The longterm outlook for BTC is looking really great. If we look at the weekly chart, BTC is above its Pitchfork Median Line and has tested the next Pitchfork Resistance level. A real test will be if it can turn that resistance into strong support as well as closing this weekly candle above its Pitchfork Median Line. On the weekly chart, the Ichimoku Cloud (Kumo) Conversion Line (Tenkan Sen), Base Line (Kijun Sen), Leading Span A (Senkou Span A) & Leading Span B (Senkou Span B)) are also pointing upwards indicating strong upwards momentum. The Lagging Span (Chikou Span) has also shot up like a rocket indicting very strong upwards momentum with no fear whatsoever of it dropping below the price from 30 Periods ago. The RSI has also curved upwards in the Overbought area, but that does not mean BTC will drop as it can move sideways in the overbought area. The ADX DI SMA is showing a Strong Uptrend with the ADX (Yellow Line) at 80.18 and the +DI (Green Line) at 35.15 with the -DI (Red Line) at 2.7. The ADX is also above its 10 Period SMA which is at 66.7, and it look s like the +DI will move further away from the -DI reducing the risk of a weekly downtrend crossover. The VPVR is also showing buyers are in control with strong buying volume over the sellers. The way i see it, ultimately if BTC is having a good day then eventually that good day will rub off on alts as well 👍. If your a BTC Maxi then the question you’ve got to ask yourself now is, what Tesla are you gonna buy with your BTC 😆. I hope this is helpful & good luck.
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.
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.