BitcoinShort
Bitcoin MA's, Fib levels, Volume, RSI, MACD - The big indicators
Updated
Hello there! Let’s see.
-We have a lower high in the MACD and and higher high in our daily chart . That's a bearish signal.
-MACD is starting to cross bearish on the daily.
-RSI is a bit high but nothing compared to the overextension levels that it attained in the past. Neutral here.
-Let’s not forget the big sell-off that happened just a few weeks ago - we've been climbing slowly in price but low in volume .
-Through some through analysis, there’s a lot of longs being liquidated one after the other, day by day.
The feeling remains greedy but I believe sentiment is about to overturn to bearish.
-Bitcoin went below the 8 MA. Interesting how bitcoin follows these Moving Averages eh? It bounces off of them like a ping pong ball. The most important one is the 50 MA (yellow line). Today bitcoin is retesting the 8 MA and 21 MA (nice wicks btw).
-It already retested the 21 MA 3 times this week alone (now being the third…let’s see what happens).
-If it breaks the green 21 MA, I have high expectations we’ll retest the 50 MA.
--> Point being, we might be in for a ride down to touch the yellow line (50 MA) a second time, which coincidently matches a Fibonacci level, just like we did before in those big volume candles I circled.
-Rising Wedge. Usually bearish but doesn’t mean it will breakout below. Most often does, and that’s why it’s a well established and recognized pattern.
-We’ve hit +100% since the last correction 2 months ago (doubled up from 30k to 60k), some whales gotta take profit somewhere right?
-Lots of big, huge (>400 BTC) and old storage wallets are beginning to move to exchanges. Payday?
All in all, I think (just my 2 satoshi) we might be in for some sell action.
-We have a lower high in the MACD and and higher high in our daily chart . That's a bearish signal.
-MACD is starting to cross bearish on the daily.
-RSI is a bit high but nothing compared to the overextension levels that it attained in the past. Neutral here.
-Let’s not forget the big sell-off that happened just a few weeks ago - we've been climbing slowly in price but low in volume .
-Through some through analysis, there’s a lot of longs being liquidated one after the other, day by day.
The feeling remains greedy but I believe sentiment is about to overturn to bearish.
-Bitcoin went below the 8 MA. Interesting how bitcoin follows these Moving Averages eh? It bounces off of them like a ping pong ball. The most important one is the 50 MA (yellow line). Today bitcoin is retesting the 8 MA and 21 MA (nice wicks btw).
-It already retested the 21 MA 3 times this week alone (now being the third…let’s see what happens).
-If it breaks the green 21 MA, I have high expectations we’ll retest the 50 MA.
--> Point being, we might be in for a ride down to touch the yellow line (50 MA) a second time, which coincidently matches a Fibonacci level, just like we did before in those big volume candles I circled.
-Rising Wedge. Usually bearish but doesn’t mean it will breakout below. Most often does, and that’s why it’s a well established and recognized pattern.
-We’ve hit +100% since the last correction 2 months ago (doubled up from 30k to 60k), some whales gotta take profit somewhere right?
-Lots of big, huge (>400 BTC) and old storage wallets are beginning to move to exchanges. Payday?
All in all, I think (just my 2 satoshi) we might be in for some sell action.
Note
We've hit the 50 MA as predicted (yellow line). I'll follow up with a new ideaNote
So far so good, as it was likely to happen, we sure "guessed" that the meme wedge breakout went below, 50MA retest, but where did all the volume go? Todays doji just adds to up to indecisiveness. I'll keep my short-...breaths.. as watch todays doji dance around the top with it's fine line wicks.
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