I hope you are all having a great Saturday! I was looking at BTC across several different time frames last night using a four screen method and noticed that the market is losing strength up to the 2 day time frame.
Chart Time Frames:
1, 8, 21, 48 Hours
Indicators Used (top to bottom per chart):
MACD
RSI
Keltner Channel
Quad short-term EMA (8, 13, 21, 55)
Dual long-term EMA (200, 300)
Indicator positions:
RSI: Losing strength with a lower high signal line and higher high price action. This is seen across 1, 8, and 21 hour time frames. Waiting for confirmation on longer-term 21 hour time frame.
Keltner Channel: Price is located at the TOP of the channel on the 1 hour time frame and ABOVE the channel on the 8, 21, and 48 hour time frames.
MACD: Histogram decreasing on all time frames with signal lines above 0 (on the positive side).
Trade Positions:
I am looking for potential short positions as the market pushes against the current resistance levels. Look for things like the MACD histograms ticking towards the negative side with EMA break downs on the 1 hour time frame which could cascade into the longer-term time frames. I would also like to see the 21 hour RSI confirm the lack of strength in the market with a lower high with higher high price action.
Happy trading!
I am a simple market analyst - not a financial analyst fortis Fortuna adiuvat - fortune favors the brave Learn to trade: cliftrade.com/
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Please let me know if the four screens are confusing (with the related RSI and MACD above the related chart and title)! I could place the indicators under the charts if it would help better relate which indicator is related to which time frame.
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1 Hour EMA Breakdown on 2-9-2020 this is the first short trigger I am looking for! Now, I am looking for an RSI lower high on the longer-term time frames like 4, 8, and 21 hour to use that as an entry point. I am also watching for MACDs to turn negative longer-term as well.
RSI 2020-03-12
MACD 2020-03-12
Price Only 2020-03-12