Bitcoin getting bullied by the bears
Ichimoku
We see from our Ichimoku that there is indecision in the market. Chikou span is under price, and Kijun sen is on top of price. Both of these indicate the trend will need more steam if the bulls want to hold this uptrend today. Tenkan sen indicates potential market trending. Senkou span A&B are acting as resistance and have been widening as volatility increases.
MACD/StochasticRSI/ADX
MACD - Showing a bullish crossover which is a good sign
Stochastic RSI - Currently the RSI bounced off the ceiling. Indicating potential oversold conditions. Ideally we want to see a bullish bounce before we drop below 50
ADX - ADX is very low at 25 indicating the bulls that are trending upwards on the current candle do not hold a very strong trend and tells us the price may continue its downward move through the bearish channel.
Chart/Candlestick Patterns
We see the price has been moving through a falling wedge in a bearish channel. This is a good indication we will see a bullish move in the next few days. There is room for the price to fall. If the price does not break upward of its falling wedge we could see a drop to the ~7.2k/7.4k/7.6K levels. If we can break to the upside of the falling wedge we have room to move up to ~9.3k.
Our previous run from 8.1-8.6k 20 hours ago was met by a evening star candle. Watch for the current candle to form an inverted hammer and form a morning star reversal.
We see from our Ichimoku that there is indecision in the market. Chikou span is under price, and Kijun sen is on top of price. Both of these indicate the trend will need more steam if the bulls want to hold this uptrend today. Tenkan sen indicates potential market trending. Senkou span A&B are acting as resistance and have been widening as volatility increases.
MACD/StochasticRSI/ADX
MACD - Showing a bullish crossover which is a good sign
Stochastic RSI - Currently the RSI bounced off the ceiling. Indicating potential oversold conditions. Ideally we want to see a bullish bounce before we drop below 50
ADX - ADX is very low at 25 indicating the bulls that are trending upwards on the current candle do not hold a very strong trend and tells us the price may continue its downward move through the bearish channel.
Chart/Candlestick Patterns
We see the price has been moving through a falling wedge in a bearish channel. This is a good indication we will see a bullish move in the next few days. There is room for the price to fall. If the price does not break upward of its falling wedge we could see a drop to the ~7.2k/7.4k/7.6K levels. If we can break to the upside of the falling wedge we have room to move up to ~9.3k.
Our previous run from 8.1-8.6k 20 hours ago was met by a evening star candle. Watch for the current candle to form an inverted hammer and form a morning star reversal.
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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.
Join The Spekre ACS Creator Pool and gain access to exclusive trading indicators, copy trading, exclusive content, and more tools in the future! Link: hub.accessprotocol.co/creators/J8TpW6cypxheFUYjWn4mxS6ExvBEMxyMiRvrf43Nhnvy
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.