The monthly closing like this could be the end of the downtrend, a possible bear trap could happen in may, then a big consolidation below 8.5k which I consider is key level, if it breaks up I will expect new ATH.
If it breaks up 4.2k resistance and also that gann fan line, I'd expect it to reach 4.9k before a serious pull back. This is the 4th try and it's likely going to break imo, if you are not in yet, play the break up swing.
What a beautiful week... All moon and lambos untill it rushed to close below the moving average. Will look into the lower timeframes to see when things started to go south and in the comments.
Weekly: Neutral (leaning bearish now, with that weekly close).
Daily: Neutral (the last trend has ended dramatically).
The trading strategy shows that the SPX is not trending, the last uptrend ended back in March 2018, afterwards it broke up to new highs only to crash after a couple of months. Then the price started to close below the moving average and it has done it since then, february isn't over. The RSI shows a clear bearish divergence.
The shorter timeframes are suggesting...
Last downtrend ended at the close of feb 1, then got a close above the moving average next day but the day after a close below and then didn't do much untill feb 8, a huge candle that broke some resistance, then it started consolidating and hit the moving average again and since then it started going up, today it closed above previous high and above the blue line,...
The last downtrend ended in Dec, 30 (see the fuchsia dot), neutral since then. The price has been closing below the moving average and has failed to make a lower low, the week closed pretty close to the moving average, nothing to tell about it.
Monthly analysis of BTC chart with my Trading Strategy Indicator:
1. The price is trending down (green dots).
2. The price is below the moving average, too far below.
In this timescale you should be short since the October 1st, because the price was starting to trend below the moving average moving down. Before that you should have been neutral since April 1st,...
It's touching the all time mean, a final capitulation candle below it to touch the uptrend line after the 13 fib time zone looks highly likely considering that it's still trending down and there's huge resistance at 40 USD. I think that it will accumulate below 40 USD for a couple of years, like it did last time, we will see.
Found out something intresting, if it happens:
1. Fib Zones -> the month after 13 is capitulation (february).
2. The purple line is the All Time Mean, look at how BTC bounced of it last time ( in 2011 it broke below for 3 months and then consolidated above it), last time capitulation went from yellow to purple like straight.
3. Look at the RSI 14 months and we are...
Monthly, trending down, below the orange trendline but too far from it, soon it will attempt to break out of the trend, the lower time frames suggest that it will retrace back to it in january or february. But, I believe it will fail to close above it, the 3k low does not look like enough capitulation, I think it will go to low 2k or high 1k.
Decision making at candle close:
- Fuchsia Dot -> Sell at close.
- Lime Dot -> Buy at close.
- Purple Dot -> Buy at close.
- Green Dot -> Sell at close.
- Red cross lines, Buy/Sell at breakup/breakdown.
- Blue cross (above candle): 1st -> Switch positions.
- Blue cross lines: Buy/Sell on breakup/breakdown (If there are 2 or more ranges, use the extremes).