Bitcoin is looking to close this week holding the 50wma. We have yet to close under the 50w indacator and have bounced off a few times but have not broket it yet this bullrun. Doing so, the bulls could possibly lose control but until then this bullrun remains intact.
@averkieskila, are you talking about the 50wma? I would say its been pretty relevent so far
averkie_skila
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@hardinc, death cross on 12H EMA 20/500. Very unreliable Ichimoku line crosses on 3D timeframe. Low volumes. The coming interest rate increase. We're looking at retest 40K and even retest 34K. This volumeless rebound right now, it's just a set of shorts higher up. Bad weekly MACD. Weekly divergence on the RSI continues. One argument from the 200MA is not helpful here.
hardinc
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@averkieskila, Right, I'm sure you have bearish looking indicators, all I am simply pointing out is that right now when zoomed out its likely we will close the week above this line which will confirm it has a role in this bullrun. A retest of 52k is my target, if it is rejected then there is a possible sell signal. If you are selling right here its pre mature imo. Weekly indicators are usually the strongest timeframe to back your confirmation bias.
averkie_skila
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@hardinc, Here's the intrigue. Literally just now the volume flow went to the bearish side on the 1 hour chart. This can drain it in 3-4 hours.
hardinc
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@averkieskila, nice chart! I dont hold confirmation bias on this low of a timeframe is what im pointing out. I do appreciate your technicals and it very well could play out.
C_EWAVE13
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I am neutral in weekly time frame
In daily the EMAs do not look that bullish because :
1- Price is under 200 EMA for too long which can be bearish
2- 50EMA and 100EMa are trying to do a death cross which is also bearish
hardinc
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@C_EWAVE13, bearish signs on the daily however you are missing some important support levels that we are holding right now, the most important indicator to look for a sell signal is the break of the 50wma and a close underneath it. Until then we remain neutral
C_EWAVE13
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@hardinc, Yea of course and no I am not missing the pivot point with EMAs which are holding the price further from falling
And yea the price is still neutral in weekly time frame but bearish from daily to 15min