Hello, my friends. It's Cryptoranger K.
I just wrote a long article, but my PC crashed and everything was erased. Today is such a hard day for me.:)
As with others, I was also quite stressed by the last sharp rebound. In addition, other channels say 'BTC is rising now', but I couldn't see any signal that BTC could rise.
I think BTC is still falling. If you look at the BTC weekly chart, it seems that the price will rise here because Stochastic made the Golden Cross. However, if you look closely, the timing at which the MACD histogram generated the rising signal is the same as the Stochastic Golden Cross. Normally, the MACD histogram is reversed first, followed by the stochastic Golden Cross one or two weeks later. So, looking at this, I thought I should set my chart analysis criteria to 2-week rather than 1-week.
I just wrote a long article, but my PC crashed and everything was erased. Today is such a hard day for me.:)
As with others, I was also quite stressed by the last sharp rebound. In addition, other channels say 'BTC is rising now', but I couldn't see any signal that BTC could rise.
I think BTC is still falling. If you look at the BTC weekly chart, it seems that the price will rise here because Stochastic made the Golden Cross. However, if you look closely, the timing at which the MACD histogram generated the rising signal is the same as the Stochastic Golden Cross. Normally, the MACD histogram is reversed first, followed by the stochastic Golden Cross one or two weeks later. So, looking at this, I thought I should set my chart analysis criteria to 2-week rather than 1-week.
Note
Note
(BTCUSD 2-week chart)Note
If you look at the 2-week chart, it's just before the MACD creates a dead cross. (I personally expect November 11 to see a definite Dead Cross.) Stochastic is still talking about a downturn, so we still need a lot of time to see a true upside.This doesn't mean that the weekly Stochastic Golden Cross is meaningless. While the stochastic is going up, it is likely to move sideways, at least between $ 8700 and 9700. Of course, there is also the possibility that the BTC can go up to $ 10200, but I don't think it's hard to go any further.
Note
Note
(BTCUSD 3-week chart)Note
Another reason I expect a downturn is in the three week chart. The current BTC price is located below the intersection of the 5 & 10day lines. The current three-week candle ends on 28 November, and if that price remains in place by that time, I think the decline in the BTC will be more certain.Note
Note
(BTCUSD 1-month chart)Note
The above chart is for one month. If you look at the chart, you can see that as the price starts from February 2019, the price has moved away from the 5day line and has fallen since touching $ 14000. This also changed the direction of the 5day line from rising to falling.And the candle is right below the 5day line. The stochastic shape doesn't seem to create a sharp rise here. However, as Stochastic drops to 6% and then comes up, I don't think even if Stochastic makes a Dead Cross here, it won't make a big drop. So I'm currently seeing the end of the drop near $ 6500.
But this is only my expectation and I think what we need to do now is to check the bottom. I think BTC is on the rise in the long run. That's why it's the most important thing for me to check this floor.
Note
Today's analysis is up to here.The weather is getting colder. Please take care of your health at all times and continue to protect your assets.
Thank you.
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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.