It is rather interesting to take a look at the monthly logarithmic chart of Bitcoin. History never repeats but often rhymes as they say. From the movement of the Consensio moving averages (3,7,30) and the Wavetrend oscillator we can reasonably assume that the macro market is currently at around the point where it had been in 2015 April and 2019 March. These were...
Bitcoin is currently presenting us with a nice rounded bottom reversal, supported by a divergence on the Wavetrend Oscillator. I have also indicated the important low timeframe horizontal zones to follow.
The Consensio and momentum-based Chartpunk Trading System in confluence with the Wavetrend Oscillator is providing high quality signals on the 1-day Bitcoin chart. Nice results, opening to the public soon.
On the macro 1-week timeframe a heavy RSI downtrend is present, and in my opinion the next macro bull run will commence upon its break to the upside. Could it be possible that the complete 2021 price action has only been a huge FOMO-driven divergence?
Trend breaks of the OBV have been useful signals during the previous months. It is currently breaking its downwards trend, meaning that there is volume behind the current bounce in Bitcoin's price.
The 4-hour Bitcoin chart is showing that the price action currently includes a high value of FOMO drive. Price action is going upwards without absolute any support of the RSI or MACD histogram. A reasonable case can be made for a corrective move towards the 20.5-21k zone. General trend structure is upwards, but the market is way overheated.
This is a work in progress which I have been focusing now for quite some time. Green verticals indicate Long signals by the indicator, and Red verticals indicate Short signals by the indicator. I think with proper position sizing and risk management, this indicator is on its way to be a very effective tool for high time frame Bitcoin investors.