BTC - Possible Continued Sideways Momentum
Updated
BTC UPDATE:
If we look at the daily chart, we can see that BTC is still above its Bollinger Bands Middle Band Basis.
BTC is consolidating in a Bollinger Bands Squeeze which is indicating sideways ranging.
The RSI is indicating momentum is sideways with a slope downwards at the moment.
BTC is still well within the Bullish Zone of the Ichimoku Cloud indicator on the daily chart.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that short-term momentum is sideways with the Base Line (Kijun Sen) confirming this by curving upwards while the Conversion Line (Tenkan Sen) is sideways.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is sideways with a possibility that the Lagging Span (Chikou Span) may go into the candle from 30 periods ago indicating sideways ranging or uncertainty.
Sideways Trading or Sideways Ranging can vary in duration & possibly last for days or even weeks as we’ve recently seen with ADA & sometimes even lasting months. Sideways Trading or Sideways Ranging is not done at a constant level but within a range of levels, a crucial Level for BTC to close a Daily Candle above on the Daily Chart is the 50EMA.
I hope this is helpful. Good luck 👍
If we look at the daily chart, we can see that BTC is still above its Bollinger Bands Middle Band Basis.
BTC is consolidating in a Bollinger Bands Squeeze which is indicating sideways ranging.
The RSI is indicating momentum is sideways with a slope downwards at the moment.
BTC is still well within the Bullish Zone of the Ichimoku Cloud indicator on the daily chart.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that short-term momentum is sideways with the Base Line (Kijun Sen) confirming this by curving upwards while the Conversion Line (Tenkan Sen) is sideways.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum is sideways with a possibility that the Lagging Span (Chikou Span) may go into the candle from 30 periods ago indicating sideways ranging or uncertainty.
Sideways Trading or Sideways Ranging can vary in duration & possibly last for days or even weeks as we’ve recently seen with ADA & sometimes even lasting months. Sideways Trading or Sideways Ranging is not done at a constant level but within a range of levels, a crucial Level for BTC to close a Daily Candle above on the Daily Chart is the 50EMA.
I hope this is helpful. Good luck 👍
Note
As i stated above, Sideways Trading or Sideways Ranging is not done at a constant level but within a range of levels.Note
Here is a 1 Day, 2 Day, 4 Day and 6 Day Momentum comparison. The Ichimoku Cloud (Kumo) Lagging Span (Chikou Span) on all 4 charts are indicating that Momentum is Sideways. Remember that Sideways Trading or Sideways Ranging is not done at a constant level but within a range of levels. I hope this is helpful 👍
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