Could just be Bitcoin needs to cool off a bit.... But the Daily momentum is trending down on Market Cipher indicator. Watching for momentum to swing up and waiting on a re-test of the 60,000 level.
Still some promise in the larger time frames. Waiting on momentum to change a bit though. The smaller time frames probably going through some rough patches.... Watch the 57,500 level.
Im watching the 1hr too and it seems its kinda pulling the smaller time frames down... But the larger time frames still look promising
This post is relevant to my last post, please see....
MarketCipher and Wolfpack ID on 4hr, 6hr, and 8hr look good pay attention to the smaller time frames too
Looking at the 1hr wolfpack id needs to dip and the 4hr needs to continue up also on that indicator. Watching smaller time frames too for indication of money flow and momentum. Plus zooming at on bigger time frames and chart patterns on different time frames also. A lot to look at but now is a good time to pay attention... may pay off
Momentum, RSI look good. Wolfpack id on the 4hr is turning green and crossing. Good signs.....pay attention to other indications too. This may after a bit go to the upside.... not a perfect calculation but there is something to look at....
RSI on the 4hr looking good and getting momentum to the upside. Probably another tick to the upside....
Money flow looks good on the 2 hr and rsi just crossed. Probably a swing up for a little bit...
This was probably the bottom currently... Lots of resistance at this level. Probably a tick to the up side...
These are not random lines. They are place on the previous high to the next high. I started from the top down. If you go on to the smaller time frames you can test these lines. Bitcoin moves in patterns, not all the time the same but it definitely rhymes in a way. This is just a way to chart what may be going on in the future. If you leave the lines up as Bitcoin...
On the 4hr chart you can set up ray lines. Start at the previous high to the next high and the down the rest of the wicks. This will chart the CURRENT trend. These lines as time goes on you can use lon the smaller time scales and you will notice their signigicance.