Quick and easy BTC 4hr chart update:
On this 4hr timeframe, BTC is above its Bollinger Bands Middle Band Basis which is a 20 period SMA.
BTC has found resistance from its 50EMA. BTC needs to close a 4hr candle above this crucial level.
BTC is back above its Least Squares Moving Average (LSMA) for this 4hr timeframe.
If we look at the descending Pitchfork (A,B,C), BTC is still below the Pitchfork Median Line. BTC needs to close a 4hr candle above this crucial level.
The ADX DI is indicating that negative momentum has dropped with the -DI (Red Line) at 20.22 and the positive momentum has risen with the +DI (Green Line) now at 16.65. The ADX (Yellow Line) is at 22.76 and has dropped below its 9 Period EMA (White Line) which is at 24.09.
The Chaikin Money Flow (CMF) is indicating that there has been a sharp increase in accumulation with the CMF Line (Green Line) at 0.12.
BTC is in a Symmetrical Triangle on this 4hr timeframe. Symmetrical Triangles are mostly continuation patterns, the preceding movement before the Triangle was Bearish, that means there is a strong possibility of this triangle becoming a Bearish Continuation Symmetrical Triangle. It is not set in stone because there are other factors at play here, if BTC stays above the Bollinger Bands Middle Band Basis & manages to close a 4hr candle back above the 50EMA and turn the 50EMA into strong support then we may see another attempt at getting above the descending Pitchfork Median Line and back above the upper Symmetrical Triangle Trend Line which would invalidate the Bearish Continuation Symmetrical Triangle.
A look at the Chaikin Money Flow (CMF)
A look at the Average Directional Index (ADX DI)
I hope this is helpful with your Trading or Hodl-ing.
On this 4hr timeframe, BTC is above its Bollinger Bands Middle Band Basis which is a 20 period SMA.
BTC has found resistance from its 50EMA. BTC needs to close a 4hr candle above this crucial level.
BTC is back above its Least Squares Moving Average (LSMA) for this 4hr timeframe.
If we look at the descending Pitchfork (A,B,C), BTC is still below the Pitchfork Median Line. BTC needs to close a 4hr candle above this crucial level.
The ADX DI is indicating that negative momentum has dropped with the -DI (Red Line) at 20.22 and the positive momentum has risen with the +DI (Green Line) now at 16.65. The ADX (Yellow Line) is at 22.76 and has dropped below its 9 Period EMA (White Line) which is at 24.09.
The Chaikin Money Flow (CMF) is indicating that there has been a sharp increase in accumulation with the CMF Line (Green Line) at 0.12.
BTC is in a Symmetrical Triangle on this 4hr timeframe. Symmetrical Triangles are mostly continuation patterns, the preceding movement before the Triangle was Bearish, that means there is a strong possibility of this triangle becoming a Bearish Continuation Symmetrical Triangle. It is not set in stone because there are other factors at play here, if BTC stays above the Bollinger Bands Middle Band Basis & manages to close a 4hr candle back above the 50EMA and turn the 50EMA into strong support then we may see another attempt at getting above the descending Pitchfork Median Line and back above the upper Symmetrical Triangle Trend Line which would invalidate the Bearish Continuation Symmetrical Triangle.
A look at the Chaikin Money Flow (CMF)
A look at the Average Directional Index (ADX DI)
I hope this is helpful with your Trading or Hodl-ing.
Comment:
A look at the BTC Weekly Chart, BTC has closed 2 weeks in a row above its Pitchfork Median Line and the 50EMA.