Bitcoin Weekly Technical Indicators Weak

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             , on a weekly basis, looking weak, but still has room to fall. MACD , Premier             Stochastic Oscillator, Vervoort Smoothed Oscillator, KDJ, and Ehlers Smoothed Stochastic & RSI with Roofing Filters all are bearish .

I am especially watch KDJ as its strong movement down makes it look like Bitcoin             price could make another run at $340 or below.

None of these indicators has bottomed. So expect more downside before Bitcoin             price recovers.
New recommendation.

To spot reversals you have to watch 1-minute and 3-minute charts. The 1-week time-frame is great to discover and be alerted of the beginnings of downtrends early.

But to discover trend changes to the upside - which happen always more than twice as fast as downtrends - you have to watch at least the 4 hour chart.
ChartArt ChartArt
Here is a 4 hour chart:

TerryKinder ChartArt
I'm more concerned about larger moves than watching or attempting to trade $50-70 swings. I watch most of the time periods down to about 30 minutes. I believe I have had this discussion before with someone. Anyhow, if memory serves, Bitcoin is bounded in by upper Keltner Channels around $578 right now, so even if we experience a move here higher, I think it will be limited.

If I were trading looking to scalp a dollar here or there I would watch the very short time frames. I watch the bigger trends, Point and Figure charts, cycles and, primarily, the daily and weekly charts.

When I see the daily technical indicators turn up some, I will check the shorter time frames. Still not sure that we're done with the process of moving to the downside. Think the $500 level could be problematic to the upside.
+1 Reply
IvanLabrie TerryKinder
Great...BTC is not profitable for short term traders anyway, unless you have a HUGE balance. I'm making a ton more on forex, and even there I use daily and weekly exclusively.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out