The uptrend shows slight weaknesses BEARISH DIVERGENCE [UPDATE]
We had a nice bounce and the trend is definitely upwards, but I'm not conviced yet.
since the MACD shows lower highs, while the chart shows higher highs.
The underlying analysis would be a weak trend. Let's see how the next swing goes
since the MACD shows lower highs, while the chart shows higher highs.
The underlying analysis would be a weak trend. Let's see how the next swing goes
Comment:
The priceaction broke out of the tradingchannel.
Comment:
uptrend seems to be exhausted. It's going to cascade down again maybe even to retest the 6k bottom.
Comment:
broke out of the outer channel, and is now going down
Comment:
the last swing didn't make it over the previous Candle and the momentum is gone. My guess that the bullish trend is over and it will retest the bottom again in the next few days, but you should still watch it closely, as the MACD in the 4 hour chart is still pointing up. RSI is grossely overbought tho.
The problem I have with bitcoin is that I don't have clarity about tether and their moneyprinting and unless this is not taken care of I don't have confidence in crypto
The problem I have with bitcoin is that I don't have clarity about tether and their moneyprinting and unless this is not taken care of I don't have confidence in crypto
Comment:
the chart and indicators still show a bearish divergence. since the last swing didn't even touch the trendline in the MACD, meaning the momentum is dying down. I would say from there on forward it's going down more. The 50 day EMA on the 4 hour chart got rejected and i doubt it will retest. if it breaks through the 4hour 50EMA and stays above it i would buy, but I'm staying away from that.
Comment:
another bearish divergence in the 1 hour chart
Comment:
the divergence is still going on. but the price has broke out over the 200 EMA with a noticable volume and you should watch it closely now. If it stays above the 200 day EMA it's a good sign and might be a sign for more upside
the divergence is still going on. but the price has broke out over the 200 EMA with a noticable volume and you should watch it closely now. If it stays above the 200 day EMA it's a good sign and might be a sign for more upside
Comment:
So let's start out with the larger Timespan and check out the daily Candles on the chart.
We had a nice run and it broke out of the steep downtrendchannel (red) but we didn't stay above it because of the bearish divergence and we have now fallen back into the red channel. the daily MACD shows that we are crossing the Signal line, but it is very far below the 0 line. Unless the orange signal line doesn't point upwards, we're still in for possible retests for support.
This weekend will show, if we move back to the blue trendchannel or stay in the red trend channel to retest the bottom blue trendline.
in the 4 hour chart you can see that the MACD is is pointing downwards and if it crosses it we might fall down. to my target the blue support trendline.
If we manage to stay above the EMA we wi'll definitely break out of the red downtrend channel and move to the broader blue downtrendchannel.
until then watch you're EMA and MACD and RSI.
good luck trading.
We had a nice run and it broke out of the steep downtrendchannel (red) but we didn't stay above it because of the bearish divergence and we have now fallen back into the red channel. the daily MACD shows that we are crossing the Signal line, but it is very far below the 0 line. Unless the orange signal line doesn't point upwards, we're still in for possible retests for support.
This weekend will show, if we move back to the blue trendchannel or stay in the red trend channel to retest the bottom blue trendline.
If we manage to stay above the EMA we wi'll definitely break out of the red downtrend channel and move to the broader blue downtrendchannel.
until then watch you're EMA and MACD and RSI.
good luck trading.