Overview of BTC tendency based on Bictoin Liqüid Index (BLX)
Bitcoin Liquid Index (BLX) calculates the average BTC/USD price in one unique chart. It contains a reliable fair price for Bitcoin based on the majority of trusted real world trading activity at the following exchanges: Bitfinex, Bitstamp, Gemini, BTCC, BTC-e, Coinbase, itBit, OKcoin International, Kraken, Coinsetter, and MtGox. (Ref.: https://bravenewcoin.com/api/bitcoin-liquid-index/ )
So, here it is a daily time-frame based on Pitchfork tendency.
As it is possible to see, the upper blue area of the pitchfork shows overbought in BTC's price. So, there is a certain chance that price would make a correction until the median red line of this pitchfork.
Notice that R.S.I. is in an overbought area, too. Even though it is not showing any divergence, it is clear that this indicator is showing possibility of weakness on buying pressure. So that, it is expected that price would correct on EMA of 21 periods.
M.A.C.D. does no show any divergence, too; however, if its fast length signal (12 periods) turns down AND cross the slow length signal (26 periods), chances are that we can have correction.
Let's see how price/market will behavior and make your choice wisely!
#Bitcoin #FodaSeOestado
So, here it is a daily time-frame based on Pitchfork tendency.
As it is possible to see, the upper blue area of the pitchfork shows overbought in BTC's price. So, there is a certain chance that price would make a correction until the median red line of this pitchfork.
Notice that R.S.I. is in an overbought area, too. Even though it is not showing any divergence, it is clear that this indicator is showing possibility of weakness on buying pressure. So that, it is expected that price would correct on EMA of 21 periods.
M.A.C.D. does no show any divergence, too; however, if its fast length signal (12 periods) turns down AND cross the slow length signal (26 periods), chances are that we can have correction.
Let's see how price/market will behavior and make your choice wisely!
#Bitcoin #FodaSeOestado
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.