Looks bearish to me. Bitcoin broke the important $9500 support last hour. Next support is $9000. ADX is increasing in number, to be more specific, it crossed 50, which indicates a very strong trend. VWMACD is also gaining bearish momentum.
ADX has crossed below 25, indicating no or weak trend. Supertrend has stagnated. MACD has a low magnitude (not very high in positive or negative direction). These are signs that the current bear trend has ended...for now. While it's possible that the bulls may take over again, it's just as likely for the bears to start another, new bear trend. Happy trading!
ADX is poised to grow to over 50, which means that the trend is a very strong trend. additionally, the supertrend continues to fall and VWMACD continues to gain momentum. If the 10K support does not hold, we could be looking at a drop to the 8500 support.
VWMACD is gaining momentum, both short term and long term. Also, ADX is increasing, whilst having DI- higher than DI+, meaning that a bearish trend is forming. In addition, SuperTrend's descending supertrend is beginning to fall. Considering the last few Heikin-Ashi candlesticks have been red, I think it looks bearish.
SuperTrend's ascending line has collided with the candle this hour. DI- trumps DI+, and the ADX is poised to begin a new trend. "Long-term" VWMACD is still green, but is rapidly approaching the negative. In addition, there has a very large amount of volume in the past 3 hours. Also, the price dropped back into the price range of the descending channel (not shown,...
If we break out of the descending channel (made from the 20K and 17K peaks), then the next resistance will likely be 12K. If the descending channel wins, then the ascending channel's (made from the 6K low) lower bound will act as resistance. If that is broken, then we will fall to the 10K resistance, where it may rebound and have a chance to break out again. If...
Trends have died down as shown by a static SuperTrend, Near 0 VWMACD, and Below 25 ADX. However, It may be the beginning of a bear market, as SuperTrend has gone to the red and long-term VWMACD has flipped to the negative.
Based on this interesting wave pattern Bitcoin is likely to fall to the $7800.00 support. Should the support be broken, Bitcoin may fall lower. If the support holds, Bitcoin will likely rebound until a $9000.00 resistance.