Still move sideways for days. Let's start the analysis for today's BTC/USD chart.
If you are busy, you can just read below briefly '1. Briefing ' '6. Summary and Strategy' and click '+Thumb up, +Follow' :-)
1. Briefing # Possibility to penetrate down-trend line by Sideways Movement # Need to break 100EMA for day # Need to break 20EMA Resistance for week # Need to break resistance of Neck-Line on Bitflyer market
2. Weekly Chart 1) Trend Re-entering over up-trend line
2) Candle Bullish Engulfing Candle
3) Main Price if the price keeps over 50% of candle in this week, it can be moved up more
4) EMA exactly touched 20EMA(red) for week and going down -> After dramatically falling into the bottom in the end of January, weekly candles was never being located over 20EMA continuously -> Therefore, focus on breakthrough weekly 20EMA or additionally going down.
3. Daily Chart 1) Trend Support trend line(blue line) on log chart.
2) Candle Doji candle
3) EMA a. 100EMA(orange) is continuously worked as resistance b. 20EMA(red) and 50EMA(purple) will be crossed soon.
4. 4H 1) Trend Move sideways after re-entering into up-trend line
2) EMA worried about closer distance between 20EMA(red) and candle. Now keep retesting 20EMA
3) Pattern Nothing special. just move inside of the box
4) Indicators Band range became narrow due to moving sideways. possible to trade for a short term using Bollinger band but should be careful it can be broken
5) Fibonacci Heavy accumulated volume range 0.382 ~ 0.5
5. Etc. Let's check the chart applying ichimoku cloud on BITFLYER market. As you can see if the candles keep moving sideways, legging span will be faced with the resistance and coincidentally a candle will be met down-trend line. Also, 2days later, it can be out of cloud. To sum up, if it moves sideways, there will be big movement between 2 and 9 days later. I thought it is quite interesting so introduce this view. just see this as a reference. do not have blind faith in Indicators. Act correctly case by case.
6. Strategy and Summary Almost same as previous briefing. Bullish View 1st Target : penetrate 100EMA for day 2nd Target : breakthrough Neck-Line on BITFLYER and penetrate 20EMA for week When it is done, it can be moved up a lot Bearish View I expected market correction will be done at least to Fib. 38.2% (about $6800) and heavy resistance is existed upper side. Therefore, should be careful always before meet the targets in Bullish View
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If found something special, i will comment in real time
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now, trying to break neck line in BITFLYER and penetrate 20EMA for week. keep close your eyes
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As we see, the movement of BTC candle was blocked by 20EMA on weekly chart and Neck-line. Be careful for trade.
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Check whether it is supported or not.
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Candle is staying under 20EMA on weekly chart and neck-line. if candle is closed as it is, 20EMA and 50EMA will be crossed at next candle. If some traders are using EMA, crossing point will be the point for buying.
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