Indicators and Drawings Used
BTCUSDT
Channels are used to understand key levels and movement trends.
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.
RSI of 14 is used as the oscillator indicator.
Monthly Chart
Price Action
April has an indecisive candle. Can be a continuation or a reversal. Similar indecisive candle appeared in February and it became a continuation next month.
EMA
Not logical to analyse due to lack of data
RSI
Not logical to analyse due to lack of data
What to watch
Watch out for fundamentals such as the US Banking Crisis and BRC20 token creating congestion in the bitcoin network. These can fuel a hype into price action.
Weekly Chart
Price Action
Accumulation, Market-Up, Distribution, Market-Down is clearly visible for the previous market cycle. Currently a new cycle is getting formed so it is unable to clearly define phases. Refer to the Market Cycles article for knowledge.
EMA
Price has been above Weekly EMA 31/21 since January. Currently Price Action is consolidating for 6 weeks. This is allowing the gap between Price and EMA trend to reduce.
RSI
RSI barely touched the overbought area in April, now indicates it’s going back towards oversold.
What to watch
Weekly close below EMA trend and consolidating levels may indicate a short term bearish movement. This is ideal to retest upper resistance of accumulation phase as support.
Daily Chart
Price Action
If you dissect the daily chart, A mini cycle can be viewed within the major cycle. We are currently in a distribution of that mini cycle.
EMA
Price broke the EMA support and reflected a bearish nature.
RSI
RSI is now moving towards oversold after hitting the overbought section twice in a months period.
What to watch
Daily close below consolidating levels may indicate a short term bearish movement. RSI to touch or come closer to the oversold area.
4Hr Chart
Price Action
Price has been moving inside a mini distribution channel reflecting consolidation. Same time it’s visible that a slight market-down channel is being built. This is not yet fully confirmed.
If you dissect the daily chart, A mini cycle can be viewed within the major cycle. We are currently in a distribution of that mini cycle.
EMA
Price broke EMA support and retested it as a resistance Then created a huge fall. Now it's getting consolidated again. The EMA line is now again creating a resistance which can keep price bearish for some time.
RSI
RSI came back to the oversold area, where last time it barely touched.
What to watch
Look for bullish divergence if it occurs in this time frame. This will clearly indicate a trend reversal most of the time.
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 analyse based on your trading strategy.
Fear and Greed
Currently the index has fallen to 52 from a mid 60’s level. Entire last month it was above 50. Going below 50 can indicate increasing fear among traders and investors
BTCUSDT
Channels are used to understand key levels and movement trends.
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.
RSI of 14 is used as the oscillator indicator.
Monthly Chart
Price Action
April has an indecisive candle. Can be a continuation or a reversal. Similar indecisive candle appeared in February and it became a continuation next month.
EMA
Not logical to analyse due to lack of data
RSI
Not logical to analyse due to lack of data
What to watch
Watch out for fundamentals such as the US Banking Crisis and BRC20 token creating congestion in the bitcoin network. These can fuel a hype into price action.
Weekly Chart
Price Action
Accumulation, Market-Up, Distribution, Market-Down is clearly visible for the previous market cycle. Currently a new cycle is getting formed so it is unable to clearly define phases. Refer to the Market Cycles article for knowledge.
EMA
Price has been above Weekly EMA 31/21 since January. Currently Price Action is consolidating for 6 weeks. This is allowing the gap between Price and EMA trend to reduce.
RSI
RSI barely touched the overbought area in April, now indicates it’s going back towards oversold.
What to watch
Weekly close below EMA trend and consolidating levels may indicate a short term bearish movement. This is ideal to retest upper resistance of accumulation phase as support.
Daily Chart
Price Action
If you dissect the daily chart, A mini cycle can be viewed within the major cycle. We are currently in a distribution of that mini cycle.
EMA
Price broke the EMA support and reflected a bearish nature.
RSI
RSI is now moving towards oversold after hitting the overbought section twice in a months period.
What to watch
Daily close below consolidating levels may indicate a short term bearish movement. RSI to touch or come closer to the oversold area.
4Hr Chart
Price Action
Price has been moving inside a mini distribution channel reflecting consolidation. Same time it’s visible that a slight market-down channel is being built. This is not yet fully confirmed.
If you dissect the daily chart, A mini cycle can be viewed within the major cycle. We are currently in a distribution of that mini cycle.
EMA
Price broke EMA support and retested it as a resistance Then created a huge fall. Now it's getting consolidated again. The EMA line is now again creating a resistance which can keep price bearish for some time.
RSI
RSI came back to the oversold area, where last time it barely touched.
What to watch
Look for bullish divergence if it occurs in this time frame. This will clearly indicate a trend reversal most of the time.
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 analyse based on your trading strategy.
Fear and Greed
Currently the index has fallen to 52 from a mid 60’s level. Entire last month it was above 50. Going below 50 can indicate increasing fear among traders and investors
