Dear Traders, just wanted to post my point of view on Bitcoin.
The 50 EMA is about to cross on the 1D TF. If it crosses this would be a very bearish signal, however to watch over the coming hours/days what happens.
However other indicators are showing bullish signs, Bitcoin's price is above the mean of the pitchfork, suggesting its continuing its overall trend as it will try to reach the upper parallels of the pitchfork.
Furthermore on the 4H TF the 50 SMA is currently acting as support. On the 1H Time Frame the 50 EMA crossed the 100 & 200 EMA, however bitcoin is trying to sustain above the 200 EMA and break through again the 50 EMA.
Another interesting point from the 1D TF is that bitcoin is trying to break the 200 EMA, to watch over the coming hours/days how this evolves.
Regarding the Fib levels, bitcoin has found support at the 38.2% level and currently trying to sustain it.
This is just an educational post, please do not take this as financial advice. I am personally long on Bitcoin for the long-term, however anything can happen in these markets.
I have decided to use these as my primary indicators after months of research. I would especially like to thank @kryptokelly for her Pitchfork tutorial and @UnknownUnicorn180388 for showing me how to analyse Bitcoin from a EMA/Fib perspective based on his publishing's. These 2 traders deserve all the credit for my work done here!
What I found to be important when learning TA:
- Use multiple indicators! Not too many, not too few, try to find the best strategy for you and which indicators you would like to combine with, I'm still learning in this process and always trying to see which indicators work best with each other :)
- Look at different time frames! Indicators do not always give the same signal, it's important to look at different time frames to understand short/medium/long-term perspective and develop your point of view from that. I usually look at 1D, 4H and 1H time frames.
- Indicators do not always work, so don't be frustrated when the price doesn't react as you expected too. It's important to be patient and to get enough bullish/bearish signals from all time frames from multiple indicators to execute your trade.
The 50 EMA is about to cross on the 1D TF. If it crosses this would be a very bearish signal, however to watch over the coming hours/days what happens.
However other indicators are showing bullish signs, Bitcoin's price is above the mean of the pitchfork, suggesting its continuing its overall trend as it will try to reach the upper parallels of the pitchfork.
Furthermore on the 4H TF the 50 SMA is currently acting as support. On the 1H Time Frame the 50 EMA crossed the 100 & 200 EMA, however bitcoin is trying to sustain above the 200 EMA and break through again the 50 EMA.
Another interesting point from the 1D TF is that bitcoin is trying to break the 200 EMA, to watch over the coming hours/days how this evolves.
Regarding the Fib levels, bitcoin has found support at the 38.2% level and currently trying to sustain it.
This is just an educational post, please do not take this as financial advice. I am personally long on Bitcoin for the long-term, however anything can happen in these markets.
I have decided to use these as my primary indicators after months of research. I would especially like to thank @kryptokelly for her Pitchfork tutorial and @UnknownUnicorn180388 for showing me how to analyse Bitcoin from a EMA/Fib perspective based on his publishing's. These 2 traders deserve all the credit for my work done here!
What I found to be important when learning TA:
- Use multiple indicators! Not too many, not too few, try to find the best strategy for you and which indicators you would like to combine with, I'm still learning in this process and always trying to see which indicators work best with each other :)
- Look at different time frames! Indicators do not always give the same signal, it's important to look at different time frames to understand short/medium/long-term perspective and develop your point of view from that. I usually look at 1D, 4H and 1H time frames.
- Indicators do not always work, so don't be frustrated when the price doesn't react as you expected too. It's important to be patient and to get enough bullish/bearish signals from all time frames from multiple indicators to execute your trade.