TerryKinder

Bitcoin Weekly Technical Indicators Weak

BITSTAMP:BTCUSD   Bitcoin / 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.
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ChartArt ChartArt
Here is a 4 hour chart:

snapshot
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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 PRO 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.
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