Multiple Indicators are Bullish for Bitcoin
This chart is my latest attempt to combine TA and indicators in a way that can account for some of the extreme volatility and directional changes of Bitcoin.
*The upward channels were created using linear regression which is NOT a good way to predict Bitcoin. However, I added in some corrections and used it only over the short term and as you can see, it visually fits the pattern very well.
*The stoch (Stochastic) is a good tool for high volatility stocks and can help you know when to buy and when to sell. It just showed a buy signal.
*I am also using the Keltner Channels which again good for higher volatility stocks, but it's more useful over the short term so I'm not really talking about it here.
*On the TA side, Bitcoin just broke out of a bull flag which is a bullish sign and it is once again above the 34 Day EMA when using the 1 day chart. Bitcoin has almost never gone below that EMA since March of 2019. It did go below it last week and the result was the largest one day rise in Bitcoin of 2019...a very strong sign that the 34 Day EMA is meaningful.
Taken together I have attempted to plot some growth paths Bitcoin make take over the next couple of days...whichever route it takes, I'm long right now.
*The upward channels were created using linear regression which is NOT a good way to predict Bitcoin. However, I added in some corrections and used it only over the short term and as you can see, it visually fits the pattern very well.
*The stoch (Stochastic) is a good tool for high volatility stocks and can help you know when to buy and when to sell. It just showed a buy signal.
*I am also using the Keltner Channels which again good for higher volatility stocks, but it's more useful over the short term so I'm not really talking about it here.
*On the TA side, Bitcoin just broke out of a bull flag which is a bullish sign and it is once again above the 34 Day EMA when using the 1 day chart. Bitcoin has almost never gone below that EMA since March of 2019. It did go below it last week and the result was the largest one day rise in Bitcoin of 2019...a very strong sign that the 34 Day EMA is meaningful.
Taken together I have attempted to plot some growth paths Bitcoin make take over the next couple of days...whichever route it takes, I'm long right now.
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