There are signs of a short-term turn around to an uptrend (shown circled in green).
However, long-term trends in On Balance Volume and RSI indicate we’re heading towards a major pressure point leading into a big move. Which way will that move go?
The SuperGuppy (two groupings of short- and long-term EMAs) shows a slight probability in favor a large downtrend move, which is backed up by a recent cross of the longest short-term trendline below the 200 EMA (shown in purple). The other long-term indicator that shows probability in favor of a downtrend is NVT, which is at levels not seen since January 2014. This should give us pause. charts.woobull.com/bitcoin-nvt-ratio/
It’s possible that outside events, such as a continued sharp decline in the DJI and NASDAQ, could lead to a disruption in long term sentiment from down to up. But outside of that, we're keeping a very close eye on BTC and looking for indications to take a short position and to add to it if confirmations roll in.
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Alt Markets
Altcoin markets are showing potential signs of decoupling from Bitcoin. I’m looking to Ethereum for a major confirmation of that trend. We’re not there yet, that’s for sure—but there are some signs that a few large-project coins may continue to trend upwards.
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This is not financial advice. For financial advice, seek a professional, which we are most certainly not.
However, long-term trends in On Balance Volume and RSI indicate we’re heading towards a major pressure point leading into a big move. Which way will that move go?
The SuperGuppy (two groupings of short- and long-term EMAs) shows a slight probability in favor a large downtrend move, which is backed up by a recent cross of the longest short-term trendline below the 200 EMA (shown in purple). The other long-term indicator that shows probability in favor of a downtrend is NVT, which is at levels not seen since January 2014. This should give us pause. charts.woobull.com/bitcoin-nvt-ratio/
It’s possible that outside events, such as a continued sharp decline in the DJI and NASDAQ, could lead to a disruption in long term sentiment from down to up. But outside of that, we're keeping a very close eye on BTC and looking for indications to take a short position and to add to it if confirmations roll in.
---
Alt Markets
Altcoin markets are showing potential signs of decoupling from Bitcoin. I’m looking to Ethereum for a major confirmation of that trend. We’re not there yet, that’s for sure—but there are some signs that a few large-project coins may continue to trend upwards.
---
This is not financial advice. For financial advice, seek a professional, which we are most certainly not.