BTC Momentum Tracker #2: August 17, 2024
Welcome to the second installment of the Momentum Tracker series. As mentioned in the tutorial article below (if you’re new, please refer to this as well):
The Momentum Tracker allows for various technical analyses and indicators to be applied. Here, let’s apply the Stochastic RSI to the Total Momentum. The Total Momentum calculation uses RSI, which normalizes it within the 0-100 range, making this application appropriate.
The current Stoch RSI is forming a pattern reminiscent of a diagonal triangle. Have we seen such a pattern before? Take a look at the following: the closest resemblance on the 4H time frame is around April 29th. The values on the Momentum Tracker, as well as the Stoch RSI, match in the order of Bullish, Total, and Bearish, if we disregard the MACD and Signal.
April 29, 1:00
And we are well aware of what happened in May of this year.
May 24
If history were to repeat itself for our Momentum Tracker, we might see the following scenario: BTC could show a short-term rise, reaching a high between 60,400 and 61,400, likely around 60,800, followed by a sharp reversal. Alternatively, it might plummet without making a new high. However, considering that Bullish Momentum is currently dominant, it’s more natural to expect an upside. If this unfolds, it would align with my two most recent analyses.
The Momentum Tracker allows for various technical analyses and indicators to be applied. Here, let’s apply the Stochastic RSI to the Total Momentum. The Total Momentum calculation uses RSI, which normalizes it within the 0-100 range, making this application appropriate.
The current Stoch RSI is forming a pattern reminiscent of a diagonal triangle. Have we seen such a pattern before? Take a look at the following: the closest resemblance on the 4H time frame is around April 29th. The values on the Momentum Tracker, as well as the Stoch RSI, match in the order of Bullish, Total, and Bearish, if we disregard the MACD and Signal.
April 29, 1:00
And we are well aware of what happened in May of this year.
May 24
If history were to repeat itself for our Momentum Tracker, we might see the following scenario: BTC could show a short-term rise, reaching a high between 60,400 and 61,400, likely around 60,800, followed by a sharp reversal. Alternatively, it might plummet without making a new high. However, considering that Bullish Momentum is currently dominant, it’s more natural to expect an upside. If this unfolds, it would align with my two most recent analyses.
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