JamesRennie

JamesRennie

I posted previously about not getting lost in the noise on a chart. Unless algo or day trading if you honestly look at weekly chart it looks flat. For about the last month and a half weekly price has gone almost sideways. Meanwhile on the 4 hour chart people are getting heart palpitations lol. Also no matter what crypto your into you should be watching Bitcoin...

JamesRennie

Trading in range from 1.50 SATS to 1.11 SATS. A range of 0.39 SATS on the 15 minute chart. After one day of trading there is not a ton of data but lets discuss the data that is currently available. The MACD on the 1 minute chart though a very short time frame has been signaling bullish momentum for about 6 hours now. You definitely want to watch this and see...

JamesRennie

The candle wicked down to purple trend line. Looking for close above the bottom of the bollinger band. Paying attention to where we close as US stock markets have not opened yet and last week it was impacting Bitcoin price. RSI sitting new the middle. Stoch RSI appears to be bottoming out.

JamesRennie

On the weekly chart bolliger bands continue to break up above the long term upper trend line. Seeing more space for movement above that trend line is very bullish. Looking at the daily chart looks like we still have room so sideways movement. In the short term the S&P 500 will play a large role in price movement. As S&P is sitting right above $3000...

JamesRennie

The upper trend line is acting as resistance a few times now and the 20 MA as support. Expecting a break out likely followed by large moves. The demand for physical silver is likely to shoot up again soon don't be shocked if this is not seen in paper contracts.

JamesRennie

Though the markets fell quickly yesterday. The loose is only about a 2 week retrenchment. Can the FED print fast enough to keep this going. If the price does not bounce off 3000 physiological level expect the USD to become more valuable again as people start a second wave of liquidating. Otherwise maybe printing to new highs is still possible. At some point...

JamesRennie

Can we close the weak above this trend line. Bitcoin appears to have clear days in a row closing above this multi year trend line. Not the first time this has happened this year. Bitcoin shoots up loud and proud then does it's famous Bart pattern then slowly slides back up noticed. The Bart pattern followed by decreased volatility seems to make those planing...

JamesRennie

Watching price movement inside the bolliger bands for more range detail. Nearing the upper trend line for possible break out. Below weekly chart below seems to show thing range should be broken soon. The trend is clearly still bullish.

JamesRennie

Looking at Stoch RSI very possible that we dip back to 21 daily MA. As the indicator is indicating a small move down is likely. We are sitting right on the upper trend line again if it closes above the trend line that is definitely bullish. Also below perspective on sitting on the line on the weekly chart. Historically Bitcoin has shown it likes to stay...

JamesRennie

Price rejected at 200 MA 2 times previously It appears this chart might see a quick momentum up and then quick crash back from 200 MA. The rally does not have strength but with the movement of the last two days it might start to have people FOMO in. Volume lowering not a good sign for bullish strength www.tradingview.com RSI nearing overbought MACD...

JamesRennie

Current resistance is not really clear. We have not tested this upper trend line yet. As you can see below I expect a test of support. Though after that it's possible the upper trend line that has not been tested yet gets tested. Overall this still looks very bullish just expecting short term pull back. The MACD and RSI indicators look like market will...

JamesRennie

RSI and MACD are basically flat. The wicks down to 21 weekly MA are looking really bullish it has acted as support multiple times. The time line for market to break up above upper trend line or below 21 daily MA should be before the end of the month.

JamesRennie

Looking for previous resistance to become support and to test $16. After that target is over $18. I think if the stock if the price goes back into the gap created in February I expect large moves up.

JamesRennie

Looking at the M2 charts the the money printing seems to be slowing a bit still at a rate of over 8% per year. Comparing these to i'm considering 3 factors of what could be next. 1. Deflation stock market crashes and value floods into the dollar with another mass sell off. Looking for weakness in S&P as the printing slows. If deflation happens having USD is...

JamesRennie

Time periods are in relation to recessions en.wikipedia.org 1972 till 1975 RSI goes into over bought followed by a crash below 200 MA and RSI going into over sold. In this case the change in RSI to upward momentum vs downward marked the bottom. 1980 till 1982 RSI goes from over bought to oversold again. This time though RSI hits over sold long before the...

JamesRennie

Back inside this wedge with $8500 acting as a floor. Looking at historic volitility it's likely to see increase in volitility before large gains or losses in price. Also worth noting it the last crash we saw is an anomaly on the chart don't act like it's normal. Looking at the 21 daily MA it's possible price got rejected at it. Bollinger band is now moving...

JamesRennie

If the top of the wedge acts as support that will be a great bullish movement as sentiment would decrease with that price decrease. Also finding support in previous resistance is good. 13000 price level will could act as resistance from June 2019 top. Last June Bitcoin rose $5000 about 62%.

JamesRennie

This wedge still has a long way to go seems to early for a breakout. That being said I am trying to watch sentiment As long as more and more people give up and price stays above $8500 then we are looking really good. I would not be surprised if the ride to $10 000 is slow but $10 000-15K or 20k comes fast after that.