Once again revisiting the daily bitcoin OBV analysis. The momentum his dropping, the volume trend is negative, key dynamic trends have been broken but importantly we have yet to begin trading below the key horizontal channel marked on the chart. So we can still move sideways, we can still recover
Also, you will see that the RSI trend which started Jan 8 2021 broke for the first time on July 22nd signalling the start of the current rally, and a good buy signal. RSI traded above trend and the 50 until Sept 7 dump, after which we have again been bottoming on the RSI below the Jan 8 trend, while establishing its own local top trend on the RSI from the July 30 peak.
IF we close today above 0.38 fib retrace of september top which aligns neatly with the weekly open at 43794.36, we will again be breaking through the Jan 8 trend AND the July 30 trend at the same time, while RSI makes a promising higher low. Signs of hope!
Many signs still bearish , but through my other lower time frame analysis I am increasing interested in an aggressive trade against trend, until then trading intraday
(NB: I use a fast moving RSI, as a personal preference)
Also, you will see that the RSI trend which started Jan 8 2021 broke for the first time on July 22nd signalling the start of the current rally, and a good buy signal. RSI traded above trend and the 50 until Sept 7 dump, after which we have again been bottoming on the RSI below the Jan 8 trend, while establishing its own local top trend on the RSI from the July 30 peak.
IF we close today above 0.38 fib retrace of september top which aligns neatly with the weekly open at 43794.36, we will again be breaking through the Jan 8 trend AND the July 30 trend at the same time, while RSI makes a promising higher low. Signs of hope!
Many signs still bearish , but through my other lower time frame analysis I am increasing interested in an aggressive trade against trend, until then trading intraday
(NB: I use a fast moving RSI, as a personal preference)
Comment:
The circled area is a little deceiving between the two phases. If we considered this a fractal, I like to think we are currently somewhere around the June 22, after the dip! The circled area on the smaller phase covers a much larger section of dynamic
