Not sure what I'm doing just having some fun.
I am VERY unaware of the ins and outs of TA so don't read into this too much,
but if you want to ride along with some unorthodox sense-making you get front row seats.
So what I got here is some big wedge action coupled with a down channel,
a MACD, a 120 day SMA, a 120 day EMA (thicker line), and last but not least our distant friend the Volume Profile Indicator <3
First things first, what's up with the 120 yo???
Well here's the 411: I wanted to look at just the last 120 days in BTC because I suspect that's when all the newbies and big shots came onto the scene, making things A LOT DIFFERENT. Worth pointing out; BTC is a youuuung market and as everyone says is 10x faster, so volatile, much danger, but what needs to follow up on that is things are changing (or so I'm told) and I wanted my data to give more weight to that. (The Volume Profile is compiled of roughly the last 120 days)
I have used the volume profile to give a more generalised resistance and support line where most of the trading seems to happen. This is outlined in the blue rectangle.
We can see the current price action is bouncing close on the support line - even though it is reinforced with the support line of the large wedge the bears are making it pretty threadBARE (get it?? ;V) and we're going to see it break out on the bottom then hang on by a thread until dropping off the end. There won't be a big move down as this is a big wedgeyboy, and that MACD has plateaued into its 9day EMA - I imagine lows of 7,3 before rising back to the healthy 8,5. Really nothing exciting to see for the next few days SO WHY THEN AM I ON THE EDGE OF MY SEAT?
The 120 EMA and SMA supports confirmation that the nasty double top will remain king of the castle for a while. We haven't had a good rally for a while, but that's the pressure of the wedge.
In conclusion: there is nothing signalling a bull run in the near future but don't get weak hands, HODL, trade often, take small wins, and let's ride out the bear's dominance a little longer!
I am VERY unaware of the ins and outs of TA so don't read into this too much,
but if you want to ride along with some unorthodox sense-making you get front row seats.
So what I got here is some big wedge action coupled with a down channel,
a MACD, a 120 day SMA, a 120 day EMA (thicker line), and last but not least our distant friend the Volume Profile Indicator <3
First things first, what's up with the 120 yo???
Well here's the 411: I wanted to look at just the last 120 days in BTC because I suspect that's when all the newbies and big shots came onto the scene, making things A LOT DIFFERENT. Worth pointing out; BTC is a youuuung market and as everyone says is 10x faster, so volatile, much danger, but what needs to follow up on that is things are changing (or so I'm told) and I wanted my data to give more weight to that. (The Volume Profile is compiled of roughly the last 120 days)
I have used the volume profile to give a more generalised resistance and support line where most of the trading seems to happen. This is outlined in the blue rectangle.
We can see the current price action is bouncing close on the support line - even though it is reinforced with the support line of the large wedge the bears are making it pretty threadBARE (get it?? ;V) and we're going to see it break out on the bottom then hang on by a thread until dropping off the end. There won't be a big move down as this is a big wedgeyboy, and that MACD has plateaued into its 9day EMA - I imagine lows of 7,3 before rising back to the healthy 8,5. Really nothing exciting to see for the next few days SO WHY THEN AM I ON THE EDGE OF MY SEAT?
The 120 EMA and SMA supports confirmation that the nasty double top will remain king of the castle for a while. We haven't had a good rally for a while, but that's the pressure of the wedge.
In conclusion: there is nothing signalling a bull run in the near future but don't get weak hands, HODL, trade often, take small wins, and let's ride out the bear's dominance a little longer!