Amazing,
Fundamentals have sent BTC on quite a bull run.
It is still our position that BTC will move to an entry price of 5500-5600
Furthermore, news and trading activity make a strong case for a bull run
to 6000-6500.
We will consider the following indicators at present and discuss where
these indicators should be at position entry.
1. Stochastic RSI
SRSI is currently approaching 100% suggesting BTC is overbought .
It is our position that the SRSI should be in an uptrend approaching, if not exceeding the 20% mark.
2. RSI
The RSI is currently in line with the price action. This is the condition we would the RSI to be in at entry.
3. 25-50 Day Moving Average Convergence/Divergence
The 25/50 MA is currently diverging with the 25 above the 50 confirming bullish action.
The channel, however, is beginning to narrow at present suggesting a trend reversal.
Our position is that we would like to see this pair of averages bullishly converge and diverge with the SRSI before we enter into our position with the SRSI trending upwards or in excess of 20%
4. Ichimoku Cloud
The ichimoku cloud has been acting as a kind of support and resistance to the BTC price action over the 4 hourly chart.
Currently, BTC is floating above the GREEN section of the Ichimoku Cloud.
We would like to see the price action floating above the RED section of the Ichimoku cloud when we take our long position in line with the before mentioned indicators.
POSITION: LONG 5500-5600
Fundamentals have sent BTC on quite a bull run.
It is still our position that BTC will move to an entry price of 5500-5600
Furthermore, news and trading activity make a strong case for a bull run
to 6000-6500.
We will consider the following indicators at present and discuss where
these indicators should be at position entry.
1. Stochastic RSI
SRSI is currently approaching 100% suggesting BTC is overbought .
It is our position that the SRSI should be in an uptrend approaching, if not exceeding the 20% mark.
2. RSI
The RSI is currently in line with the price action. This is the condition we would the RSI to be in at entry.
3. 25-50 Day Moving Average Convergence/Divergence
The 25/50 MA is currently diverging with the 25 above the 50 confirming bullish action.
The channel, however, is beginning to narrow at present suggesting a trend reversal.
Our position is that we would like to see this pair of averages bullishly converge and diverge with the SRSI before we enter into our position with the SRSI trending upwards or in excess of 20%
4. Ichimoku Cloud
The ichimoku cloud has been acting as a kind of support and resistance to the BTC price action over the 4 hourly chart.
Currently, BTC is floating above the GREEN section of the Ichimoku Cloud.
We would like to see the price action floating above the RED section of the Ichimoku cloud when we take our long position in line with the before mentioned indicators.
POSITION: LONG 5500-5600
Note
Wow, you gotta love bull runs! Even if you miss the trade, which we did, smile because the HODL is still good. But lets get down to business.
I want to point out how strongly fundamental information affects the technical movements of BTC and XBT Prepetual.
Last week, the tether debacle and this week, The Binance Hack.
Binance got hacked. Although Price action has yet to be affected. we believe fear, uncertainty and doubt will cause users to change platforms
in the short term. If we are correct, this will strengthen our assertion that BTC and XBT Perpetual have been following a weekly pattern.
we believe the price to drop to the 5500-5600 according to previous pattern analysis.
Furthermore, we believe there will be some profit taking which will cause the price action to cross both 25/50 moving averages causing a bearish convergence leading to a bearish Divergence.
From that point, when the averages bullishly cross again and diverge, we will wait for the Stochastic to be uptrending towards or closely from the 20% mark to enter our LONG POSITION.
POSITION LONG: 5500-5600
ENTRY DATE: MAY 8th-10th
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.