3 Different indicators confirming Long for the multi-day. BTCUSD, Ichimoku, RSi & SMI show a slow bull
Since we've not seen the 3rd bull sign yet to confirm the correction is over, I'm 70/30 Long with the current correction and consolidating of the recent Short and Long squeeze. Given the Ichimoku (20-60-120-30) cloud patterns we've seen all year, which has equalized with all the new volume of 2017, BTC's set up to repeat itself for a slow bull trend. If we dip further into the cloud for a second time during this short squeeze, this would mean that the correction period isn't over but that will bring faster momentum back to the week and day timeframe as well as the overall bullish trend.
The cloud patterns, as well as the RSI, confirm historically the correlation of the two. Given there is enough volume in BTC to level the two, the patterns are undeniable. Additionally, LazyBear's Squeeze momentum indicator is showing a slow to the bear and a shift to the bull on the daily.
Cheers ~Ji
This is not advice. I don't need to be right or wrong. I don't care if the market goes up or down. Make your Own analysis and trade off of that. If you have positive, constructive criticism and wish to share Please do. Disagreeing is not personal and is welcomed in a positive way. This is not a therapy outlet for negativity. Go join MMA. Happy trading everyone.
I enjoyed reading your TA and viewing your chart. Thank you. It seems to me that bears and bulls are very closely matched at this point in time but we shall know soon enough. I was as bearish as bmgbmg not so long ago but now I am leaning to bullish. We must caution our own personal opinions and always be open to potential variations. I'm invested and will add should it correct as bmgbmg has suggested. My charts also indicate that the 1140 range is possible. If that target is reached I will add considerably.
Agreed, I'm technically bullish but just barely. It's a thin line and each person's Tech's only fall one way or the other. If we hit 1140. Wo. Mind blown.
graham.edwards84
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@JohnnyJi, I apologize for my overly busy chart. Watching the 8 hour and yes I see weakness for the next few days perhaps but overall the impression is bullish. IMO.
Thanks for the TA, but I just don’t see any bullishness, not on RSI, Volume, Fundentals, EW or any of the unbroken trend lines.
I’ve been in crypto since GPU mining on my overclocked computer in 2009 and I’ve witnessed the last two sell offs of 75% and 85% when RSI peaked over 97. It peaked there at 5k.
The longs will now be massacred. Wallets are moving 20,000 to 100,000 BTC and ready to sell and there’s a lot a profit between $1170 and now.
If you were a Chinese whale or even a large fish, what would you do? Yes you would sell at this massive profit. China has a majority of the mining and a large amount of volume on the exchages.
BTC will be drowned in a bathtub, if it doesn’t, it’ll be a miracle.
JohnnyJi
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@bmgbmg, I can hear that and value your experience.
True, the RSI is weak but creeping up. Thats why i call it a slow bull at the current time but considering the consolidation trends, we have 24 more hours of short bear and 4 more days until a break up or down. Given the severity of the last bottom, it's logical and within the overall rebound trends we have seen in BTC since real volume started to come into play. While true, The whale scenario could happen anytime without warning under any circumstance like an earthquake, all we can do is prepare. I'm keeping a tight stop currently.