After the massive bull candle we had on the 15th of October, the market has been relatively quiet and the global cap has been fluctuating between 208-211 billion for the past 12 days.
From a technical standpoint, Bitcoin is looking good at the moment.
A few key points:
- The trendline has been tested 4 times generally indicating a trend is well defined
-...
On a smaller time frame (4hr) we can see the price is forming a well defined bull flag which is in accordance with the cup and handle pattern forming on the daily chart.
In addition, you'll notice the steep decline in the Stochastic RSI was mirrored by sideways price action. This tells us that buying pressure is waiting to move in.
Lastly, the Ichimoku cloud...
The price is forming a very shoddy cup and handle formation. If the price respects the patterns and moves in accordance with the handle, we could see a retracement to the .618 fib level before a potential reversal, and extension to the .382 Fib line at the ~260 price level.
At first glance, indicators look very overbought which could indicate the 224 price...
Chart points out a few things to pay attention to as we run up to the ETF decision on Sep 30th and the opening of Bakkt in November. (pending regulation)
ETC price has retraced and begun to form a falling wedge / bull flag.
Stochastic RSI - Bottomed out and although there hasn't been a bull cross yet, I would recommend watching some of the smaller time frames to look for volume confirmation that would cause the signal line to crossover.
RVI - The relative volatility index indicates that price volatility has...
After the ETF denial there has been continued FUD, fear selling, and about 30~ billion has retreated from the market overall.
Currently, the price broke it's 8k, and 7.5k support, and it's next level of support lies at the 7k-7.2k level.
Stochastic RSI - This is the lowest level the stoch RSI has seen since 5/28~ which means we are very heavily oversold at...
Price has gone higher than the 8k~ range it has been moving through the past few days.
However, there are quite a few varying technical differences in this run that were not present in either of the past run ups.
For example, the Kumo is much less volatile on the daily charts. Kijun & Tenkan are acting as support although they are ranging and hint at some...
The price of Bitcoin formed tweezer tops (reversal pattern) 3 days ago, and after the FUD news in regards to ETF denial of the Winkle twins, we saw further consolidation down to the 7130 price point.
There are two channel that contain the price currently. A larger ascending channel that the price is still within, and a potential downward channel.
However, I...
Yellow = Buy zone
Green = Sell Targets
Red = Stop Loss
Tweezer bottoms (Green Box) - Reversal pattern
Falling wedge - Reversal pattern
Stochastic RSI low. Bull Cross
RVI - Need to break resistance to confirm continued momentum upward.
Smaller timeframes are overbought which should pull the price back within to buy range before continued upward action.
The senkou span A is curling up indicating lessening volatility and this is confirmed by the RVI as it approaches a point of support.
However, Senkou Span B is continuing to range horizontally but that is due to it being a slower indicator than Span A.
Currently, the price has the Kijun indicating upward momentum and acting as support. Furthermore, the Tenkan...
