DontWatchDoc
Long

Hey Bitcoin! Go up some more! (BTCUSDT)

POLONIEX:BTCUSDT   Bitcoin / Tether USD
Hello again students, teachers, wise ones, young and old. I am back with some new tools and different styles. For this brief analysis, we will be looking at the day chart to see the Ichimoku indicator better. I am not going to go through EVERY part of the Ichimoku , but it is a great combination of displaying past and current trends, as well as future movements. I use it along with MACD to confirm trends along with RSI (for possible divergences), but many traders choose to use it alone.

In this chart, we will be looking at the crossovers, specifically the Tenkan(orange line) crossing upwards through the Kijun(blue line). Two hour is used simply to visualize the crossover in this case better, it also just occurred in the 4 hour as well. The two instances of the bullish upwards crossover happening are circled in black. As you can see from the first one on the left, immediately after the crossover, we saw a decent rally by Bitcoin             . Keep in mind it was associated with volume . For the most recent crossover, the volume isn't there right now but we have some other things in Bitcoins             favor:
1. The crossover is happening above the "green cloud"(the "Senkou"), which acts as a resistance if the price action is ABOVE it.
2. Bitcoin             just crossed through the red dotted trend line ... very good sign of a negative trend breaking into a positive.

I will discuss Ichimoku the more I post about it but there are some main points to take away here:
-I expect the price action to dip to the #1 Pink star(8500s).( MACD coming closer together... Plus RSI diving)
-I expect the price action to make it to the #2 Pink star(9100s), either after the #1, or just go straight to it.
-This positive trend will continue until any other indicators or divergence show otherwise.

I'll keep you updated as I see it unfold.

Also any comments on the Ichimoku , let me know please <3

-Doc
Comment: Press the Play button on my original chart and you can see the Price action just hit the #1 Pink star and looks as if it's starting to head up to the #2 star. Grab your popcorn and let's watch if it will make it!
Don't put too much butter/salt on it though ^_^
Stay Healthy!
-Doc
Trade closed: target reached: Looks like BTC listened to us yelling at it to go up more! It just hit the 9100s, which was my pink Star#2 prediction. I'm closing as target is reached and will make a new post with some more fun stuff.

go BTC!
-Doc
Nice setup
+1 Reply
DontWatchDoc TradingStatistics
@TradingStatistics, Thank you ^_^
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why 2H?
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@dimisus, great question! I plotted it out on the 4H chart below from right now to show why. The 2 H chart showed the crossover at 0300 on 12FEB(see my original post and the pink x labeled 2 H on this one). The 4 H chart didn't show the crossover until a little more than 8 hours later (just before 1500 on 12FEB).



The problem with using the 2 H is that although its more sensitive to breakthroughs, it is also more susceptible to FALSE breakthroughs. When you think about all the noise that happens in the 5 minute charts, you can see why. I typically don't use less than 2 H charts. If I was a day trader with a ton of capital , it may be more worth it for me to catch these very small breakouts but it just isn't worth the profit/loss for me now.
Thanks again for the question.
-Doc
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