I am not a BITCOINer. The below analysis is based on my observation of mature stocks. The dynamics of Bitcoin are different than stocks. I acknowledge that and you should too. Take this piece of analysis with a heavy dose of skepticism.
BLUF: I think BTCUSD could be set for a major upward move over the next 30 days and possibly a bigger move throughout the end of the year.
Monthly:
The monthly direction is down. Price is down. The MACD histogram is down, but the MACD oscillators have not crossed. OBV overall trend is up, even with the recent downward dent. Then look at the Stoch RSI.....look closely.....it is oversold. It could stay oversold for a very long time....or it could set up for an up move. So if you are a longterm Bitcoin holder or swing trader this is an indictor to watch.
Now on to the weekly....
Weekly:
The weekly indictors look a little less down. Maybe there is a change building.....
1. Take a look at price. It has formed a descending triangle. It is important to remember descending triangles usually break downward, but not always. Now take a look at the MACD histogram. Its leaning up. The MACD looks like it could cross soon. That being said, it has NOT CROSSED YET.
2. Now move on down to the Stoch RSI. It looks like it is setting up for a double bottom bounce upward. Again, it has not yet moved upwards yet. Watch this indicator closely.
3. Last, lets take a look at eh OBV. OBV has recently taken out a prior high. The OBV trend line on the weekly has broken a downtrend. That is a positive sign. Again, we need to see OBV achieve a new high. Overall the are some glimmers of hope for BITCOIN bulls in the weekly chart.
Finally one to the daily....
Daily:
The daily is probably the most interesting of all three timeframes. Why? Well because how different it looks from the monthly. Lets start with what is most important, price!
1. Price, as previously mentioned, has formed a descending triangle. On Friday, price touched the top of the descending triangle trend line. Now its important to not that trend lines are subjective. So lets also notice that there is a wide and shallow inverse head and shoulders (purple upside-down arch and pink line). Next lets at a peak at the indictors below.
2. First up is the MACD. It has crossed up! This most recent upward's cross is higher than the previous cross. That is a good sign for an asset that has been in decline. It suggest downward momentum is at least slowing and possibly reversing.
3. Ok, on to the Stoch RSI. As usual, it has lead the way. It has completed an upward movement and has yet to setup for a downward movement.
4. Finally, we have OBV. OVB is still down on the daily. However, there has been some improvement. I would keep a close eye on OBV in the coming days. If it continues upward, it suggest a meaningful price direction change is underway. If it continues down, it suggest a continuation of downward prices.
What to do?
What should we do with this amateur analysis? Well do what you want. I think price moves up to $11816 before 15 May 2018. If price hits 11816, I think it will hit $17766 before the end of the year. If I am wrong, price will at least close below $7323.
BLUF: I think BTCUSD could be set for a major upward move over the next 30 days and possibly a bigger move throughout the end of the year.
Monthly:
The monthly direction is down. Price is down. The MACD histogram is down, but the MACD oscillators have not crossed. OBV overall trend is up, even with the recent downward dent. Then look at the Stoch RSI.....look closely.....it is oversold. It could stay oversold for a very long time....or it could set up for an up move. So if you are a longterm Bitcoin holder or swing trader this is an indictor to watch.
Now on to the weekly....
Weekly:
The weekly indictors look a little less down. Maybe there is a change building.....
1. Take a look at price. It has formed a descending triangle. It is important to remember descending triangles usually break downward, but not always. Now take a look at the MACD histogram. Its leaning up. The MACD looks like it could cross soon. That being said, it has NOT CROSSED YET.
2. Now move on down to the Stoch RSI. It looks like it is setting up for a double bottom bounce upward. Again, it has not yet moved upwards yet. Watch this indicator closely.
3. Last, lets take a look at eh OBV. OBV has recently taken out a prior high. The OBV trend line on the weekly has broken a downtrend. That is a positive sign. Again, we need to see OBV achieve a new high. Overall the are some glimmers of hope for BITCOIN bulls in the weekly chart.
Finally one to the daily....
Daily:
The daily is probably the most interesting of all three timeframes. Why? Well because how different it looks from the monthly. Lets start with what is most important, price!
1. Price, as previously mentioned, has formed a descending triangle. On Friday, price touched the top of the descending triangle trend line. Now its important to not that trend lines are subjective. So lets also notice that there is a wide and shallow inverse head and shoulders (purple upside-down arch and pink line). Next lets at a peak at the indictors below.
2. First up is the MACD. It has crossed up! This most recent upward's cross is higher than the previous cross. That is a good sign for an asset that has been in decline. It suggest downward momentum is at least slowing and possibly reversing.
3. Ok, on to the Stoch RSI. As usual, it has lead the way. It has completed an upward movement and has yet to setup for a downward movement.
4. Finally, we have OBV. OVB is still down on the daily. However, there has been some improvement. I would keep a close eye on OBV in the coming days. If it continues upward, it suggest a meaningful price direction change is underway. If it continues down, it suggest a continuation of downward prices.
What to do?
What should we do with this amateur analysis? Well do what you want. I think price moves up to $11816 before 15 May 2018. If price hits 11816, I think it will hit $17766 before the end of the year. If I am wrong, price will at least close below $7323.