I have adopted a new indicator into my strategy that uses EMA’s/Stochastic/MacD, and it is the one all the way on the bottom labeled ‘btcusdshorts-btcusdlongs’.. this measures the amount of short positions and long positions within the public market and shows them with a dual linear pattern. Following the public markets opinion of btc can very much help with your decision making on forecasting pricing.
With even more consolidation extending into late this week, bitcoin is refusing to close above the 6,600 price level and has been testing previous support of 6,250 all week. Bitcoin needs a push today or we might see bearish movement over the weekend pushing back down to 6,250 and if broken, 6,000.
INTRADAY
On the hourly we are currently noticing heavy bullish engulfing with a bullish reversal in oscillators action as well. If the next few hours can push to 6,600 and close above, we may see another spike back to the 6,800 resistance level, but volume would need to double (2x) within the next few hours. Bullish divergence located throughout my indicators.
4/HOUR
Resistance from the 50SMMA is keeping price action below the 6,550 level. But the 55EMA is now providing support, we can look for the supportive bounce off 6,440 price. With a push to/above the 6,600 price level, we will be retesting the 125EMA. Oscillators are bullish, but volume and action is still in heavy consolidation.
DAILY
Bitcoin is having issues re-approaching the 55EMA and is currently trading even with my VWAP line. There is a bearish doji forming as I’m typing this along with a movement change within my oscillators. Buying pressure has been slowly subsiding every day for the last 7 days now. This is all indicating that we may be in for further lows over the weekend.
We need that break thru the 125EMA on the 4 hour for another re-attempt at previous highs from this week.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 9:50am (UTC-7) LOS ANGELES
With even more consolidation extending into late this week, bitcoin is refusing to close above the 6,600 price level and has been testing previous support of 6,250 all week. Bitcoin needs a push today or we might see bearish movement over the weekend pushing back down to 6,250 and if broken, 6,000.
INTRADAY
On the hourly we are currently noticing heavy bullish engulfing with a bullish reversal in oscillators action as well. If the next few hours can push to 6,600 and close above, we may see another spike back to the 6,800 resistance level, but volume would need to double (2x) within the next few hours. Bullish divergence located throughout my indicators.
4/HOUR
Resistance from the 50SMMA is keeping price action below the 6,550 level. But the 55EMA is now providing support, we can look for the supportive bounce off 6,440 price. With a push to/above the 6,600 price level, we will be retesting the 125EMA. Oscillators are bullish, but volume and action is still in heavy consolidation.
DAILY
Bitcoin is having issues re-approaching the 55EMA and is currently trading even with my VWAP line. There is a bearish doji forming as I’m typing this along with a movement change within my oscillators. Buying pressure has been slowly subsiding every day for the last 7 days now. This is all indicating that we may be in for further lows over the weekend.
We need that break thru the 125EMA on the 4 hour for another re-attempt at previous highs from this week.
This is my personal opinion, this is not investment advice, invest at your own risk and good luck trading.
COMPLETED 9:50am (UTC-7) LOS ANGELES