Hello friends,
probably one of the most quoted phrases at the moment worldwide regarding many many matters is "How worried should we be?".
Thankfully at least for Bitcoin I can give you some very good clues towards an answer.
Today we are going to look at the Daily interval of Bitcoin. Pretty much a week ago Bitcoin finalized the Bullish Golden Cross of MA50 and MA200, which you
could everywhere here in TradingView´s publishings. As you may have also read, this often reacts with a delay after declining a further rise and forming out a consolidation.
So what do we have to look out for now to figure out when this consolidation ends or is transforming into a longer period of correction.
Within the initial phase of building out a proper trend direction it does happen very often, that the price comes back to MA50 levels floating on the Ichimoku-Cloud before forming bullish
signal cluster (please also have a look at the 3D Gold, you can see what I mean also there in a later stage of it´s progress.
Both, MA50 and MA100 are pointing upwards and are not violated at the current point. Neither is the cloud.
I have marked for you with an oval what area we need to look at closely now, which is pretty much from now on, also reaching a strong S/R area from months ago.
Look out for bearish signs as:
- Bearish S/R flip
- Bearish violation of MA50 (closing below)
- Bearish violation of cloud (closing clearly within)
Look out for bullish signs as:
- Bullish Japanese Candlesticks forming on S/R
- Increasing Volume towards S/R, followed by a buy-back
- Extreme Stochastic RSI conditions
- Bullish PSAR flip
- Ultimate confirmation by breaking the aqua-coloured key-level with ( ? ? ) around $10.5k
In case this turns bearish, the Yearly Pivot looks like a valid possible next low-target. ($ 8137)
So to answer the question from the title: Not worried unless mentioned indicators turn, which they did not yet.
Happy trading,
Neru
probably one of the most quoted phrases at the moment worldwide regarding many many matters is "How worried should we be?".
Thankfully at least for Bitcoin I can give you some very good clues towards an answer.
Today we are going to look at the Daily interval of Bitcoin. Pretty much a week ago Bitcoin finalized the Bullish Golden Cross of MA50 and MA200, which you
could everywhere here in TradingView´s publishings. As you may have also read, this often reacts with a delay after declining a further rise and forming out a consolidation.
So what do we have to look out for now to figure out when this consolidation ends or is transforming into a longer period of correction.
Within the initial phase of building out a proper trend direction it does happen very often, that the price comes back to MA50 levels floating on the Ichimoku-Cloud before forming bullish
signal cluster (please also have a look at the 3D Gold, you can see what I mean also there in a later stage of it´s progress.
Both, MA50 and MA100 are pointing upwards and are not violated at the current point. Neither is the cloud.
I have marked for you with an oval what area we need to look at closely now, which is pretty much from now on, also reaching a strong S/R area from months ago.
Look out for bearish signs as:
- Bearish S/R flip
- Bearish violation of MA50 (closing below)
- Bearish violation of cloud (closing clearly within)
Look out for bullish signs as:
- Bullish Japanese Candlesticks forming on S/R
- Increasing Volume towards S/R, followed by a buy-back
- Extreme Stochastic RSI conditions
- Bullish PSAR flip
- Ultimate confirmation by breaking the aqua-coloured key-level with ( ? ? ) around $10.5k
In case this turns bearish, the Yearly Pivot looks like a valid possible next low-target. ($ 8137)
So to answer the question from the title: Not worried unless mentioned indicators turn, which they did not yet.
Happy trading,
Neru
