Bitcoin Analysis, done correcting?
BTC has been in a sideways range for a while between roughly 37.000 and 46.500 USDT. BTC dumped 7% after the bearish Supertrend Ninja - Clean signal on the 10th April (red vertical line on the background). Currently BTC is bouncing on support. If BTC holds here it is still a higher low.
The Supertrend Ninja - Clean gave 4 bullish signal (with the biggest 477%). In 2021 it gave 3 bullish signals, with 2 big bullruns (32% and 41%). In 2022 it gave 3 bullish signal.
Let's have a look at the other indicators. The Stoch RSI is in oversold levels, pointing upwards. K is above D, which is a good sign.
BTC is still in the Bearish Zone of the Ichimoku Cloud, which is bearish .
The RSI is range bound at 44 (40-60).
If we take a look at the Average Directional Index ( ADX DI) its bearish. The +DI (Green Line) is below the -DI (Red Line). While the Trend Strength is becoming weak. Since the ADX (Orange Line) is below its 9 Period EMA (Black Line).
Currently BTC is also below its Bollinger Bands Middle, Band Basis 20 Period SMA and the Least Squares Moving Average ( LSMA ). Which are bearish signs. Going down here, the next support is at 36.500 and 34.500 USDT. Supports and Resistances are highlighted as grey blocks.
Conclusion: BTC continues moving sideways or going downwards.
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Use:
In the chart I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for downtrends.
The Supertrend Ninja - Clean gave 4 bullish signal (with the biggest 477%). In 2021 it gave 3 bullish signals, with 2 big bullruns (32% and 41%). In 2022 it gave 3 bullish signal.
Let's have a look at the other indicators. The Stoch RSI is in oversold levels, pointing upwards. K is above D, which is a good sign.
BTC is still in the Bearish Zone of the Ichimoku Cloud, which is bearish .
The RSI is range bound at 44 (40-60).
If we take a look at the Average Directional Index ( ADX DI) its bearish. The +DI (Green Line) is below the -DI (Red Line). While the Trend Strength is becoming weak. Since the ADX (Orange Line) is below its 9 Period EMA (Black Line).
Currently BTC is also below its Bollinger Bands Middle, Band Basis 20 Period SMA and the Least Squares Moving Average ( LSMA ). Which are bearish signs. Going down here, the next support is at 36.500 and 34.500 USDT. Supports and Resistances are highlighted as grey blocks.
Conclusion: BTC continues moving sideways or going downwards.
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
What Indicators Do I Use:
In the chart I am using the "Supertrend Ninja - Clean", which is a trend-following indicator (Green and red vertical lines on the background). When the background of the candlestick closes green (vertical line). It indicates a possible bullish (up)trend. And red for downtrends.
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Disclaimer
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