Just a quick post to explain how Ia m looking at this weekend with Bitcoin and I will use the MACD as amajor player here.
The BTC chart above is Daily, we can see the "Cuo " pattern, we can see the Long term rising Libne of support, we can see the red 236 Fib circle we shot through and the up coming 618 fib circle, that may or may not be trouble.
And that 2.618 Fib extension I can easily see us returning to to test as support.
WHY ?
The MACD on numerous timeframes...
What is MACD ?
MACD, short for Moving Average Convergence Divergence, is a technical indicator used in the analysis of securities prices. It was developed by Gerald Appel in the late 1970s and is widely used to identify changes in the strength, direction, momentum, and duration of a trend in a stock's price
OK, So, Lets start witht he 4 hour MACD -
https://www.tradingview.com/x/ZRgzvWpP/
I zoomed out on this a little so we can get a long term look at this and you can clearly see, we are already gettign near the High side, overbought levels where, historically, MACD turns Bearish, crosses over the Signal line ( red) and heads back down to cool off befoe heading higher again.
We are not yet as high as we were in Late April but it is not far off. Safe to assume this will turn down.
So now, lets see the Daily MACD
https://www.tradingview.com/x/XTurcyEa/
This is the daily MACD from around Nov last year and, again, we are heading into an area where it is prudent to be Bullish and Cautious.
Remember, the moves in the 4 hour are a lot quicker than the daily.
Go back and Look at the 4 hour, see where MAY began and what the MACD did in that time
See what that was on the Daily ? It was that little Blip on the rise up , that we are now continuing.
So, we have more room to go on the Daily.
and now the Master MACD, The WEEKLY ,the one that told us we were going to range in 2024, 2025 and will once again tell us when PA has reached Exhaustion later in this run
https://www.tradingview.com/x/mceX565q/
In this chart, you can see the 2 ATH's in 2021, you can see the Bear market and the recovery and everything ever since.
And you can also see that we have Still to cross the Signal line here to really enter a bullish state.
We have SO FAR to go here.....BUT with the high price now now have with BTC, it take more to push it higher. See how high MACD had to go to push PA up this last time ? The same height as it had to go in the 2024 push and yet we went twice as high on PA.
So, th be realistic here.....We are entering a bullish push but a $1 million BTC is NOT going to happen just yet.
SO, back to this weekend, the shorter term.
the 4 hour is high, already starting to turn as I write.
I can see BTC PA ranging or, maybe, as I said, testing the 2.518 as support at around 98K.
What people also need to watch os that BTC.D I talled about yesterday to guage if ALTS will Dip back lower or not.
Some alerady seem to be Dipping
SO, Bullish Caution for the weekend....Hang in there.....We only just begun
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.