BTCUSD Inception day 31-1-2020, last day monthly candle
Greetings fellow traders,
As time goes by, the markets evolve...
If your way of TA is strong, then the path will lead its way...
More visible, more probable:
Today's Note:
Focusing on EMI today. Although I would like to mention that the monthly resistance line is currently rejecting the bulls. EMI 2 is looking very bearish, converging a possible bearish divergence. RSI & Stoch crossed bearish and about to leave the overbought territories. Money Flow's Velocity has been decreasing. But the question is though, how far will it go down if it continues to go down. Will it just be a small correction? If we want to expect more upwards movement. EMI 2 needs to converge a bullish divergence, show a possible bottom and confirm support of this rising wedge.
The monthly is also bugging me, the RSI & Stoch has never entered oversold territories. However it looks like it's about to cross bullish. I'll update this post with more images from other time frames later.
EMI 2's RSI & Stoch needs to cross bearish and leave overbought territories in order for me to become truly bearish. Giving the weekly more gas for upwards movement. Whether this is the start of a big bull run is still not clear. More updates later.
To be concluded...
Current Targets:
Exit short position / Entry long position target: $8K - $5K regions.
Epilogue:
Hopefully in time and it would be my honor, when other analyst implement at least some of my systems, methods and techniques into their TA. Henceforth bringing their TA skills & abilities to the next level. I have taken a lot of information from this community. However I believe. When you take, you should also share. After all, knowledge and experience are the most valuable things in life. This is why I share my daily TA. Hopefully other will learn from it, but never use someone else's TA. Always do your own do diligence before even considering trading.
If you don't want to miss out on any of my daily technical analysis. Then click or tap on follow and don't forget to smash on that like button ^^, thanks in advance. If you're worthy I'll follow you back!
In case you're wondering which indicator I'm using. She's called EMI , short for 'Epic Market Indicator' and she's a collection of diverse indicators. How to use, is in the description. You can use them like any other indicators. Search for 'epic market indicator' then add. I have recently published the latest versions. EMI 1 v3.0 & EMI 2 v2.0. Like any other instrument, practice makes perfect. If you have any input for EMI or questions about my way of TA(*Asian sound-effects*). Please leave a comment or DM me and I'll try to respond a.s.a.p. Be careful and good luck fellow traders, may the trend gods be with you!
As time goes by, the markets evolve...
If your way of TA is strong, then the path will lead its way...
More visible, more probable:
- Dashed lines; Possible forming patterns
- Solid lines; Confirmed patterns / Support or Resistance
- Dotted lines; Possible price-action trajectories / wave trend
- Lighten colors = Support | Darken colors = Resistance
Today's Note:
Focusing on EMI today. Although I would like to mention that the monthly resistance line is currently rejecting the bulls. EMI 2 is looking very bearish, converging a possible bearish divergence. RSI & Stoch crossed bearish and about to leave the overbought territories. Money Flow's Velocity has been decreasing. But the question is though, how far will it go down if it continues to go down. Will it just be a small correction? If we want to expect more upwards movement. EMI 2 needs to converge a bullish divergence, show a possible bottom and confirm support of this rising wedge.
The monthly is also bugging me, the RSI & Stoch has never entered oversold territories. However it looks like it's about to cross bullish. I'll update this post with more images from other time frames later.
EMI 2's RSI & Stoch needs to cross bearish and leave overbought territories in order for me to become truly bearish. Giving the weekly more gas for upwards movement. Whether this is the start of a big bull run is still not clear. More updates later.
To be concluded...
Current Targets:
Exit short position / Entry long position target: $8K - $5K regions.
- People = Psychology > Patterns > Indicators > Fundamentals. Nonetheless, all is crucial. Psychology? When you observe a chart. Ask yourself who's the most in pain? Bears or Bulls?
- Watch & learn from experienced traders and discover your style of TA. Hence develop this, imitating will only get you as far.
- The most accurate trend indicator when using logarithmic, are the; Relative-, Exponential-, Weighted-, Simple- and regular Moving Averages. At least use Heikin Ashi candles if you don't like MA's and vice versa or using both might be even better. The algorithms of these indicators adepts to logarithmic variables visually. Linear tools and pattern formations obviously do not for that matter. Since it doesn't concern logarithmic variables.
- The trend is your friend!
- Pattern Formations is one the most accurate method, when it comes to observing the behavior of buyers and sellers. If you don't understand this, don't be lazy and google. Learn this as basics, pattern formations are ideal to combine with other methods.
- Why I use the body instead of wicks when drawing patterns? Because I like to(and you should also) switch up between lines and candles and I hate to constantly change the properties... If you're an experienced analyst, you'll know this is a pain in the a... Nevertheless crucial. Figuring this out and looking at the charts with different perspectives, will give you more confidence finding the possible trends regardless of the method.
Epilogue:
Hopefully in time and it would be my honor, when other analyst implement at least some of my systems, methods and techniques into their TA. Henceforth bringing their TA skills & abilities to the next level. I have taken a lot of information from this community. However I believe. When you take, you should also share. After all, knowledge and experience are the most valuable things in life. This is why I share my daily TA. Hopefully other will learn from it, but never use someone else's TA. Always do your own do diligence before even considering trading.
If you don't want to miss out on any of my daily technical analysis. Then click or tap on follow and don't forget to smash on that like button ^^, thanks in advance. If you're worthy I'll follow you back!
In case you're wondering which indicator I'm using. She's called EMI , short for 'Epic Market Indicator' and she's a collection of diverse indicators. How to use, is in the description. You can use them like any other indicators. Search for 'epic market indicator' then add. I have recently published the latest versions. EMI 1 v3.0 & EMI 2 v2.0. Like any other instrument, practice makes perfect. If you have any input for EMI or questions about my way of TA(*Asian sound-effects*). Please leave a comment or DM me and I'll try to respond a.s.a.p. Be careful and good luck fellow traders, may the trend gods be with you!
Comment:
If the monthly is converging a bearish divergence, then damn. We might see a big fat red candle next month. RSI & Stoch also not crossing bullish and even if it does cross, it's worht mentioning it's not hapening in the oversold territories.
Comment:
The weekly is still looking pretty bullish. The converged bullish divergence also possibly got more room for upwards movement. But not sure how more. The weekly money flow and it's velocity is also increasing, although not a significant increase. Like I mention before, the RSI & Stoch has crossed, BUT this candle has to close like this before the weekly close on Feb the 3rd for it to be confirmed.
Comment:
The Daily is looking bearish also, but this candle has to close like this before the monthly and the daily closes tonight.
Comment:
It would be very much in my favor when EMI gives a red triangle. This will happen when the daily RSI & Stochastic crosses bearish and leaves the overbought territories.
Comment:
4H time frame is looking super bearish actually. Decreasing Money Flow and velocity. Crossing bearish divergence of the RSI & Stoch and about to leave the overbought territories.
Comment:
2H time frame is also looking very bearish. Pretty much just left overbought territories, converging divergences.
Comment:
I wouldn't mind for bitcoin to go up, would like to cash out the accumulated btc I've earned in the meantime. However I wouldn't complain to accumulate some more though :). In short, it's looking overal bearish. Then again... This is btc, anything can happen.
