Bitcoin Daily Update (day 310)
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Consensio: M MA < S MA < P < L MA
Patterns: Phase 7 Hyperwave | Bear Channele
Horizontals: S: $3,609 | R: $3,777
Trendline: Bear Channel
Parabolic SAR: $3,838
Futures Curve: Backwardation with 3.85% Spread
BTCUSDSHORTS: Trying to form higher low
Funding Rates: Longs pay shorts 0.01%
TD’ Sequential: G2 = G1
Ichimoku Cloud: Price breached cloud but did not close inside
Relative Strength Index: Looks like it is forming h&s < 50
Average Directional Index: Rejected the 20 boundary line
Price Action: 24h: +1.8% | 14d: -3.1% | 30d: -9.7%
Bollinger Band Width: Could be bouncing from an area of support at 0.1215
Stochastic Oscillator: Diverging bullish
Summary: I am not very interested in Bitcoin until it gets a daily close > $4,100. It could range like this for weeks and as like as the backwardation is prevalent with such a wide spread I am going to be leaning bullish.
What is interesting to me is the volume that Ethereum has seen over the past two months. It seems to be leading the bear market and if it can rip through the new bear trendline & the L MA on the weekly chart then it might lead the whole market into strong bounce.
I will continue to say that breaking down from here could be a perfect recipe for capitulation / the bottom. If we do bounce then it will only prolong the inevitable.
Click here for my Comprehensive Trading Strategy | Click here for my Comprehensive Trading Process | Click here to learn about the 2 BTC' to 20 BTC' Trading Challenge
Consensio: M MA < S MA < P < L MA
Patterns: Phase 7 Hyperwave | Bear Channele
Horizontals: S: $3,609 | R: $3,777
Trendline: Bear Channel
Parabolic SAR: $3,838
Futures Curve: Backwardation with 3.85% Spread
BTCUSDSHORTS: Trying to form higher low
Funding Rates: Longs pay shorts 0.01%
TD’ Sequential: G2 = G1
Ichimoku Cloud: Price breached cloud but did not close inside
Relative Strength Index: Looks like it is forming h&s < 50
Average Directional Index: Rejected the 20 boundary line
Price Action: 24h: +1.8% | 14d: -3.1% | 30d: -9.7%
Bollinger Band Width: Could be bouncing from an area of support at 0.1215
Stochastic Oscillator: Diverging bullish
Summary: I am not very interested in Bitcoin until it gets a daily close > $4,100. It could range like this for weeks and as like as the backwardation is prevalent with such a wide spread I am going to be leaning bullish.
What is interesting to me is the volume that Ethereum has seen over the past two months. It seems to be leading the bear market and if it can rip through the new bear trendline & the L MA on the weekly chart then it might lead the whole market into strong bounce.
I will continue to say that breaking down from here could be a perfect recipe for capitulation / the bottom. If we do bounce then it will only prolong the inevitable.
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