this 1W timeframe.
ADA is still safely above its Pitchfork (A,B,C) Median Line. Worthy of note is the fact that ADA has NOT closed a Weekly Candle Below its Upper Yellow Pitchfork Support Line for 21 weeks in a row.
Notice that Volume is still relatively low for this 1W timeframe with the Volume Bar still below its Volume 20 Period Moving Average. Note that the Volume MA is also dropping because of the drop in weekly volume.
The Moving Average Convergence Divergence (MACD) is showing the MACD Line (Blue Line) is still below the Signal Line (Orange Line) and has created 4 Red Histograms so far. Note that the MACD is a momentum and trend indicator so the MACD level can drop with prolonged sideways momentum as we are seeing here. Note that the MACD Line (Blue Line) is still in in the positive zone above the 0.0 Base Line. We do not want the MACD Line to cross under the 0.0 Base Level on this 1W timeframe. If it did do that, it would mean a 12 Period EMA has crossed under a 26 Period EMA on the 1W timeframe which we absolutely do not want to happen, unless your short-selling.
The Average Directional Index (ADX DI) is showing the trend strength has dropped with the ADX (Yellow Line) at 55.56 below its 9 Period EMA (White Line) which is at 63.45. The +DI (Green Line) is at 20.39 and still above its -DI (Red Line) which is at 13.91. Note that the +DI (Green Line) and -DI (Red Line) is showing overall positive and negative momentum is sideways with a slight slope to the downside. This is showing me that Positive Momentum is still stronger than Negative Momentum on the 1W timeframe.
The Chaikin Money Flow (CMF) is showing that accumulation has dropped with the CMF Line (Green Line) at 0.06 still in the accumulation zone but under its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.14. We do not want the CMF (Green Line) to cross over into the Distribution Zone on the 1W timeframe.
The Relative Strength Index (RSI) is indicating momentum is downwards at the moment so i would say “sideways within a range”. Note the RSI (Purple Line) is showing upwards weakness by being below its 9 Period EMA (Yellow Line).
Looking at the Ichimoku cloud for this 1W timeframe:
ADA is still in the Bullish Zone of the Ichimoku Cloud.
ADA is still above its Base Line (Kijun Sen).
The Conversion Line (Tenkan Sen) is indicating the mid point of the short-term momentum is upwards.
The Base Line (Kijun Sen) is indicating the mid point of the mid-term momentum is sideways.
The Lagging Span (Chikou Span) is indicating momentum has a light slope downwards so more like sideways within a range.
Note that the Cloud (Kumo) is still Bullish Green for this 1W timeframe.
Settings used for the Ichimoku Cloud = 20, 60, 120, 30.
So during this downtrend, can ADA drop more…… well yeh of course it’s always a possibility especially if BTC takes another nose dive. But as we have seen during this downtrend, ADA has shown superior recovery strength when compared to most other major crypto assets. With the advent of smart contracts on the horizon and the future prospects of the various Africa deals finally being put in motion, from my perspective, even if you are a BTC or Ethereum maxi, it shouldn’t really matter, so ADA should be in everyones longterm portfolio. Also, if your not actually trading ADA, then just stake it for an easy monthly passive income. From my perspective, the future look extremely bright for ADA.
Don’t know why I decided to do this mammoth post, but here it is, so I hope this is helpful with your trading and hold-ing. :-)
