BTC is back above its Bollinger Bands Middle Band Basis 20 Period SMA.
At the moment, BTC is above its Bollinger Bands Upper Band so we could see a re-tracement back under the Upper Band or BTC could continue walking up on the outside of the Upper Band.
BTC has broken upwards from its Descending Channel and Descending Triangle.
BTC is still in its Sideways Channel.
BTC is back above its Volume Profile Visible Range (VPVR) Point of Control (POC) for this charts visible range that i have selected.
Volume has increased & note that todays Volume Bar is above its Volume 20 Period Moving Average.
The Moving Average Convergence Divergence (MACD) is showing that the MACD Line (Blue Line) has crossed back above the Zero threshold, this indicates that a 12 Period EMA has crossed back above a 26 Period EMA on this daily chart. Note that the Green Histograms are increasing in size and that the MACD Line (Blue Line) is still above its Signal Line (Orange Line) for this 1D timeframe. Note that this is the first time that the MACD Line (Blue Line) is back in the positive zone above the 0.0 level since 11th May 2021.
The Average Directional Index (ADX DI) is showing that Positive Momentum has overtaken Negative Momentum with the +DI (Green Line) crossing back above the -DI (Red Line). The +DI (Green line) has risen sharply to 35.72 and the -DI (Red Line) dropping to -15.98. The ADX (Yellow Line) is at 24.27 pointing upwards but still below its 9 Period EMA (White Line) at the moment which is at 25.69. Note that this is the first time since 25th March 2021 that the +DI (Green Line) has successfully crossed back ABOVE the -DI (Red Line) for the 1D timeframe.
The Chaikin money Flow (CMF) is indicating accumulation has increased with the CMF (Green Line) rising sharply to 0.14 with the CMF (Green Line) back in the Accumulation Zone and back above its Least Squares Moving Average (LSMA) (Blue Line) which is at 0.03.
The Relative Strength Index (RSI) is indicating a sharp spike in upwards momentum with the RSI (Purple Line) back above its 9 Period EMA (Yellow Line). Note that the RSI still has a bit more room to move up before entering the Overbought Zone for this daily timeframe.
For the longterm, we need BTC to successfully break upwards from its Sideways Channel Resistance and turn that resistance line into strong support. If BTC cannot successfully do that, then BTC with just continue ranging sideways within its massive sideways channel & possibly drop back to its Weekly 50EMA and Bollinger Bands Middle Band Basis 20 Period SMA.
I hope this is helpful with your trading and hodl-ing.
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A quick look at the BTC Weekly Chart:
BTC Back above its Weekly 50EMA and has found some resistance at its Longterm Upwards Pitchfork Median Line.
BTC still has someway to go before its able to attack the Weekly Bollinger Bands Middle Band Basis 20 Period SMA for this 1W timeframe.
If you are Longterm Long, closing this Weekly Candle back above the Upwards Pitchfork Median Line will be a really good sign.
Thanks and another great Entertheroach post! Is the settings you use to make these charts available/documented anywhere? I'm keen to do that overlay of CMF and LSMA for example
entertheroach
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@Kimbo_Nguyen3, It's easy to do for any oscillator. When you open the indicator drop down menu on the top right of the chart, you'll then get a menu on the left hand side of the CMF, RSI or any other oscillator you've selected. Hover over the name on the left hand side, click on the 3 dots (more) select (Add Indicator Value/Strategy) from the dropdown menu, this enables you to select and add an LSMA, SMA, EMA ect ect onto you oscillator. If you cannot select it, refresh your chart as it sometimes gets stuck.