Bitcoin to decide direction
Colored DMI indicates no stenght at the major historical support trendl line (orange line), being tested frequantly since May 07 and few times in the past.
PS : Colored DMI - customized interpratation of ADX +DI-DI, or shortly DMI
Momentum is squuezed
When looking of the formations it is defenetly rising wedge (purple lines), a sign for down trend ,
The price action is still within a channel (linear scale, could be useful for short term analysis. For this case the log scale shows channel broken but the price action does not support the same idea, hence assuming the linear scale and channel still not broken)
Ichimoku colored SuperTrend indicates range where the price action is above Kumo Cloud and TenkenSen line above KujinSen
My mid term bias will be for long expecially if the historical trend line is brokken (short term : may be some down movement or range for a while)
Some similarity can be observed when comparing with Stellar and Stellar moved above having nearly the same view of chart patterns
PS : Colored DMI - customized interpratation of ADX +DI-DI, or shortly DMI
Momentum is squuezed
When looking of the formations it is defenetly rising wedge (purple lines), a sign for down trend ,
The price action is still within a channel (linear scale, could be useful for short term analysis. For this case the log scale shows channel broken but the price action does not support the same idea, hence assuming the linear scale and channel still not broken)
Ichimoku colored SuperTrend indicates range where the price action is above Kumo Cloud and TenkenSen line above KujinSen
My mid term bias will be for long expecially if the historical trend line is brokken (short term : may be some down movement or range for a while)
Some similarity can be observed when comparing with Stellar and Stellar moved above having nearly the same view of chart patterns
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