I've been using this custom ADX indicator along with EMAs stacked to determine direction with the 8-41 cross on the 1 HR typically being my catalyst to open/close a position.
Direction has resumed up after visiting the 16000s, but the Longer-term EMAs are still turning over on the 1 HR as we are approaching ATH again.
I am going to start trading and charting again.
Like riding a bike, but taking it slow. starting with a first chart. I am still comfortable momentum. need to work on targets next.
This ADX greenlight + 8-41 EMA crossing together has been a strong buy/sell signal historically.
I am looking to see if bitcoin can prove 5k area to be a foundation over the next few months... If so that would show a very healthy long term growth for bitcoin being that a few years ago 1.5k was the all time high... 5k would mean that 3x the price growth has been retained. Fantastic!
If I see the strength. I am going to start loading up on bitcoins and other...
As myself and many others on here predicted ~8k would be support and a possible bottom. Now that we have confirmation it is support... the only question left is whether it is also the bottom!
We have hidden Bullish divergence on OBV and RSI indicating this level as a possible bottom.
This is reason enough for me to start accumulating bitcoin again to hold, but...
Comparing the 2014 move that topped out at 1.4k to the present move that topped out at 20k we can see similarities in the shape.
If symmetry continues, fib levels show we are headed to 14.4-17.5k over the next 2 months.
the 20 MA has been an important support on the weekly chart with 3 tags.
If price does not hold above the 20 MA we need to be forward thinking and consider how low can bitcoin go?
When bitcoin broke 1.4k last year and made a new All time High we have no looked back and have not had an extended period of consolidation or retracement. I know that level seems...
I just realized I have not been publishing any of my charts on tradingview and have only been posting in discord.
In the spirit of the "1 chart a day" contest I am running I will also attempt to publish 1 chart a day.
This is the chart I used in Lesson #1 of the series I am starting which you can find...
Are you a new or intermediate trader looking to learn how to use technical analysis to predict the market and make successful trades?
Do you like my trade ideas and want to learn the techniques I use?
I am planning to do a screen share in a google hang out and teach some basic technical analysis with some Q and A.
If you want to be part of this free...
NBT has declined for awhile. It has double bottomed and a higher low came with boom of volume.
Volume often precedes price and we have a ton of volume!
Target Fibs for price we have a possible 2x-5x here.
Could take awhile to play out but looks like a very rewarding trade if you are patient.