On the four hour chart we can see two indicators signalling another push south.
First: the 50MA is about to cross under the 200MA on the chart. It is also significant to note that this will happen right when BTC needs to make a decision about where to break from this big triangle it is forming - up or down. The Bearish Golden Cross would indicate that BTC will choose to break down, rather than up.
Second: BTC price action remains below a bearish Ichimoku cloud. While there was a Tenkan-Sen cross today, it was not a bullish cross, but a linear neutral cross. The Lagging Span is also below the cloud and price action at this moment.
What about other indicators not shown on chart? (because I can only show three indicators at a time):
1. Volume on BTC is not abnormal, some might say a little low. If BTC wants to break upwards and out of this huge triangle, it will need a big increase in volume.
2. RSI is sitting at about 48.5 on the 4hour chart which is almost neutral and leaves room for either a drop or a break out.
3. Bollinger bands are not particularly constricted and the Keltner Channels are not touching their outer edges, indicating no bullish move in sight.
4. MACD is almost flat-lining, indicating neutral conditions.
My verdict: BTC is more likely to break down, instead of up. I won't indicate a price to where it might break to, but I will be watching the price levels other traders have indicated on their price based charts.
First: the 50MA is about to cross under the 200MA on the chart. It is also significant to note that this will happen right when BTC needs to make a decision about where to break from this big triangle it is forming - up or down. The Bearish Golden Cross would indicate that BTC will choose to break down, rather than up.
Second: BTC price action remains below a bearish Ichimoku cloud. While there was a Tenkan-Sen cross today, it was not a bullish cross, but a linear neutral cross. The Lagging Span is also below the cloud and price action at this moment.
What about other indicators not shown on chart? (because I can only show three indicators at a time):
1. Volume on BTC is not abnormal, some might say a little low. If BTC wants to break upwards and out of this huge triangle, it will need a big increase in volume.
2. RSI is sitting at about 48.5 on the 4hour chart which is almost neutral and leaves room for either a drop or a break out.
3. Bollinger bands are not particularly constricted and the Keltner Channels are not touching their outer edges, indicating no bullish move in sight.
4. MACD is almost flat-lining, indicating neutral conditions.
My verdict: BTC is more likely to break down, instead of up. I won't indicate a price to where it might break to, but I will be watching the price levels other traders have indicated on their price based charts.
Comment:
BTC has just broken through both the 200MA and the lower side of the triangle. Now to see if it can maintain this downward momentum and close the current four hour candle red.
Comment:
The 50MA is just about to cross under the 200MA on the four hour chart. This should increase selling pressure to the down side.
