Analysing Bull and Bear Scenarios. Multiple Graph Explanantion
Hi Everybody.
Let's jump right in.
The reason why I'm looking at BTC price is because I actually want to time an entry in alts. So remember this, when Btc moves up or sideways, that's good for us. We can buy alts.
First Let me explain what the chart is showing and analyse each apart of it:
1-The downward trend-line: That's the Downwards channels Top. It has been surpassed on 13/April but never tested
--- Long Term Bearish. One day it BTc could crash down to test it. But short term irrelevant, not enough downward momentum for that.
2-The upward sloping trendline (the one we're above now): This trendline links the last 2 sharp lows. Staying above it could mean the market is looking to create higher lows.
---We're above it and tested it pretty well with the help of the EMAs (all came in to help at arounf that level). Shrt term Bullish, Alot of support at around 8300 area, many indicators combined.
3-The other upwards trend-line (The one much below): It links the 2 older sharp lows. From 1 April to 12 April there was an accumulation period just above it. Accumulating there for so long could mean that If Btc does go downwards from where it is today, most probably this is the line where the bottom will be around (so around 6400-6600 if we extrapolate into the future). So I'm not a believer in the 5k-3k bottom, that's just exaggerated for me.
---Long term Bullish. This could hold as support when Bitcoin will to be falling into the abyss). If this won't hold then we're definetely heading towards testing the Downward channel. But enough accumulation happened above it that makes me think it will hold. (I'd definitely be buying alts when we reach that level in BTC prices)
4- The Blue line is the 200 EMA for 4H, and orange is 50EMA. 200 EMA has been a fantastic support for BTC and the 50EMA just crossed the 200EMA, which is a very bullish movement.
Short term Bullish, they're supporting BTC pretty darn well.
The picture we get from above is that Btc seems pretty bullish (or at least not bearish) from the 4H chart. What is important to look at now is how Btc will react at the daily 200 EMA (I'll post a graph of it in comments soon). If we go above that an stay there for the day and next day, I'd feel confident that Btc is trying to slowly build that as a support. For me that would be the call to enter into Alts. That's because Alts move up when Btc moves up or sideways.
Next: I will be analysisng other graphs to even more insight into Btc price and market sentiment.
You can follow me to get notified when the new graphs will be updated (will be updated in here under idea updates). We will look at:
-Shorts and Longs markets
-Log graph
-Btc dominance & marekt cap
-Hawk eye view on Bitcoin
-More
Also, it might not mean alot to you, but your like would mean alot to me, it really helps with keeping me motivated and feel appreciated when posting these updates. Press the like button if you'd like to make my day. :)
Best,
NQ95
Let's jump right in.
The reason why I'm looking at BTC price is because I actually want to time an entry in alts. So remember this, when Btc moves up or sideways, that's good for us. We can buy alts.
First Let me explain what the chart is showing and analyse each apart of it:
1-The downward trend-line: That's the Downwards channels Top. It has been surpassed on 13/April but never tested
--- Long Term Bearish. One day it BTc could crash down to test it. But short term irrelevant, not enough downward momentum for that.
2-The upward sloping trendline (the one we're above now): This trendline links the last 2 sharp lows. Staying above it could mean the market is looking to create higher lows.
---We're above it and tested it pretty well with the help of the EMAs (all came in to help at arounf that level). Shrt term Bullish, Alot of support at around 8300 area, many indicators combined.
3-The other upwards trend-line (The one much below): It links the 2 older sharp lows. From 1 April to 12 April there was an accumulation period just above it. Accumulating there for so long could mean that If Btc does go downwards from where it is today, most probably this is the line where the bottom will be around (so around 6400-6600 if we extrapolate into the future). So I'm not a believer in the 5k-3k bottom, that's just exaggerated for me.
---Long term Bullish. This could hold as support when Bitcoin will to be falling into the abyss). If this won't hold then we're definetely heading towards testing the Downward channel. But enough accumulation happened above it that makes me think it will hold. (I'd definitely be buying alts when we reach that level in BTC prices)
4- The Blue line is the 200 EMA for 4H, and orange is 50EMA. 200 EMA has been a fantastic support for BTC and the 50EMA just crossed the 200EMA, which is a very bullish movement.
Short term Bullish, they're supporting BTC pretty darn well.
The picture we get from above is that Btc seems pretty bullish (or at least not bearish) from the 4H chart. What is important to look at now is how Btc will react at the daily 200 EMA (I'll post a graph of it in comments soon). If we go above that an stay there for the day and next day, I'd feel confident that Btc is trying to slowly build that as a support. For me that would be the call to enter into Alts. That's because Alts move up when Btc moves up or sideways.
Next: I will be analysisng other graphs to even more insight into Btc price and market sentiment.
You can follow me to get notified when the new graphs will be updated (will be updated in here under idea updates). We will look at:
-Shorts and Longs markets
-Log graph
-Btc dominance & marekt cap
-Hawk eye view on Bitcoin
-More
Also, it might not mean alot to you, but your like would mean alot to me, it really helps with keeping me motivated and feel appreciated when posting these updates. Press the like button if you'd like to make my day. :)
Best,
NQ95
Comment:
This is the bigger picture of the trend.
This is the bigger picture of the trend.
Comment:
shorts getting destroyed, at 24.5k BTC
shorts getting destroyed, at 24.5k BTC
Comment:
while longs are condolidating, i.e no overleverage yet ((hence we're basically in a healthy uptrend for now, good news for bulls!)
while longs are condolidating, i.e no overleverage yet ((hence we're basically in a healthy uptrend for now, good news for bulls!)
This is the Daily graph and the 200EMA above btc current price