BTC Daily Chart Analysis - Favoring Bulls - 04/25-26/2022
TREND:
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TLs 1: BTC broke downward from the price channel UPC03042022. Failed to do a bearish retest and got a nice bounce from blue channel, closing it back inside the UPC03042022
TLs 2: N/A
EMAs: Pointing downwards, acting as dynamic resistance, opening around S, which usually indicates that it will eventually break the support
MACD: Still needs to create a LH and a bullish cross. Got a green and very close of bullish cross with DB. Things are looking to start in favor of bulls.
MACD Divergence: Bullish hidden div type 3
OVERBOUGHT/OVERSOLD:
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RSI: Got a bullish cross again with a nice bounce from the HL
RSI Divergence: We are getting a nice regular bullish div with price creating lows and RSI creating highs
Stoch: Bullish div and cross
VOLUME, BREAKOUT/DIRECTION MOVEMENT CONFIRMATION:
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OBV got a nice push up from the volatility zone and crossed SMA. Currently testing the break
OBV Divergence: No div yet
VALUE AREAS:
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Fib VA: Got support from 0.382 VA of bearish fib
VAs: Trading around 39750 WVA
Price Action
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Penetrated downward but got pushed back up to keep the structure. We indeed got a triple bottom
Outcome:
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We are more favored upward on daily TF than downwards. However, unless we turn 44k into support, I won't get the hopes too high and will trade only this range. Also in LTFs, price is maxed out. So I will wait for sweet dips before taking any more long positions
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