Bitcoin - Long-Term on Kraken's View

Showing firstly a new trend provided by Pitchfork. Summarize little bit, Pitchfork is all about to respect these zones (blue, green) and lines ( median line , intersection between blue and green, and the extremity). So, if the market respect the trend given by this tool, this Pitchfork will be a great way to be followed. Notice that the price touches specially the median line (red), which is a line where the price continually attempt to return to this diagonal and test this region. Looking previously it is possible to see that with this configuration the median line is touched several times, which make this Pitchfork very reliable for the present moment.

Bollinger Bands shows price within optimistic region. Moreover, it is showing a Bollinger Band strategy called Riding On The Band where basically this strategy will keep working until the next candle close completely inside of the band. When it happens this strategy will no longer be validated.

Based on the trend made by the pointed yellow line it is possible to trace a Trend-Based Fibonacci Extension. So that, it is possible to estimate a target for those whom are already on a long-entry in this asset. A preliminary estimated target is the region where there is a Pivot, which indicate a possible resistance zone .

Exponential Moving Average of 50 and 200 periods show super bullish trend and the markers R.S.I. and M.A.C.D. are not showing any signal of divergence until the present moment. However, it is possible to notice from R.S.I. that the price is in an overbought region, which is a clear indicative that the buying pressure is about to decrease and a correction is about to come. Nevertheless, M.A.C.D. still showing that there is more space for higher prices, and what show this is the fact that fast length (blue line) is a little bit spaced from slow length (orange line).

To interact with the chart above, please click below on RELATED IDEAS.

Looking-up it is visible that Ichimoku Cloud still showing that Bitcoin is in a bullish momentum, and as described above the Pivot R3 and R4, which represente support and resistance respectively, match pretty much with Trend-Based Fibonacci Extension that is given by the pointed yellow line.
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