BTC longterm 1w chart analysis
BTC has invalidated its very long Descending Triangle indicated by the 2 large black dashed lines.
BTC is still in its Longterm Upwards Pitchfork Pattern on this 1w timeframe, note that BTC is back above the Pitchfork Median Line (The Thin Dashed Line) on this 1w timeframe.
BTC is still safely above its 50EMA on this 1w timeframe.
BTC is still above its Least Squares Moving Average (LSMA) on this 1w timeframe.
At the moment, BTC is still above its Bollinger Band Middle Band Basis 20 Period SMA and also still above its Upper Band. Note that we have had expansion of the Bollinger Bands Upper and Lower Bands and the Middle Band is sloping upwards on this 1w timeframe.
Note that BTC is above its Volume Profile Fixed Range POC for the fixed range of 4 weekly candle that i have selected.
Note that BTC is still above its Volume Profile Visible Range POC for this charts visible range.
Volume is worryingly low on this Bitstamp 1w chart compared to what BTC was getting in Dec 2020 to Jan 2021. Note that the last 22 weekly Volume Bars have been below its Volume 20 Period Moving Average. This is something to keep an eye on.
For your viewing pleasure, i have added various support and resistance areas indicated by the black parallel lines with yellow shading. You can clearly see the interaction with these various areas.
The Average Directional Index (ADX DI) is showing that the trend strength is strong on this 1w timeframe with the ADX (Orange Line) at 23.45 and is curving upwards and is getting very close to crossing back over and above its 9 Period EMA (Black Line) which is at 26.02. We have an increase in Positive Momentum with the +DI (Green Line) at 29.12. The -DI (Red Line) has also continued to drop to 14.13 indicating Negative Momentum has dropped. If the ADX (Orange Line) crosses back over the 9 Period EMA (Black Line) and stays above it, we can expect continued upwards momentum on this weekly timeframe so long as the +DI (Green Line) stays above the -DI (Red Line).
The OnBalanceVolume (OBV) is showing strong upwards momentum and note that the OBV (Blue Line) is still above its 9 Period EMA (Orange Line) for this 1w timeframe. Using the OBV indicator, the OBV line needs to stay above the Ascending Dashed Line, the 9 period EMA and the Horizontal Dashed Line. The OBV also needs to break above its Ascending Dotted Line which when combined with the Ascending Dashed Line actually looks like an Ascending Wedge on the OBV indicator. This is something to keep an eye on.
A few scenarios to think about:
1: BTC may continue to walk up the Upper Bollinger Band like we saw before from the week of 19th Oct 2020 up until the week of the 15th Feb 2021.
2: BTC may consolidate sideways within a range between its new ATH and its 2nd support and resistance area before continuing upwards.
3: BTC may drop back to either its VPVR POC or its VPFR POC as potential support levels.
4: BTC may drop back to its LSMA as a potential support.
5: BTC may drop back under the Bollinger Bands Upper Band, consolidate above the Middle Band and then continue upwards.
6: BTC may drop back to its Bollinger Bands Middle Band as potential support.
7: BTC may drop back to its 50EMA (which is a worse case scenario but unlikely at the moment).
The volume shown on this chart doesn’t take into account volume from other exchanges, but we need to keep an eye on the Volume Bars and whether or not the Volume Bars can cross back above its Volume 20 Period SMA on this 1w timeframe. We also need to keep an eye on whether or not the ADX can cross back above the 9 Period EMA as well as what I’ve mentioned above regarding the OBV indicator. We also need to keep an eye on how BTC closes this weekly candle.
Here is a wider view of this longterm 1w chart.
Note that this post is just focusing on the very longterm and not taking into consideration or analysing what is happening on lower timeframes, which you should be doing.
I hope this is helpful with your trading and hodl-ing.
BTC is still in its Longterm Upwards Pitchfork Pattern on this 1w timeframe, note that BTC is back above the Pitchfork Median Line (The Thin Dashed Line) on this 1w timeframe.
BTC is still safely above its 50EMA on this 1w timeframe.
BTC is still above its Least Squares Moving Average (LSMA) on this 1w timeframe.
At the moment, BTC is still above its Bollinger Band Middle Band Basis 20 Period SMA and also still above its Upper Band. Note that we have had expansion of the Bollinger Bands Upper and Lower Bands and the Middle Band is sloping upwards on this 1w timeframe.
Note that BTC is above its Volume Profile Fixed Range POC for the fixed range of 4 weekly candle that i have selected.
Note that BTC is still above its Volume Profile Visible Range POC for this charts visible range.
Volume is worryingly low on this Bitstamp 1w chart compared to what BTC was getting in Dec 2020 to Jan 2021. Note that the last 22 weekly Volume Bars have been below its Volume 20 Period Moving Average. This is something to keep an eye on.
For your viewing pleasure, i have added various support and resistance areas indicated by the black parallel lines with yellow shading. You can clearly see the interaction with these various areas.
The Average Directional Index (ADX DI) is showing that the trend strength is strong on this 1w timeframe with the ADX (Orange Line) at 23.45 and is curving upwards and is getting very close to crossing back over and above its 9 Period EMA (Black Line) which is at 26.02. We have an increase in Positive Momentum with the +DI (Green Line) at 29.12. The -DI (Red Line) has also continued to drop to 14.13 indicating Negative Momentum has dropped. If the ADX (Orange Line) crosses back over the 9 Period EMA (Black Line) and stays above it, we can expect continued upwards momentum on this weekly timeframe so long as the +DI (Green Line) stays above the -DI (Red Line).
The OnBalanceVolume (OBV) is showing strong upwards momentum and note that the OBV (Blue Line) is still above its 9 Period EMA (Orange Line) for this 1w timeframe. Using the OBV indicator, the OBV line needs to stay above the Ascending Dashed Line, the 9 period EMA and the Horizontal Dashed Line. The OBV also needs to break above its Ascending Dotted Line which when combined with the Ascending Dashed Line actually looks like an Ascending Wedge on the OBV indicator. This is something to keep an eye on.
A few scenarios to think about:
1: BTC may continue to walk up the Upper Bollinger Band like we saw before from the week of 19th Oct 2020 up until the week of the 15th Feb 2021.
2: BTC may consolidate sideways within a range between its new ATH and its 2nd support and resistance area before continuing upwards.
3: BTC may drop back to either its VPVR POC or its VPFR POC as potential support levels.
4: BTC may drop back to its LSMA as a potential support.
5: BTC may drop back under the Bollinger Bands Upper Band, consolidate above the Middle Band and then continue upwards.
6: BTC may drop back to its Bollinger Bands Middle Band as potential support.
7: BTC may drop back to its 50EMA (which is a worse case scenario but unlikely at the moment).
The volume shown on this chart doesn’t take into account volume from other exchanges, but we need to keep an eye on the Volume Bars and whether or not the Volume Bars can cross back above its Volume 20 Period SMA on this 1w timeframe. We also need to keep an eye on whether or not the ADX can cross back above the 9 Period EMA as well as what I’ve mentioned above regarding the OBV indicator. We also need to keep an eye on how BTC closes this weekly candle.
Here is a wider view of this longterm 1w chart.
Note that this post is just focusing on the very longterm and not taking into consideration or analysing what is happening on lower timeframes, which you should be doing.
I hope this is helpful with your trading and hodl-ing.
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