1h
Bearish. Below 50/100/200 SMA’s. RSI falling off the chart. MACD averages way down there. Notable that this level has been the start of several bounces recently, but not much upside until the short and mid term downtrends are broken.
4h
Bearish to neutral. Price didn’t bounce off the 50 SMA (red) but is well above the 100 & 200 and dragging the 100 (blue) back above the 200 (black). Mid term downtrend from June/July double top was broken (red) but currently trending down again. Possible bullish pennant/flag setting up, but upside is limited until downtrend is broken and price takes out $12.2k. RSI is low, MACD fast average is low and diverging from slow average.
Daily
Bullish trend still intact but not ready for a trade. Same trends in play as 4h. Averages are fanned out nicely and price isn’t in outer space like the blowoff top in June. A close at or above the 50 SMA, $10.9k level the next few days would lend well to calling it support for continued consolidation. Breakdown to the 100 SMA would be a value buy and a good snap-back trade if you can catch it. Return to the 200 SMA seems about as likely as Epstein having made it to trial next June…but I’m a big buyer there just in case. 5 RSI is still in buy territory but needs a bounce off the mid-line to stay strong.
3 Day
Very bullish given the golden cross last week. Last one on this chart was January of 2016 and previous lows weren’t seen again. Price bounced off the .5 fib level during the correction and looks to be setting up a bullish pennant/flag. Even a quick dip to the 50 SMA wouldn’t be dire since it lines up with the .618 fib…also a normal pullback. 5RSI is down but not too steep and the MACD says downward momentum is fading.
What does it all mean?
Short timeframes are noisy but useful to keep an eye on since that’s where the momentum for the next move builds. The 1h is pointing down at the moment, the 4h is ranging, and the other two are still in shape. This is movement within a reasonable range when you zoom out to a bigger picture.
All the trades available have asymmetric upside on a long enough timeline, but you and I don’t know what that timeline is and we all have a different idea of how much drawdown is acceptable. Let’s wait for the 1h chart to stop the bleeding, the 4h to get the averages stacked properly with price on top of the 50, and the daily to break the down trend and clear the $12.2k resistance level. Then, and only then, we’ll look for some long entries.
Keep your eye on those value levels for stacking sats. Short if you must, but you’re going to feel ridiculous if you lose your capital and can’t take a position in the right direction here in a few days or weeks.
Good luck.
4h
Daily
3 Day
What does it all mean?
Short timeframes are noisy but useful to keep an eye on since that’s where the momentum for the next move builds. The 1h is pointing down at the moment, the 4h is ranging, and the other two are still in shape. This is movement within a reasonable range when you zoom out to a bigger picture.
All the trades available have asymmetric upside on a long enough timeline, but you and I don’t know what that timeline is and we all have a different idea of how much drawdown is acceptable. Let’s wait for the 1h chart to stop the bleeding, the 4h to get the averages stacked properly with price on top of the 50, and the daily to break the down trend and clear the $12.2k resistance level. Then, and only then, we’ll look for some long entries.
Keep your eye on those value levels for stacking sats. Short if you must, but you’re going to feel ridiculous if you lose your capital and can’t take a position in the right direction here in a few days or weeks.
Good luck.
Yesterday's close above the 50 SMA and today's green start for the daily candle is encouraging. Notice the bounce off the 5RSI mid-line. If this holds for today's close I think a long position with a stop just below the 50 SMA is a good bet to be in position if/when price goes screaming through the .618 fib area of resistance after the correction. Will update.