Bitcoin and the long awaited IHS
Welcome fellow Tradingviewers,
Bitcoin has made a huge correction since our last breakdown. We have had succes with longing from the 6800 area and shorting from the 10.4 area. Currently we are in no position and we are approaching our long awaited Buy zones.
Since our first update of the huge Inverse head and shoulders which could be found on the weekly we have been keeping our eye on it. When we managed to close a weekly above 9600 this seemed less likely to happen, except that we are now back in the forming of the right shoulder as it seems. Thuis can not be found on the weekly, but we have now shifted our vision on the daily.
Without further or due, lets start analysing.
We will be analysing BTC using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- Our candle is closing in a day and 12 hours, this candlefollows up the huge bullish engulfing candle that we had last month
- MACD is very narrow, indicating indecisiveness.
- RSI is still in Neutral
- We can see that we clearly touched the 10.4 resistance
Weekly:
- This weekly candle is closing as a huge bearish engulfing, indicating more downside momentum.
- We are now touching the weekly 50 MA again, closing above would indicate more upside momentum.
- MACD is still in bullish territory, indicating more upside.
- RSI is still in neutral
Daily:
- The last daily candle managed to close above the 200 daily ma, indicating upside momentum.
- We are approaching the 100 MA which could provide (short term) support.
- The current candle is looking like a bearish engulfing, indicating downside momentum.
- MACD has crossed bearish, indicating downside momentum.
- The RSI is still in neutral.
In summary:
We still have more room for downside momentum, but the overall picture is still looking pretty, we will be looking at long opportunities at the stated zones.
Looking at the shorter timeframes to target our entries.
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
FORALLCRYPTO
Bitcoin has made a huge correction since our last breakdown. We have had succes with longing from the 6800 area and shorting from the 10.4 area. Currently we are in no position and we are approaching our long awaited Buy zones.
Since our first update of the huge Inverse head and shoulders which could be found on the weekly we have been keeping our eye on it. When we managed to close a weekly above 9600 this seemed less likely to happen, except that we are now back in the forming of the right shoulder as it seems. Thuis can not be found on the weekly, but we have now shifted our vision on the daily.
Without further or due, lets start analysing.
We will be analysing BTC using a top-down strategy, including candlestick patterns, indicators and price patterns.
Monthly:
- Our candle is closing in a day and 12 hours, this candlefollows up the huge bullish engulfing candle that we had last month
- MACD is very narrow, indicating indecisiveness.
- RSI is still in Neutral
- We can see that we clearly touched the 10.4 resistance
Weekly:
- This weekly candle is closing as a huge bearish engulfing, indicating more downside momentum.
- We are now touching the weekly 50 MA again, closing above would indicate more upside momentum.
- MACD is still in bullish territory, indicating more upside.
- RSI is still in neutral
Daily:
- The last daily candle managed to close above the 200 daily ma, indicating upside momentum.
- We are approaching the 100 MA which could provide (short term) support.
- The current candle is looking like a bearish engulfing, indicating downside momentum.
- MACD has crossed bearish, indicating downside momentum.
- The RSI is still in neutral.
In summary:
We still have more room for downside momentum, but the overall picture is still looking pretty, we will be looking at long opportunities at the stated zones.
Looking at the shorter timeframes to target our entries.
This analyses is only intended to share my idea, to educate and entertain you guys.
This should not be considered as financial advice.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind Regards,
FORALLCRYPTO
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