The next 24 Hours will be telling.
BTC is sitting at a rather neutral region as I covered in my recent stream, I am looking for price action to confirm a direction.
- While I currently have a slightly bias due to the negative directional index ( ) holding slightly above the positive ( ), there is a /DI convergence nearing with no clear indication of direction.
- To further this uncertainty, the is pushing up against 50, indicating yet another neutral region looking for a breakout or rejection.
- Lastly the is looking to potentially cross the zero line, but still has room to reverse.
What does confirmation look like??
As indicated in Bull (Green) or Bear (Red) on the chart, I would want to see the following:
- Bull: breaks above 55 corresponding with a solid candle break above fib level 0.618
- Bear: breaks low, below 38.2 with a solid candle break below $30k
- Bull: crosses above as well as (White line)
- Bear: Stays on top and ticks upward and crosses
- Bull: line (Blue) pulls up and crosses above signal (Orange). This "bullish cross" happening ON the zero line would be a very signal.
- Bear: crosses below zero line into region.
- Bull: Upon confirmation of the above indicators, I would anticipate a retest of $34800-$35000 at the top of the
- Bear: Upon confirmation of the above indicators, I would anticipate a test of 100% retracement region at $28375
As more data comes in, I will update this chart as well as utilize it during my BTC streams.
BTW I can't catch your streams live because of the time zone but always watch it later. Please keep up the good work! 😊