BTC update with a few different indicators to help you:
At the moment of typing this, BTC is back above its 50EMA. BTC needs to CLOSE a Daily Candle above this level and turn it into strong support.
BTC is still in the Bullish Zone of the Ichimoku Cloud.
BTC has managed to close above its Ichimoku Cloud Base Line (Kijun sen) 2 days in a row, it looks like this could be a 3rd day that we close above it.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating short-term momentum is sideways.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating mid-term momentum is sideways.
The Ichimoku Cloud Lagging Span (Chikou Span) is inside the price from 30 Periods ago indicating uncertainty but notice however that we have UPWARDS MOMENTUM now indicated by the Lagging Span (Chikou Span) Tip pointing upwards.
If we look at the Chaikin Money Flow (CMF) we can see that BTC is still in the Accumulation Zone with the CMF (Green Line) pointing upwards and is at 0.07. Note that it was at 0.02 2 days ago.
I have added a Schiff Pitchfork (Points A,B,C) and as you can see, BTC is below is Schiff Pitchfork Median Line. BTC found support from its Lower Green Schiff Pitchfork Support Line and is now above the Lower Yellow Schiff Pitchfork Support Line. BTC needs to eventually close a daily candle back above its Schiff Pitchfork Median Line.
I have added a MACD on this chart instead of my usual ADX DI SMA just to break things up and hopefully help you learn something different, especially if your new and don’t know what these indicators are actually indicating.
The Moving Average Convergence Divergence (MACD) is showing that the MACD (Blue Line) is still under its Signal Line (Orange Line). Notice however that the Signal Line is starting to curve downwards and the MACD Line is looking like it may start curving upwards. So if you are waiting for a buy signal, then you would wait for the MACD Line to cross back ABOVE the Signal Line. Notice however that the MACD Line is still ABOVE its Base Line which is at 0.0 on the MACD indicator. So what does this mean? It means that while the DISTANCE between a 12 Period EMA & a 26 Period EMA on the Price Chart has shortened, the 12 Period EMA has NOT yet crossed UNDER its 26 Period EMA on the Price Chart…. This is a good thing 👍. So we do need the MACD Line to eventually start curving upwards.
As i said in my previous post, that liquidation wasn’t the end, and BTC is still in a longterm uptrend. If you follow the Ichimoku Cloud System like i do, then you realise it ain’t over until BTC flops around in the various Bearish Zones on the higher timeframes and then fails to cross back up into the Equilibrium & Bullish Zone, which BTC is showing no sign of doing anytime soon.
I hope you have found this post helpful & informative & i wish you good luck with your Trading or Hodl-ing 👍🔥🚀🌍🌔🪐🛸👽
Could you also post some tutorials on these analysis also if you're keen?