Bitcoin Analysis Update: Current Conditions July 23, 2018
Updated
This is a quick analysis of current conditions. The 4 hour Doji we are looking at closes in about 30 minutes of this writing.
Tom Demark Sequential (T.D. Sequential)
Count: 9
Notes: Imperfect close on the 8.
Bollinger Bands
Position: Capped
Squeeze: None
Guppy Multiple Moving Average (GMMA)
Trend Strength: Bullish, price position in relation to Moving Averages indicates Bullish. However it is overbought on multiple time frames.
Overbought/Oversold: Overbought
Chaikin Money Flow (C.M.F.)
Divergence: Bearish
Trend: Bullish but declining on the price action move up.
On Balance Volume (O.B.V.)
Divergence: Bearish
Stochastic (Stoch)
Divergence: Too long to technically be a divergence. Capped 6% lower than prior high reversal.
Relative Strength Index (R.S.I.)
Divergence: Too long to technically be a divergence. Capped 20% lower than prior high reversal.
Conclusion
There are several Bearish divergences on some of the higher time frames, however we are seeing some signs of a bottom transpire on the daily. We are not completely there yet though.
Looking for a retrace (Below) to the Tenkan-sen (Conversion Line in orange) and then a drop down to $7,276 shown in yellow below. As this happens I will be evaluating the divergences I see on higher time frames to consider if we will drop further to the Kijun-sen (Base Line in pink) or if they will fix themselves.
Thank you for reading and please support by clicking like on this analysis. Like, follow, share and interact to help me stay motivated to keep these trending. Thank You!
Tom Demark Sequential (T.D. Sequential)
Count: 9
Notes: Imperfect close on the 8.
Bollinger Bands
Position: Capped
Squeeze: None
Guppy Multiple Moving Average (GMMA)
Trend Strength: Bullish, price position in relation to Moving Averages indicates Bullish. However it is overbought on multiple time frames.
Overbought/Oversold: Overbought
Chaikin Money Flow (C.M.F.)
Divergence: Bearish
Trend: Bullish but declining on the price action move up.
On Balance Volume (O.B.V.)
Divergence: Bearish
Stochastic (Stoch)
Divergence: Too long to technically be a divergence. Capped 6% lower than prior high reversal.
Relative Strength Index (R.S.I.)
Divergence: Too long to technically be a divergence. Capped 20% lower than prior high reversal.
Conclusion
There are several Bearish divergences on some of the higher time frames, however we are seeing some signs of a bottom transpire on the daily. We are not completely there yet though.
Looking for a retrace (Below) to the Tenkan-sen (Conversion Line in orange) and then a drop down to $7,276 shown in yellow below. As this happens I will be evaluating the divergences I see on higher time frames to consider if we will drop further to the Kijun-sen (Base Line in pink) or if they will fix themselves.
Thank you for reading and please support by clicking like on this analysis. Like, follow, share and interact to help me stay motivated to keep these trending. Thank You!
Note
Also I am watching April 24th and this current action very closely.Note
I am getting hate mail over my analysis yesterday. If you are wrecked (as people claim) over a $600 (at worse) move opposite of my publishing time then you are using the wrong risk management & portfolio management.I provide analysis and I do not tell people to trade it. I provide MY analysis & what you do with it is up to you.
At the time I did not provide a entry/stop because it was an analysis not a trade idea.
If anything I prefer people read my analysis to learn so they can make their own analysis instead of using mine & other traders to trade upon.
Note
To everyone who commented on something positive here, thank you. :)
All posts are for educational purposes and are simply my views of markets conditions.
Please do your own research and use my content to educate yourself.
Please do your own research and use my content to educate yourself.
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