BTCUSD - Detail Analysis on Bitcoin
Updated
Hi All,
This is for Educational Purpose. This Post is not based on single charts above, more will come below to complete the Analysis. Let start with basic analysis on a day chart.
1. 2 Nearest Trend line with current price action is been made.
a. Uptrend from old trend line
b. Current down Trend Line .
2. 250 Days SMA and 300 Days SMA is use to identify the bottom of the price action.
3. Previous Support/Resistant line at 7430.3 and 6954.4 is created from previous support/resistant points. (It also where previous bounce happened).
4. MACD chart is added to identify current trend following and momentum.
Main Chart Summary:
1. From current Down Trend Line , we are still in Bearish Market, where we are still not break down trend line . To breakout from this bearish market, we require to move to down trend line breakout zone (Blue zone).
2. With current momentum identified from MACD Oscillator, the 12 EMA is diverge more further from 26 EMA , this means downside momentum is increasing and down trend is still ongoing.
3. Where from 2nd summary above, we probably won’t be stopping at 250 Days SMA , we probably goes down to 300 Days SMA .
Let’s Continue to more details Analysis below (More charts is coming, stay tuned!!)
**This TA is for Educational purpose and not a financial advise. If you are happy with my charts and would like to follow more in the future, feel free to follow my profiles.
This is for Educational Purpose. This Post is not based on single charts above, more will come below to complete the Analysis. Let start with basic analysis on a day chart.
1. 2 Nearest Trend line with current price action is been made.
a. Uptrend from old trend line
b. Current down Trend Line .
2. 250 Days SMA and 300 Days SMA is use to identify the bottom of the price action.
3. Previous Support/Resistant line at 7430.3 and 6954.4 is created from previous support/resistant points. (It also where previous bounce happened).
4. MACD chart is added to identify current trend following and momentum.
Main Chart Summary:
1. From current Down Trend Line , we are still in Bearish Market, where we are still not break down trend line . To breakout from this bearish market, we require to move to down trend line breakout zone (Blue zone).
2. With current momentum identified from MACD Oscillator, the 12 EMA is diverge more further from 26 EMA , this means downside momentum is increasing and down trend is still ongoing.
3. Where from 2nd summary above, we probably won’t be stopping at 250 Days SMA , we probably goes down to 300 Days SMA .
Let’s Continue to more details Analysis below (More charts is coming, stay tuned!!)
**This TA is for Educational purpose and not a financial advise. If you are happy with my charts and would like to follow more in the future, feel free to follow my profiles.
Note
This charts is follow up from previous post. Now we start with MACD Analysis.
MACD Analysis Summary:
From The Analysis, we are currently undeniable in bearish market.
1. Centreline Crossover.
i. From the Charts, Vertical Break red line is the crossover of 12 and 26 Days EMA. It was plotted from the price chart on all crossover. From the price action chart, the 26 EMA is crossover 12 EMA to form bearish Market.
2. Bearish Divergent
i. From The MACD indicator, noticed on the circled area where Bearish Divergent signal is formed and completed.
1. Lower High Histogram where there is a dip between peaks histogram.
2. Higher High MACD 12 EMA Signal
3. And Lastly the bearish signal line crossover
Note
Let us go back to the price chart (Candlestick) to spot some pattern!! We are currently in the middle of Double Top. How to identify Double Top;
1. Entry from Bottom
2. Forming 2 Top where 2nd top is usually equal or lower than 1st top.
Summary:
From the previous uptrend, the price reached at peak and slight pull back happened for 2nd run, but it failed to reached previous high due to lack of buying volume. with this, the selling volume coming for a reversal trend.
Note
Ichimoku Cloud AnalysisFrom This charts, similiar to previous charts, Bearish signal found where;
1. Tenkan move further than Kijun, this to indicate more downtrend line
2. Price move below cloud
3. Chikou span cross the price and move below the price 30 days ago.
4. Cloud senkou span A move further than span B
More Analysis from different angle is coming. Stay Tuned!!
Note
Updated from Previous TABounced at 300 SMA as expected and goes to 250 SMA. We still need to break that big down trend line to exit from this bearish trend.
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