So I'm no pro and I normally make money on alts, but since it's the fashionable thing to do, lets have a look at BTC. Firstly fibs are there but I see no corrolation on either set. So lets rule that out.
Secondly I simply see a flagging pattern. ADX and DI readings are low enough I'm ignoring DI for now. ADX confirms ranging.
One thing I see as meaningful is 50 day EMA has not had a close below it on the daily chart in months, therefore acting as strong support.
I personally was thinking we may see a touch on the 100 and I'd buy in then but I'm beginning to think that BTC may break up and I might not get my chance.
Either way, flagging pattern, strong 50 day EMA support. Along with lowish RSI (historically for btc) I believe it to be breaking up but will take a wait and see approach and get back on my alts. If it does start trending up on the hourly it might be worth jumping in (with stop) to see if it can break long.
If it breaks down will be looking at how it reacts to 100 and 200 EMA. Since I'm a 'believer' any touch on 200 day EMA is a buy for mine.
Secondly I simply see a flagging pattern. ADX and DI readings are low enough I'm ignoring DI for now. ADX confirms ranging.
One thing I see as meaningful is 50 day EMA has not had a close below it on the daily chart in months, therefore acting as strong support.
I personally was thinking we may see a touch on the 100 and I'd buy in then but I'm beginning to think that BTC may break up and I might not get my chance.
Either way, flagging pattern, strong 50 day EMA support. Along with lowish RSI (historically for btc) I believe it to be breaking up but will take a wait and see approach and get back on my alts. If it does start trending up on the hourly it might be worth jumping in (with stop) to see if it can break long.
If it breaks down will be looking at how it reacts to 100 and 200 EMA. Since I'm a 'believer' any touch on 200 day EMA is a buy for mine.