For every action, there is an equal and opposite reaction.
A broader picture:
At times like this. It's probably best to take a step back and look at a broader duration of the chart.
BTCUSD
has been a confusing mistress the last few months for a lot of newer faces diving in the later half of last year. People who have been around longer than a year have seen times similar to this. Although I will admit this market is very different than what it was even a year ago. Here is a step back look at a 1W chart.
The median price:
RSI is particularly good at telling us what something should be priced at. The wider the time frame. The more useful it is in my opinion. The RSI currently is pretty spot on to it's median price. This is the first time this has happened since Oct 2015. Although it has come close a number of times. Such as July 2017 being the closest to recent. If you pay attention, the chart within this time frame has been predominantly over bought. It likes to hug the upper boundary of the Boolinger, which is not shown. This is probably due to the influx of new and institutional investors. This time frame is pretty close to when we started seeing more and more frequent institutional news. We are going to hit a cooling period if this isn't considered one.
Fractals are going to fractal:
You can see pretty clearly the repetitious nature and logarithmic growth of this particular market. The patterns have been repeating ad infinitum. Or at least up until this point. The blue lines are markers of wave structures. You can zoom in and subdivide these sections. I will admit my Elliott theory is lacking compared to pros. So I will not go into how these divide. The indicators are there to show the trends and corrections. If anyone would like to dissect these. Let me know.
Moving the averages:
The two MA lines are 25 and 50. We have been on the positive side almost completely. We are balancing on the narrow support of the 25MA marked in blue. A doji reversal shortly breaking down, we hit the orange 50MA support with another doji reversal to bounce back up and over the 25MA for support again. If this structure breaks down. We could see this cross to the negative which may be a long period of bearishness. This scenario could make sense, since we have had a pretty massive run up over the last 3 years. This could be the first big wave in a super cycle.
The squeeze:
It is worth mentioning the market has gone into negative momentum on the squeeze momentum indicator. This is the first time in several month using this time frame. Though the negative volatility has not shown it's face yet (shown by the grey crosses on the median). I will be keeping an eye out for this. Currently showing a squeeze which can bee seen via the black crosses on the median.
Be careful out there folks.
A broader picture:
At times like this. It's probably best to take a step back and look at a broader duration of the chart.
BTCUSD
has been a confusing mistress the last few months for a lot of newer faces diving in the later half of last year. People who have been around longer than a year have seen times similar to this. Although I will admit this market is very different than what it was even a year ago. Here is a step back look at a 1W chart. The median price:
RSI is particularly good at telling us what something should be priced at. The wider the time frame. The more useful it is in my opinion. The RSI currently is pretty spot on to it's median price. This is the first time this has happened since Oct 2015. Although it has come close a number of times. Such as July 2017 being the closest to recent. If you pay attention, the chart within this time frame has been predominantly over bought. It likes to hug the upper boundary of the Boolinger, which is not shown. This is probably due to the influx of new and institutional investors. This time frame is pretty close to when we started seeing more and more frequent institutional news. We are going to hit a cooling period if this isn't considered one.
Fractals are going to fractal:
You can see pretty clearly the repetitious nature and logarithmic growth of this particular market. The patterns have been repeating ad infinitum. Or at least up until this point. The blue lines are markers of wave structures. You can zoom in and subdivide these sections. I will admit my Elliott theory is lacking compared to pros. So I will not go into how these divide. The indicators are there to show the trends and corrections. If anyone would like to dissect these. Let me know.
Moving the averages:
The two MA lines are 25 and 50. We have been on the positive side almost completely. We are balancing on the narrow support of the 25MA marked in blue. A doji reversal shortly breaking down, we hit the orange 50MA support with another doji reversal to bounce back up and over the 25MA for support again. If this structure breaks down. We could see this cross to the negative which may be a long period of bearishness. This scenario could make sense, since we have had a pretty massive run up over the last 3 years. This could be the first big wave in a super cycle.
The squeeze:
It is worth mentioning the market has gone into negative momentum on the squeeze momentum indicator. This is the first time in several month using this time frame. Though the negative volatility has not shown it's face yet (shown by the grey crosses on the median). I will be keeping an eye out for this. Currently showing a squeeze which can bee seen via the black crosses on the median.
Be careful out there folks.
Comment:
Bullish flag, pennant, double top? You decide.
Comment:
Comment:
Here is one purely for the hell of it. To humour the folks who are bullish with a 200K BTC. I don't particularly see this. Although the cycle time would fit in to later Nov or Dec 2018. Prophecy? Doubt it.
Comment:
Look what happens when the Squeeze Momentum Indicator goes from negative volatility to positive volatility.
