Indicators and Drawings Used
- Channels are used to understand key levels and movement trends.
Volume is used to understand if it’s bullish or bearish movement
Daily EMA used as the key trend indicator with readings of 13 and 21. In addition in lower time frames the same EMA of chart interval is used. EMA is a lagging indicator.
RSI of 14 is used as the oscillator indicator. RSI is a leading indicator.
Fear and Greed
Current index value is 52. This has been fluctuating within the neutral zone for 2 weeks. Reflecting indecisive nature from investors.
Monthly Chart
Price Action
April has an indecisive candle. So far May is showing a bearish candle. This can be the start of a reversal for the mini trend we had since January.
Volume
Trading volume has not been great so far this month, similar to last month. Reduction of trading volume is significant for the last 2 months. So the prior 9 months would have been the bottom accumulation.
EMA
Still the 13 EMA is below 21 EMA, this reflects that we are still in bearish trend.
RSI
Not logical to analyse due to lack of data
What to watch
The US Banking Crisis seems settled. However, the BRC20 token congestion keeps continuing.
Weekly Chart
Price Action
Previous week was bearish, making it the second consecutive bearish week. Current week is still reflecting an indecisive candle.
Volume
Trading volume has been minimal and at the same level for the last 7 weeks.
EMA
Price has been above Weekly EMA 31/21 since January. Currently Price is finding support on 13 EMA. If this holds we may see a reversal.
RSI
RSI barely touched the overbought area in April, now indicates it’s going back towards oversold.
What to watch
Next week candle close will confirm if it’s a reversal or a continuation in price action. Also if EMA support will break or not.
Daily Chart
Price Action
After liquidating longs,last Friday, price was ranging the entire week. We can see a triangle pattern being formed.
Volume
Trading volume has been minimal and at the same level for the last 50+ days.
EMA
EMA 13 is below EMA 21, reflecting a bearish trend. Also the price has been rejected at EMA 13 multiple times last week. So a strong resistance has been formed here.
RSI
RSI is now moving towards oversold after hitting the overbought section twice in a month's period.
What to watch
Sooner or later the price will try to break this triangle pattern.
4Hr Chart
Price Action
The triangle pattern is reflected in this time frame as well. Price need to start finding a clear path to continue.
Volume
Trading volume has been similar throughout the chart with few exceptions. This indicates a more neutral outlook.
EMA
Price has been moving to both sides of the 13/21 EMA band. Even the Band itself has been crossing each other reflecting a more neutral action.
RSI
RSI is also in a more neutral area, price action will determine which side it will be pushed.
What to watch
Waiting for a clear price to break out from the triangle.
1Hr Chart - 15 Min Chart
I do not review short time frames. But if you are a trader these are time frames you need to analyze based on your trading strategy.
1 hr chart reflects a similar price action to 4 hr charts.
