BTC is back above its Descending Pitchfork Median line.
BTC needs to turn its Bollinger Bands Middle Band 20 Period SMA into strong support.
Volume has increased and is now above its Volume 20 Period Moving Average. Hopefully BTC can close this day as a green bar.
BTC is still in a Descending Triangle so BTC needs to close a daily candle above the downwards trend-line and turn it into strong support.
I have added a Volume Profile Visible Range (VPVR), you can see the Point of Control (POC) for this charts visible range. BTC is trying to get above this POC.
I have also added a Volume Profile Fixed Range (VPFR), you can clearly see that BTC is above the Point of Control (POC) for the fixed range that I’ve selected. The VPFR gives us a more clearer, macro view of buying and selling for an actual candle fixed range.
The Chaikin Money Flow (CMF) is indicating an increase in accumulation withe the CMF (Green line) in the Accumulation Zone at 0.10. Note that the CMF (Green Line) is above its Least Squares Moving Average (LSMA) which is at 0.06.
The Average Directional index (ADX DI) is showing the ADX (yellow Line) has dipped slightly at 54.13 and is slightly still above its 9 Period EMA (White Line) which is at 54.07. The -DI (Red Line) has dropped to 28.08 and the +DI (Green Line) has risen to 11.94. Notice that the -DI (red Line) is pointing downwards and the +DI (Green Line) is pointing upwards.
An important point that I said in my previous BTC post when BTC wicked below the Weekly 50EMA was that BTC may WICK a few more times below that level, but that the real CRUCIAL thing is if BTC CLOSES THIS weekly candle BELOW the weekly 50EMA. if or until that happens, any post about BTC dropping to 20K and below is pure speculation and traders trying to convince you & the masses to join them in their short sell. Seriously its true, when BTC wicked below the Weekly 50EMA, some people on TradingView thought that this was the end, it clearly isn’t, and as I’ve said many times, if your longterm, its where the candle closes that counts not where it wicks to! Remember that BTC still has 4 1/2 days left on this weekly candle. Don’t let people make you emotional and make hasty decisions, try to study a bit of TA and FA, practice and do your own research as that is the only way to cut out the BS. Because remember, it’s your money!
I hope this is helpful with your Trading and Hodl-ing.
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For your viewing pleasure, here is a look at the Monthly chart.
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Quick update:
BTC is back above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1D timeframe.
BTC is back above its Volume Profile Visible Range VPVR Point of control (POC).
BTC is still above its Volume Profile Fixed Range VPFR Point of Control (POC).
BTC is testing the Descending Triangle Resistance Line. BTC 110% needs to closes a daily candle above this line and turn it into strong support.
Remember what i said previously, if BTC CLOSES this weekly candle ABOVE the WEEKLY 50EMA, then any post saying 20K is imminent is just wishful thinking. BTC 100% needs to close BELOW the Weekly 50EMA for ANY post saying that BTC will drop to 20K to be valid.
And remember, its not where the candle WICKS to that counts, its where the candle CLOSES.
Who ever you are I can see you have some bias like many others but your TA is thorough and you support your analysis with your TA very well. Great job mate!
entertheroach
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@Priyamgupta, Cheers mate, it's a neutral chart, so i'm not telling people to buy or sell, just to do their own research ;-) also its true what i said, if BTC does not close a weekly candle below the Weekly 50EMA, then any post saying 20k is imminent is just pure speculation as its gotta close below the weekly 50EMA first ;-) Thanks for the kind word on my analysis, hopefully people find it helpful.
Priyamgupta
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@entertheroach people should get clean analysis decision to buy or sell is theirs