Looking at the BTC 1d chart with “line” selected for the price action with basic RSI below and the MacD below that.
I have a parallel channel on the price action descending from Nov 10 downwards BTC has been traveling in. A corresponding channel is on the RSI as well. The two green trend lines make 2/3’s of a triangle, more or less, that BTC has created in December. Both the parallel channel and trend lines were defined using “candles” selection for price action. The yellow arrows indicate bottom of the MacD or what I call the “day dot”.
I also have two yellow trend lines, one on the RSI, the other on price action in the Dec 08 to Dec 25 area. I see a definite divergence here with a possible reverse happening soon yet to be confirmed. That’s the action the chart indications suggest.
If the reversal remains in the channel, a 50k price range can be expected. If it blows through the trend line and the channel into open space, it could coast on up to the 53k support level. That’d be nice.
For confirmation follow lower time frame candle action and RSI movement. Find lower time frame channels to track. A nice bounce of the lower green trend line would be a healthy indicator. Price traveling through the upper green trend line good confirmation. Price reaching six digits is another good indication.
If the whales would follow my charts, that'd be nice.
My thoughts, not advice Oklah. Cheers
I have a parallel channel on the price action descending from Nov 10 downwards BTC has been traveling in. A corresponding channel is on the RSI as well. The two green trend lines make 2/3’s of a triangle, more or less, that BTC has created in December. Both the parallel channel and trend lines were defined using “candles” selection for price action. The yellow arrows indicate bottom of the MacD or what I call the “day dot”.
I also have two yellow trend lines, one on the RSI, the other on price action in the Dec 08 to Dec 25 area. I see a definite divergence here with a possible reverse happening soon yet to be confirmed. That’s the action the chart indications suggest.
If the reversal remains in the channel, a 50k price range can be expected. If it blows through the trend line and the channel into open space, it could coast on up to the 53k support level. That’d be nice.
For confirmation follow lower time frame candle action and RSI movement. Find lower time frame channels to track. A nice bounce of the lower green trend line would be a healthy indicator. Price traveling through the upper green trend line good confirmation. Price reaching six digits is another good indication.
If the whales would follow my charts, that'd be nice.
My thoughts, not advice Oklah. Cheers