BTC Daily Chart Analysis - 04/23/2022
Hi Guys!
I am planning to start a thread where I would share my analysis of BTC 1D TF with important price actions of LTFs like 1-4h. This is going to be the first post of the many more to come.
I consider the following items while making my trading decisions using several indicators:
I use the following short terms
Please like, follow and share if you think this would help you out in any way. Leave your questions and feedback in the comments. There is always a room for productive criticism and improvement :)
***None of my analysis will be financial advice***
TREND:
===
TLs 1: BTC broke downward from the price channel UPC03042022. It has yet to complete a bearish retest to confirm the breakdown.
TLs 2: N/A
EMAs: Pointing downwards, acting as dynamic resistance
MACD: Still needs to create a LH and a bullish cross. A green day today or tomorrow is a very good bullish sign since MACD will throw a possible DB
MACD Divergence: Bullish hidden div type 3. If we do not lose the support line and get a bullish cross creating a LH. This is a long shot. No div yet
OVERBOUGHT/OVERSOLD:
===
RSI: Got a bearish cross with EMA. However, RSI is still keeping the HL it created. If it breaks this, we will revisit the support line. Bulls really don't want to lose it.
RSI Divergence: Bullish hidden div type 3 if we do not lose the support line and get a bullish cross creating a lower high. This is a long shot. No div yet
Stoch: Bearish cross
VOLUME, BREAKOUT/DIRECTION MOVEMENT CONFIRMATION:
===
Obv had a bearish cross and now have broken below its previous VA. Wait for conformation of the downward break because it is in the volatility zone and might get pushed back up
OBV Divergence: Bullish hidden div type II if price throws a triple bottom
VALUE AREAS:
===
Fib VA: 0.5 of bearish fib being R
VAs: Trading around 39750 WVA
Price Action
===
Possible Triple Bottom if we do not get a dump to lose the structure get a bounce from here
Outcome:
===
Best is to wait for a daily green and stay on the sidelines. If you really want to enter early, take chance of going long only those coins which are near supports and couples with btc with a tight stop loss. I would not go for buying coins which already have been in uptrend or overbought in TFs 4h or bigger because in case btc dumps, such coins happen to dump the hardest.
NOTE: I trade the alts using btc analysis as my primary indicator. With btc dominance, a lot of alts follow btc's price action. Going long on alts when btc is around a major resistance has not really worked out for me in good shape most of the times and vice versa.
I am planning to start a thread where I would share my analysis of BTC 1D TF with important price actions of LTFs like 1-4h. This is going to be the first post of the many more to come.
I consider the following items while making my trading decisions using several indicators:
- Trend (Trendlines, EMAs, MACD)
- Overbought/Oversold (RSI, Stoch)
- Volume (Bars, OBV)
- Value Areas (Important S/R Levels using horizontal lines and fibonacci retracement tool)
- Divergences
- Price Actions and Patterns
I use the following short terms
- TLs -> Trendlines
- HH -> Higher High
- HL -> Higher Low
- LH -> Lower High
- LL -> Lower Low
- TP -> Target Price / Take Profit
- SL -> Stop Limit / Stop Loss
- Div -> Divergence
- VA -> Value Area (Support/Resistance Levels)
- DVA -> 1D Value Area
- 3DVA -> 3D Value Area
- WVA -> 1W Value Area
Please like, follow and share if you think this would help you out in any way. Leave your questions and feedback in the comments. There is always a room for productive criticism and improvement :)
***None of my analysis will be financial advice***
TREND:
===
TLs 1: BTC broke downward from the price channel UPC03042022. It has yet to complete a bearish retest to confirm the breakdown.
TLs 2: N/A
EMAs: Pointing downwards, acting as dynamic resistance
MACD: Still needs to create a LH and a bullish cross. A green day today or tomorrow is a very good bullish sign since MACD will throw a possible DB
MACD Divergence: Bullish hidden div type 3. If we do not lose the support line and get a bullish cross creating a LH. This is a long shot. No div yet
OVERBOUGHT/OVERSOLD:
===
RSI: Got a bearish cross with EMA. However, RSI is still keeping the HL it created. If it breaks this, we will revisit the support line. Bulls really don't want to lose it.
RSI Divergence: Bullish hidden div type 3 if we do not lose the support line and get a bullish cross creating a lower high. This is a long shot. No div yet
Stoch: Bearish cross
VOLUME, BREAKOUT/DIRECTION MOVEMENT CONFIRMATION:
===
Obv had a bearish cross and now have broken below its previous VA. Wait for conformation of the downward break because it is in the volatility zone and might get pushed back up
OBV Divergence: Bullish hidden div type II if price throws a triple bottom
VALUE AREAS:
===
Fib VA: 0.5 of bearish fib being R
VAs: Trading around 39750 WVA
Price Action
===
Possible Triple Bottom if we do not get a dump to lose the structure get a bounce from here
Outcome:
===
Best is to wait for a daily green and stay on the sidelines. If you really want to enter early, take chance of going long only those coins which are near supports and couples with btc with a tight stop loss. I would not go for buying coins which already have been in uptrend or overbought in TFs 4h or bigger because in case btc dumps, such coins happen to dump the hardest.
NOTE: I trade the alts using btc analysis as my primary indicator. With btc dominance, a lot of alts follow btc's price action. Going long on alts when btc is around a major resistance has not really worked out for me in good shape most of the times and vice versa.
Comment:
As of 04/24/2022, there is nothing new on the daily chart. However, BTC on 4h has thrown a nice triple bottom with several other conformations. So there are more chances to go up from here
