MATIC/USDHere is a closer look at this MATIC 1d Binance chart.
MATIC is in a massive Ascending Triangle Pattern on the 1 day chart. An Ascending Triangle Pattern is potentially a Bullish Continuation Pattern. The APEX of this Triangle Pattern is around July 2022. For your viewing pleasure, I have added various support and resistance lines within this Ascending Triangle.
At the moment, MATIC is ABOVE its Bollinger Bands Middle Band Basis 20 Period SMA for this 1 day timeframe. Note that the Upper and Lower Bands are converging inwards indicating volatility has slowed at the moment.
Note that MATIC is still above its Least Squares Moving Average (LSMA) for this 1 day timeframe.
MATIC is above its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 11x daily candle that i have selected.
Note that MATIC is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
Note that Volume is still low on this Binance chart and note that the last 8x Volume Bars have been BELOW its Volume 20 Period MA.
Looking at the Average Direction Index (ADX DI) we can see that the Trend Strength is still strong but has lost some strength with the ADX (Orange Line) dropping slightly to 27.562 below its 9 Period EMA (Black Line) which is at 27.585. Note that Negative Momentum has dropped sharply with the -DI (Red Line) dropping to 26.771. Positive Mmentum has also dropped slightly but not as sharply with the +DI (Green Line) at 18.693. For sustainable upwards momentum to continue, we need the +DI (Green Line) to CROSS back ABOVE the -DI (Red Line) on this 1 day timeframe.
Looking at the Moving Average Convergence Divergence (MACD) we can see that momentum is upwards at the moment and the MACD Line (Blue Line) is still ABOVE its Signal Line (Orange Line) on this 1 day timeframe. Note that the MACD Line (Blue Line) has not been above the 0.0 Base Line in the Positive Zone since 7th Jan 2022 on this 1 day timeframe. Be on the lookout for when the MACD Line crosses back above the 0.0 Base Line into the Positive Zone.
Taking a quick look at the Relative Strength Index (RSI) we can see that momentum at the moment is slightly downwards. Not that the RSI (Purple Line) is still ABOVE its 9 Period EMA (Orange Line) which is a sign of upwards momentum strength at the moment. Be on the lookout just incase the RSI (Purple Line) drops more and crosses back below its 9 Period EMA (Orange Line).
MATIC needs to stay above the Bollinger Bands Middle Band Basis 20 Period SMA and the LSMA indicator for any longterm upwards momentum to be sustainable.
If BTC takes another nose dive and causes MATIC to drop downwards out of the Ascending Triangle Pattern then MATIC may drop to its VPVR POC around $0.83 so we need to keep an eye on what BTC is doing as BTC still controls the market direction.
If the Ascending Triangle Pattern stays valid, then MATIC may be in for a big move up to possibly well above $10 if it successfully breaks back above the Ascending Triangle Resistance line.
I hope this is helpful with your trading and hodl-ing.
Adxdi
ADA/USDHere is a closer look at this ADA 1 day Binance chart.
As you can see, ADA is in a massive Descending Triangle Pattern. A Descending Triangle Pattern is potentially a Bearish Continuation Pattern.
Note that ADA is still ABOVE its Longterm Pitchfork Median Line on this 1 day timeframe.
ADA is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1 day timeframe. Note that the Upper and Lower Bands are starting to contract and pinch inwards.
At the moment ADA is above its Least Squares Moving Average (LSMA) on this 1 day timeframe.
Volume is still low on this Binance daily chart and note that the last 13x daily Volume Bars have been below its Volume 20 Period Moving Average.
At the moment ADA is above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 12x daily candles that i have selected.
If we zoom in on the chart, at the moment ADA is below its Volume Profile Visible Range (VPVR POC) for this charts visible range.
If we look at the Average Directional Index (ADX DI) we can see that the Trend Strength is very weak with the ADX (Orange Line) at 16.185 and dropping below the 20 Threshold and under its 9 Period EMA (Black Line) which is at 18.559. Positive Momentum has increased with the +DI (Green Line) dropping slightly to 21.931. Negative Momentum has decreased with the -DI (Red Line) dropping to 20.268. We need the +DI (Green line) to stay above the -DI (Red Line) and move further apart.
Taking a quick look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is indicating momentum is upwards at the moment and it is still above its Signal Line (Orange Line) but note that the MACD Line (Blue Line) is still under the 0.0 Base Line in the Negative Zone. Note that the MACD Line (Blue Line) has not been above the 0.0 Base Line in the Positive Zone since 20th Jan 2022 on this 1 day timeframe.
Taking a quick look at the Relative Strength Index (RSI) we can see that momentum is downwards art the moment and note that the RSI (Purple Line) is still above its 9 Period EMA (Orange Line) but because momentum is downwards we need to keep an eye on the RSI (Purple Line) the close it gets to its 9 Period EMA (Orange Line).
At the moment i still think it's Sideways at best or Downwards at worst for ADA. For any longterm recovery to become sustainable for ADA, we need ADA to make a higher high and CLOSE a daily candle ABOVE the $1.63 blue highlighted area.
I hope this is helpful with your trading and hodl-ing.
BTC/USD updateLet’s have a look at BTC/USD using as many indicators as i can. The purpose of my post as always is not price predication but more education on what these various indicators and squiggly lines are indicating.
As you can see on this Bitstamp 1d chart, BTC is in a Descending Triangle Pattern ‘potentially a Bearish Continuation’ as well as a Falling Wedge Pattern ‘potentially a Bullish Reversal’ on this 1d timeframe.
If we look at the Schiff Pitchfork Pattern (A,B,C) we can see that BTC is still below the Schiff Pitchfork Median Line. BTC is still above its Lower Yellow Schiff Pitchfork Support Line, a close below this level will possibly result in BTC revisiting its previous low of around $39,580, a close below that will take BTC down to its 50% Trend-Based Fib Extension level at around $38,536.
At the moment BTC is fighting to get back above its 38.2% Trend-Based Fib Extension Level.
BTC is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that the Middle, Upper and Lower Bands are all sloping downwards and we have slight expansion of the Lower Band.
BTC is getting really close to to testing its Least Squares Moving Average (LSMA) as support on this 1d timeframe. If BTC closes a daily candle below the LSMA then that is potentially a sell signal.
Looking at the Ichimoku Cloud with the 20,60,120,30 settings:
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the Mid Point of the Short-Term momentum is sideways at the moment.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the Mid Point of the Mid-Term momentum is sideways at the moment.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating that the momentum at the moment is downwards. Note that the Lagging Span (Chikou Span) is still under the price from 30 Periods ago, this is not good a good sign.
BTC is still well within the Bearish Zone of the Ichimoku Cloud, note that the Leading Span A (Senkou Span A) resistance level is pointing downwards further confirming nagative momentum. We should expect even more of a drop if the Leading Span B (Senkou Span B) starts to point downwards in parallel with the Leading Span A (Senkou Span A).
Let’s take a look at 4 different Momentum Indicators and see what each are telling us on this 1d timeframe.
Looking at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is pointing slightly downwards at the moment indicating slight Negative Momentum. The MACD Line (Blue Line) is still above its Signal Line (Orange Line) but it is still in the Negative Zone under the 0.0 Base Line and note that the Green Histograms are getting lighter and decreasing in size. If the MACD Line (Blue Line) crosses back under the Signal Line (Orange Line) then that will be a sell signal on this 1d timeframe. Note that the MACD Line (Blue Line) has not been in the Positive Zone above the 0.0 Base Line since 18th Nov 2021.
Looking at the Average Directional Index (ADX DI) we can see that Negative Momentum is still strong with the -DI (Red Line) at 27.83 and it is still above its +DI (Green Line) which has dropped to 12.05. Note that the Trend Strength is increasing with the ADX (Orange Line) rising to 36.88 and it is still above its 9 Period EMA (Black Line) which is at 36.55. Note that the +DI (Green Line) has not been above the -DI (Red Line) since 15th Nov 2021.
Looking at the Chaikin Money Flow (CMF) we can see that accumulation has actually increased with the CMF (Green Line) rising up from -0.24 on the 5h Jan to 0.01 just above the 0.0 Base Line. Note that the CMF (Green Line) is still above its 9 Period EMA (Cyan Line) indicating accumulation strength on this 1d timeframe. Note that the CMF (Green Line) has popped out of the Negative Zone at the moment, note that the CMF has not closed in the Accumulation Zone above the 0.0 Base Line since 24th Dec 2021. Look for a successful daily close above the 0.0 Base Line
If we look at the Elder Force Index (EFI) we can clearly see that the Bears are still in control because the EFI Line (Red Line) is still under the 0 Base Line indicating a Negative Elder Force. Note that the EFI Line (Red Line) is also starting to point downwards. If the EFI Line (Red Line) crosses back below its 9 Period EMA (Cyan Line) then that may see continued and faster negative momentum for BTC on this 1d timeframe. Note that the EFI Line (Red Line) has not produced a strong Positive Elder Force signal since 15th Nov 2021.
Here is a closer look at this Bitstamp 1d BTC chart:
So what does all this tell me for the medium to longterm, it tells me that for the medium to longterm unless BTC starts CLOSING daily candles ABOVE key levels like the Bollinger Bands Middle Band Basis and the Schiff Pitchfork Median Line on this 1d timeframe then we will see continued downwards momentum at worst or sideways momentum within a range at best. The LSMA is a key indicator to watch on this 1d timeframe, just trace back on the chart to see what may happen when the price successfully closes ABOVE or BELOW the LSMA indicator.
I hope this post helpful with your understanding of what the above indictors are indicating and i hope this is helpful with your Trading and Hodl-ing.
VET/USD - updateVET an in-depth 1day chart analysis:
If you look at my previous 3 VET charts and press play, you can see that VET has dropped out of its Symmetrical Triangle Pattern on the 1d timeframe.
VET is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Not that the Middle Band is moving downwards and so is the Upper and Lower Bands.
VET is testing its Descending Pitchfork Pattern Median Line, if VET drops below this line the we can expect VET to drop to $0.068 again.
Note that VET is still above its Least Squares Moving Average (LSMA) level at the moment. The LSMA Level is near the Pitchfork Median Line so if VET drops below the Pitchfork Median Line then it may also drop below the LSMA as this area is a crucial support. Note that if VET CLOSES a daily candle BELOW the LSMA then that will be considered a sell signal on this 1d timeframe for this indicator.
Note that VET is also in a Descending Triangle Pattern on this 1d timeframe. Note that a Descending triangle Pattern is a potentially a Bearish Pattern.
For your viewing pleasure i have added various Support and Resistance Lines as well as a few Support and Resistance Areas.
Volume is still very low on this Binance 1d chart and note that VET has not closed a daily Volume Bar above its Volume 20 Period Moving Average since the 10th Jan and note that that Volume Bar closed n the red.
VET is fighting to stay above its Volume Profile Fixed Range Point of Control (VPVR POC) for the Fixed Range of 8x daily candle s that i have selected.
VET is also under its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
If we look at the Average Directional Index (ADX DI) we can see that Negative Momentum has increased with the -D (Red Line) rising to 17.64 and Positive Momentum has decreased with the +DI (Green Line) dropping to 13.96. Not that the Trend Strength is very weak with the ADX (Orange Line) at 15.21 and still under its 9 Period EMA (White Line) which is at 17.73. Note that the ADX (Orange Line) is still under the 20 Threshold.
If we look at the Stochastic Indicator (STOCH) we can see that Momentum is downwards at the moment and note that the %K (Blue Line) is still below its %D (Orange Line) on this 1d timeframe. If VET drops below its Pitchfork Median Line and LSMA then we will see the %K (Blue Line) enter back into the Oversold Zone agin on this 1d timeframe.
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is indicating momentum is sideways for this indicator and note that the MACD Line (Blue Line) is still above its Signal Line (Orange Line). Note that Upwards momentum has weakened because today’s MACD Histogram Bar has decreased in size and has lightened. Note that the MACD Line (Blue Lien) is still in the Negative Zone under the 0.0 Base Line and has not been in the Positive Zone above the 0.0 Base Line since the 21st Nov 2021.
If we look at the Chaikin Money Flow (CMF) we can see that the CMF (Green Line) is still under the 0.0 Base Line in the Distribution Zone. However the CMF (Green Line) is pointing upwards indicating that Accumulation is increasing and this is confirmed by the CMF (Green Line) being above its Least Squares Moving Average (LSMA) (Cyan Line) which is a sign of accumulation strength. For accumulation strength to be sustainable, we need the CMF (Green Line) to eventually cross back above the 0.0 Base Line back into the Accumulation Zone on this 1d timeframe.
At the moment VET is fully under the control of BTC and in what direction BTC goes in. As you can clearly see from this Binance daily chart, Volume is still very VERY LOW for VET as well as for the overall crypto market in general. As we can see, the Market Makers are focusing on other select cryptos at the moment like ADA, but that rise is also being slowed because of BTC’s drop and control of the market. Overall there seems to be a lack of Market Maker Liquidity being traded at the moment.
There is a lot of talk about VET rising BUT any rise NEEDS to be backed up by INCREASING LARGE VOLUME to remain sustainable for the longterm. I would not get excited until Volume Increased and VET crosses above and more importantly CLOSES a daily candle ABOVE the Bollinger Bands Middle Band Basis 20 Period SMA and successfully ret-test it as support on this 1d timeframe. So overall there may be some more really good opportunities to acquire more VET at a much cheaper price.
I hope this is helpful with your Trading and Hodl-ng.
NOTES:
LSMA = Yellow Squiggly Line on chart
Bollinger Bands = Grey Bands on Chart
VPFR POC = Short Horizontal White Dashed Line on Chart
VPVR POC = Long Horizontal White Dashed Line on Chart
Support and Resistance Areas = Parallel White Lines with Yellow Shading on Chart
Volume Bars = Red and Green Bars bottom on Chart
Volume MA = Orange Line going through Volume Bars on Chart
Pitchfork Median Line = Long Descending Thin White Dashed Line on Chart
ADA/USD - updateWe have seen a very nice rise with ADAUSD since the 11th Jan with increasing Volume on this Binance 1d chart. The only issue at the moment is that BTC is dragging everything down with it so ADA is having trouble maintaining its rise at the moment.
ADA is above its Bollinger Bands Middle Band Basis 20 Period SMA and note that we have expansion of the Upper and Lower Bands and this expansion is for positive momentum. Not that ADA is above its Bollinger Bands Upper band so a retracement back under the Upper Band shouldn’t come as a surprise.
Note that ADA is still above its Least Squares Moving Average (LSMA) for this 1d timeframe.
ADA is still in the Bearish Zone of the Ichimoku Cloud but note that ADA has risen and is now getting close to the Leading Span A (Senkou Span A) resistance Level.
Note that ADA is still above its Longterm Pitchfork Median Line on this 1d timeframe.
ADA is still above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 8x daily candles that i have selected.
ADA is still above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
Note that Volume has increased and yesterday’s Volume Bar closed above its Volume 20 Period Moving Average and today’s Volume Bar will also close above it.
If we look at the Moving Average Convergence Diveragnce (MACD), we can see that the MACD Line (Blue Line) has crossed back over the Signal Line (Orange Line) generating a Buy Signal on the 13th-14th Jan and note that the MACD Line (Blue Line) is very close to crossing back over the 0.0 Base Line into the Positive Zone of the MACD indicator. Note that the MACD Line (Blue Line) has not been in the Positive Zone above the 0.0 Base Line since the 17th Sept 2021 so this will be an important move.
If we look at the Average Directional Index (ADX DI) we can see that the +DI (Green Line) is at 25.30 and has crossed back over the -DI (Red Line) which is at 14.28. this means that Positive Momentum is stronger then Negative Momentum on this 1d timeframe. Note that the Trend Strength is slightly weak with the ADX (Orange Line) at 18.94 under it s 9 Period EMA (White Line) which is at 19.85 and under the 20 Threshold. Note that the ADX (Orange Line) is pointing upwards so we may see another massive increased positive rise if the ADX (Orange Line) crosses back above the 9 Period EMA (White Line) and the 20 Threshold level.
If we look at the Stochastic Indicator (STOCH) we can see that the %K (Blue Line) is in the Overbought Zone of this indicator. The %K (Blue Line) is pointing downwards but it is still above its %D (Orange Line). Be on the lookout for if the %K (Blue Line) stays above the %D (Orange Line) or crosses back below it. Note that because the %K (Blue Line) is in the Overbought Zone that doesn't see that it will drop out of it because the %K (Blue Line) can range sideways in the Overbought Zone for a prolonged period of time.
Here is a wider look at this 1d chart.
With such a rise it is not uncommon for the price to drop back under its Upper Bollinger Band before continuing upwards. If Upwards Momentum continues being strong then we may see ADA walk up along its Upper Band for a few days.
As usual with BTC dropping, BTC is dragging everything down with it and slowing ADA’s rise, so we have to keep an eye on what BTC is doing because if BTC drops under $40K, then that will continue to drag ADA and all other alts down with it.
I hope this is helpful with your trading and hodl-ing.
BTC/USD updateI have added a Schiff Pitchfork Pattern (A,B,C) to this 1d timeframe. As you can clearly see, BTC tested the Schiff Pitchfork Median Line 7x as support and then that support failed on the 8th time and BTC has closed well below its Schiff Pitchfork Median Line.
At the moment, BTC has found some support from its support area highlighted with White Dotted Lines with Yellow Shading. Note that BTC bounced off this support yesterday and today.
BTC is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that we have expansion of the Upper and Lower Bollinger Bands and this expansion is for negative momentum.
BTC is below its Least Squares Moving Average (LSMA) for this 1d timeframe. A successful close below the LSMA indicator is considered a sell signal on this indicator and a close above is a buy signal. Note that BTC has not closed a daily candle above its LSMA since the 27th Dec 2021.
At the moment of typing this, BTC is trying to stay above the Neckline of the Head and Shoulders Pattern that it is in. Expect further downwards momentum if BTC closes a daily candle below the H&S Neckline.
Note that Volume has increased and that the last 2 Daily Volume Bars have closed above its Volume 20 Period MA and today’s volume bar will also close above it.
I have added a Trend-Based Fib Extension, you can see that BTC is broken way below its 23.60% level so if the Support Zone fails the next level will be the 38.20% level. Note that a 100% retracement would take BTC to $24,947.
If we look at the Moving Average Convergence Divergence (MACD) we can see that we have had a SELL SIGNAL on this 1d chart as you can clearly see that the MACD Line (Blue Line) has crossed back under the Signal Line (Orange Line). The MACD Line (Blue Line) is indicating momentum is still downwards on this 1d timeframe. Note that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line on this 1d timeframe. Note that the MACD Line (Blue Line) has not been in the Positive Zone above the 0.0 Base Line since 18th Nov 2021 on this 1d timeframe.
If we look at the Average Directional Index (ADX DI) we can see that Negative Momentum has dramatically increased with the -DI (Red Line) dropping slightly to 30.47. Positive Momentum has dramatically decreased with the +DI (Green Line) dropping to 10.93. Note that the Trend Strength has increased in strength with the ADX (Orange Line) at 32.60 and is back above its 9 Period EMA (White Line) which is at 31.31. Note that the +DI (Green Line) has not been above the -DI (Red Line) since the 15th Nov 2021 on this 1d timeframe.
If we look at the Chaikin Money Flow (CMF) we can see that the CMF Line (Green Line) is under the 0 Base Line and in the Distribution Zone. Note that the CMF (Green Line) has not been in the Accumulation Zone above the 0 Base Line since the 24th December 2021. Note that the CMF (Green Line) has risen but is still below its Least Squares Moving Average (LSMA) (Cyan Line) which is a sign of positive weakness on this 1d timeframe. Be on the lookout for when the CMF (Green Line) successfully crosses above the LSMA (Cyan Line) on this 1d timeframe.
If we take a look at the Stochastic Indicator (STOCH) we can see that the %K (Blue Line) is still in the Oversold Zone and has crossed back back above the %D (Orange Line). The STOCH is indicating that momentum at the moment is downwards and note that the %K (Blue Line) is starting to look like it may cross back under the %D (Orange Line) on this 1d timeframe.
Here is a closer Look at this BTC 1d chart.
So what does all this mean to me? If i was waiting to go LONG then i would not get excited until i start to see the MACD Line (Blue Line) move upwards back towards the Signal Line (Orange Line) indicating a potential Buy Signal might be happening. For the LONGTERM, be on the lookout for if/when the +DI (Green Line) crosses back above the -DI (Red Line) on the ADX DI, as well as the CMF (Green line) crossing back above the 0 Base Line into the Accumulation Zone of the CMF indicator on this 1d timeframe.
We need BTC to eventually cross above and more importantly CLOSE a daily candle above the Bollinger Bands Middle Band Basis 20 Period SMA and the LSMA on this 1d timeframe. If this happens, be on the lookout for any successful re-test of any previous resistance levels as support.
I hope this is helpful with your Trading and Hold-ing.
VeChain 1d chart - still on Low VolumeVeChain Update:
VeChain is still in its massive Symmetrical Triangle Pattern as indicated by the converging ascending and descending dotted trend-lines.
At the moment, VeChain is trying to stay above its Bollinger Bands Middle Band Basis 20 Period SMA. VeChain need to close this daily candle above the BB Basis. Note that Lower Band is moving upwards and the Upper band is moving sideways.
VeChain is still below its least Squares Moving Average (LSMA) for this 1d timeframe. If you are waiting to go long using this indicator then wait until a daily candle closes back above the LSMA level.
Note that VeChain is still in the Bearish Zone of the Ichimoku Cloud.
At the moment, VeChain is above its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 6x daily candles that i have selected.
At the moment, VeChain is below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
Note Volume is still very ow on this Binance 1d chart, and note that the last 6x daily Volume Bars have been way below its Volume 20 period MA. We need to see rises on increasing volume for any upwards momentum to be sustained.
I have added some key support and resistance areas indicated by the Black Horizontal Parallel Lines with Orange Shading. I have also added some key support and resistance lines and indicated by the various dashed, solid and dotted lines.
If we look at the Average Directional Index (ADX DI) we can see that Negative Momentum has dropped with the -DI (Red Line) dropping to 19.45. Positive Momentum has also dropped with the +DI (Green Line) dropping to 16.09. Note that the Trend Strength has weakened with the ADX (Orange Line) dropping to 25.24 and is still below its 9 Period EMA (Black Line) which is at 30.19. For any upwards momentum to be sustained, we need the ADX (Orange Line) to stay above the 20 Threshold (Black Dashed Line) and we 100% need the +DI (Green Line) to cross back above the -DI (Red Line) on this 1d timeframe.
If we take a look at the Stochastic Indicator (STOCH) we can see that momentum is downwards at the moment. Note that the %K (Blue Line) is fighting to stay above its %D (Orange Line). The %K (Blue Line) needs to stay above the %D (Orange Line) for continued upwards momentum. If the %K (Blue Line) drops and stays below the %D (Orange Line) then we will see further drops on this 1d timeframe.
Here is a wider look at this 1d chart, you can clearly see the difference in Volume that VeChain has now compared to what VeChain has experienced in the past. At the moment Volume is very, very low.
So what does all this mean to me? I would be very suspicious of any rise happening on really low volume. For me, I wouldn’t get excited by any rise unless its on increasing Volume. As always, we need to keep an eye on what BTC is doing as Bitcoin is still in a H&S Pattern.
Be on the lookout for a successful break above the LSMA indicator level and any successful re-test as support as well as the +DI (Green Line) crossing back above the -DI (Red Line) on the ADX DI indicator on this 1d timeframe.
I hope you’ve found it helpful with your trading and hodl-ing.
DJI - longterm Pitchfork Pattern is still valid since July 1932With all this talk about another great depression like stock market crash happening in the very near future, i thought i’d join the fun and take a look and analyse the DJI Monthly Chart.
Using an extended Pitchfork Pattern (A,B,C), we can clearly see that the DJI has been in an Upwards Pitchfork Pattern since the Month of the 1st July 1932.
Chart wise, you can see The Wall Street Crash of 1929 which started the Month of the 2nd September 1929 and ended the Month of the 1st July 1932. History says the crash ended on 13th Nov 1929 but chart wise it didn’t, because the bottom turned out to be around $40 on the 1st July 1932 not $195 on the 13th Nov 1929.
Chart wise, the 2020 Covid-19 crash started in the Month of 2nd Jan 2020 with what’s looks like a Monthly Shooting Star Candle which then lead to 2 more Bearish Monthly Candles. The Candle from the Month of 2nd March wicked all the way down to the depths of hell & found strong support from its Upper Yellow Pitchfork Support Line, the price then managed to close back above its Upper Light Green Pitchfork Support Line.
Note that the last time the DJI closed a Monthly Candle below its Pitchfork Median Line was the Month of the 2nd Feb 2009. The Price eventually made it its way back ABOVE its Pitchfork Median Line on the month of the 1st April 2009.
At the moment, DJI has found strong resistance from its Upper Light Blue Pitchfork Resistance Line. What is interesting is that this Pitchfork Resistance Line served as strong resistance from the Month of the 3rd May 1999 - 3rd Jan 2000, note that the DJI failed to close a Monthly candle above this level and has not closed a Monthly candle above this Pitchfork Resistance Line since the Month of the 2nd Sept 1929.
If we take a look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still in the Positive Zone above the 0.0 Base Line. Note that the MACD Line (Blue Line) is curving downwards and if it crosses back under the Signal Line (Orange Line) then that will be a potential sell signal on this 1 Month timeframe. Note that the MACD Line (Blue Line) has not been in the Negative Zone under the 0.0 Base Line since the Month of 1st Sept 2010.
Looking at the Average Directional Index (ADX DI) we can see that Positive Momentum has weakened on this 1 Month timeframe with the +DI (Green Line) dropping to 23.82 and Negative Momentum has risen with the -DI (Red Line) at 14.94. Note that the Trend Strength is sideways with the ADX (Orange Line) at 21.93 and still above its 9 Period EMA (Black Line) which is at 21.05. If the -DI (Red Line) ever crosses back ABOVE the +DI (Green Line) then that would mean that Negative Momentum has become DOMINANT over Positive Momentum on this 1 Month timeframe.
If we look at the Relative Strength Index (RSI) we can see that the RSI (Purple Line) has dropped out of the Overbought Zone at the moment. Note that the RSI (Purple Line) is also below its 9 Period EMA (Orange Line) which is a sign of weakness for Positive Momentum on this 1 Month timeframe.
Note that we also have DIVERGANCE with the Price and the RSI on this 1 Month timeframe.
The Wall Street Crash of 1929 dropped to around -89%. A drop of -89% from the price level at the moment would take DJI Price to around $3,800.
The Covid-19 Crash of 2020 dropped to around -38%. A drop of -38% from the price level at the moment would take the DJI Price to around $21,550.
Here is a closer look at this 1 Month chart.
Note that if DJI does drop massively again then it has potentially 4 Pitchfork Support Levels to support it before it reaches the Pitchfork Median Line.
Note that the Upper Dark Green Pitchfork Support Line will be a crucial level to watch as it has acted as support & resistance on multiple occasions over the last 121 years.
I hope this post has been helpful with your trading ;-)
On a funny note, some may wonder whether or not the 1929 crash happened to mark the conception of a certain individual called Warren Buffett ;-)
VeChain - 1d chart updateVeChain is still within its Massive Symmetrical Triangle on this 1d timeframe.
VeChain is back above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that the Upper and Lower Bands are still pinching inwards so that means the Bollinger Bands have a lot of room to expand before becoming over extended.
Note that VeChain is still above its Least Squares Moving Average (LSMA) for this 1d timeframe.
VeChain is still in the Bearish Zone of the Ichimoku Cloud for this 1d timeframe. VeChain still has a mountain to climb before it can attempt to get back into the Equilibrium Zone and then back into the Bullish Zone.
At the moment, VeChain is above its VPFR POC for the Fixed Range of 11x daily candles that i have selected. A very good sign will be if VeChain closes this daily candle above this VPFR POC.
At the moment, VeChain is above its VPVR POC for this charts Visible Range. A very good sign will be if VeChain closes this daily candle above this VPVR POC.
Volume is still low on this Binance Chart, but note that yesterday’s 1d Volume Bar closed above its Volume 20 Period MA.
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is indicating momentum is upwards and note that it is still above its Signal Line (Orange Line). The MACD Line (Blue Line) is still under the 0.0 Base Line in the Negative Zone, be on the lookout for when the MACD Line (Blue Line) crosses back above the 0.0 Base Line into the Positive Zone on this 1d timeframe.
If we look at the Average Directional Index (ADX DI) we can see that the Trend Strength has dropped slightly with the ADX (Orange Line) dropping to 43.05 and dropping below its 9 Period EMA (Black Line) which is at 44.21. Note that the -DI (Red Line) has dropped to 22.52 indicating Negative Momentum has dropped. Note that the +DI (Green Line) is slightly sideways at the moment at 13.49. Be on the lookout for when the +DI (Green Line) crosses back above the -DI (Red Line) as this will indicate that Positive Momentum has become DOMINANT over Negative Momentum on this 1d timeframe.
Here is a wider look at this 1d chart:
I have added 2 areas of interest on this chart indicated by the Horizontal Parallel Black Lines with Yellow Shading. The bottom area is our major support area that VeChain must keep closing above. The top area is the next major area of resistance that VeChain must break back above and more importantly CLOSE a daily candle above this area of resistance. Keep an eye out for any successful re-test a support if there is a breakout.
I hope this is helpful with your trading and hodl-ing.
ADA - another 1d chart updateAt the moment, ADA is back above its Bollinger Bands Middle,Band Basis 20 Period SMA on this 1d timeframe. ADA needs to close this daily candle above the BB Middle Band Basis. Note that it looks like the Upper and Lower Bands may start pinching inwards if a significant new high or low cannot be achieved.
ADA has found some resistance from its Least Squares Moving Average (LSMA) on this 1d timeframe. Note that the LSMA is currently at the Horizontal Resistance Line (Dotted Line) at $1.382.
Note that ADA is still in the Bearish Zone of the Ichimoku Cloud.
ADA is still below its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 8x 1d candles that i have selected.
At the moment, ADA is fighting to stay above its Volume Profile Visible Range (VPVR POC) for this charts visible Range. A daily close above this level is crucial for continued upwards momentum.
Note that the last 3 Volume Bars closed above its Volume 20 Period MA.
I have added some key Resistance and Support Areas indicated by the Horizontal Parallel Black Line with Yellow Shading.
If we take a look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line and is indicating momentum is sideways at the moment. Note that the MACD Line (Blue Line) is still above its Signal Line (Orange Line) for this 1d timeframe. Note that the MACD Line (Blue Line) has not been in the Positive Zone above the 0.0 Base Line since the 17th Sept 2021.
Looking at the Stochastic Indicator (STOCH) we can see that momentum at the moment is upwards, we may see more upwards momentum on this 1d timeframe if the %K (Blue Line) successfully crosses back above the %D (Orange Line) and stays above it.
If we take a look at the Average Directional Index (ADX DI) its looking scary as the +DI (Green Line) is at 18.301 and has crossed back under the -DI (Red Line) which is at 18.401 indicating that Negative Momentum has overtaken Positive Momentum on this 1d timeframe. We 100% need the +DI (Green Line) to cross back above the -DI (Red Line) on this 1d timeframe. Note that the Trend Strength has dropped with the ADX (Orange Line) at 24.445 and it is below its 9 Period EMA (Black Line) which is at 30.164 further indicating the Trend Strength is indeed becoming weak.
At the moment, from my perspective it’s looking like SIDEWAYS within a range at best or DOWNWARDS at worst for ADA. Be on the lookout for any successful close above the BB Middle Basis and successfully re-test as support on this 1d timeframe.
As always, we need to keep an eye on what BTC is doing because BTC is in a H&S Pattern. If BTC drops below and more importantly CLOSES below the Neckline of the H&S Pattern then that will effect all alts including ADA in a negative way.
I hope you have found this ADA analysis post helpful with your Trading and Hodl-ing.
Notes:
LSMA = Black Squiggly line on Chart
Bollinger Bands = Grey Bands on Chart
Resistance and Support Areas = Horizontal Parallel Black Lines with Yellow Shading on Chart
Volume Bars = Bars Bottom of Chart
Volume 20 MA = Orange Line going through Volume Bars on Chart
Ichimoku Cloud = Red and Green Cloud on Chart
VPFR POC = Short Horizontal Blue Line on Chart
VPVR POC = Long Horizontal Blue Line on Chart
BTC - Heads Shoulders Knees and ToesBTC is still below The Median Line of its Longterm Upwards Pitchfork Pattern on this 1d timeframe.
Note that BTC has not closed a daily candle below the Lower Yellow Pitchfork Support Line since the 7th Nov 2020.
Note that BTC has previously found support from this Lower Yellow Pitchfork Support Line on the 20th and 21st of July 2021.
BTC is still below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Not that the Upper and Lower Bands are still heading slightly sideways but we do have a bit of expansion so we should expect more negative expansion if the price continues to drop.
BTC is still below its Least Squares Moving Average (LSMA) for this 1d timeframe. A close above the LSMA is a BUY signal and a close below the LSMA is a SELL signal for this indicator.
The Head and Shoulders Pattern is still running its course. BTC needs to stay above the Lower Support Area i have indicated or next stop will be the H&S Neckline.
BTC is still below its Volume Profile Visible Range Point of Control (VPVR POC) for this chart’s Visible Range.
BTC is below its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 13x 1d candles that i have selected.
Note that the last 2 Volume Bars have closed above its Volume 20 Period MA and they closed in the red.
I have added a Trend-Based Fib Extension which show a few potential Fib levels that could be used for potential profit taking if you are short.
The Moving Average Convergence Divergence (MACD) is indicating that we may possibly see a SELL signal on this indicator because you can clearly see that the MACD (Blue Line) is very close to crossing back under the Signal Line (Orange Line), which is a sell signal for this indicator. Note that the MACD Line (Blue Line) is still in the Negative Zone under the 0.0 Base Line.
If we look at the Stochastic Indicator (STOCH), we can see that the %K (Blue Line) is still under its %D (Orange Line) and is also in the Oversold Zone under the 20 Line. At the moment, if the %K (Blue Line) crosses back above the %D (Orange Line) I personally would not jump in on a long using this indicator alone, i would asses how the daily candle closed as well to check if there is any potential Divergence between the STOCH and the price.
If we look at the Average Directional Index (ADX DI) we can see that the Trend Strength is strong with the ADX (Orange Line) rising to 30.55. We may see the ADX (Orange Line) cross back above its 9 Period EMA (Black line) which is at 32.39 and would be a further sign of the Trend Strength. The -DI (Red Line) is at 31.92 and way above its +DI (Green Line) which is at 16.06. This indicates that Negative Momentum is hugely dominant over Positive Momentum on this 1d timeframe.
For your viewing pleasure, here is a closer look at this 1d chart.
For your viewing pleasure, here is a wider look at the Longterm Pitchfork Pattern (A,B,C) on this 1d chart.
Looking at the previous 6d Chart i did, note that BTC is 2 days aways from closing this 6d candle which may potentially close as a BEARISH ENGULFING Candle on the 6d timeframe. But a lot can happen and change in 2 days.
So what does all this mean?
If the MACD produces a SELL Signal on this 1d timeframe then we will see further drops on this 1d timeframe. If BTC crosses below and more importantly CLOSES a daily candle below its CRUCIAL Lower Yellow Pitchfork Support Line then that becomes resistance and we should expect that BTC will eventually cross under the H&S neckline leading to even further drops that may be cushioned by some of the Trend-Based Fib Extension levels. In any case, a lot can happen in 2 days but at the moment it looks like there may still be some really good buying opportunities coming up for all crypto in general.
I hope you have found this analysis post helpful with your trading and hodl-ing.
Notes:
LSMA = Black Squiggly Line on chart
Bollinger Bands = Grey Bands on chart
Pitchfork Pattern = Follow the A,B,C
VPFR POC = Short Horizontal Blue Dotted Line on chart
VPVR POC = Long Horizontal Blue Dotted Line on chart
Support and Resistance Areas = Black Horizontal Lines with Blue Shading on chart
H&S Pattern = You know where that is ;-)
BTC - needs to Invalidate the H&S Pattern on the 6d ChartBTC is potentially in a Head and Shoulders Pattern on this 6d chart, and you can also see clearly this on the weekly as well.
Ideally, BTC needs to CLOSE this 6d Candle above the Dashed Resistance Line at around $53,148. If not, then the next 6d Candle will suffice. Failure to do so may validate the Right Shoulder and if BTC drops below the H&S Neckline then a potentially much bigger drop can be expected.
BTC is still below its Bollinger Bands Middle Band Basis 20 Period SMA on this 6d timeframe. Note that the Upper and Lower Bollinger Bands are moving sideways.
Note that BTC is still below its Least Squares Moving Average (LSMA) for this 6d timeframe. Be on the lookout for a 6d Candle CLOSE above the LSMA as that will be a BUY signal for traders who use this indicator on this 6d timeframe.
BTC is still above its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 4x 6d Candles that i have selected. We 100% need BTC to CLOSE this 6d Candle above this level.
Note that the Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range is at $56,375 so BTC is not that far away from it. We can expect some resistance around this level.
Volume is still low on this Bitstamp 6d Chart and note that the last 2x 6d Volume Bars have been below its Volume 20 Period SMA.
I have highlighted 2 potentially crucial Support Areas for this 6d timeframe. The first is at $40,879 - $39,511 and the next one is $31,037 - $28,622.
Let’s take a look at 3 Momentum Indicators, the STOCH, MACD and the ADX DI and see what each is actually indicating:
If we take a look at the Stochastic Indicator (STOCH), The %K Line (Blue Line) is indicating that momentum is upwards at the moment. The %K Line (Blue Line) is still relatively low and has a lot of room to move up before breaking into the Overbought Zone above 80 on this 6d timeframe. Note that at the moment the %K Line (Blue Line) is above its %D Line (Orange Line).
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still under its (Signal Line). We need the MACD Line (Blue Line) to cross back above the Signal Line (Orange Line) as this will be a BUY SIGNAL for this indicator on this 6d timeframe. Not that the MACD Line (Blue Line) is still above the 0.0 Base Line in the Positive Zone.
If we look at the Average Directional Index (ADX DI) we can see that Negative Momentum has dropped with the -DI (Red Line) at 21.72 and Positive Momentum has risen with the +DI (Green Line) at 17.55. Note that the trend strength has lost a bit of strength with the ADX (Orange Line) dropping to 21.67 and it is still below its 9 Period EMA (Black Line) which is at 23.61. We need the ADX (Orange Line) to stay above the 20 Threshold (Dashed Black Line) and we need the +DI (Green Line) to cross back above the -DI (Red Line) on this 6d timeframe for any LONGTERM recovery to become sustainable and real.
Note that all of these indicators can be used and applied in whatever trading timeframe you are in.
So what does all this mean. Simply put…. BTC needs to CLOSE above the Dashed Resistance Line.
If you are waiting for full Bullish confirmation on this longterm 6d timeframe, then be on the lookout for when BTC manages to CLOSE a 6d Candle ABOVE the Dashed Resistance Line invalidating the H&S Pattern.
After that, we need BTC to break back above and more importantly CLOSE above the Bollinger Bands Middle Band Basis and then the LSMA on this 6d timeframe. Also be on the lookout for any successful re-test of a previous resistance as support.
Note that there is always a possibility that if BTC cannot break above and more importantly CLOSE above the Dashed Resistance Line, then it may still invalidate the H&S pattern by ranging sideways within a range for a prolonged period of time.
I hope this is helpful with your Trading and Hodl-ing.
Notes:
LSMA = Black Squiggly Line on chart
Bollinger Bands = Yellow Bands on chart
VPFR POC = Short Horizontal Red Dotted Line on chart
VPVR POC = Long Horizontal Red Dotted Line on chart
Support Areas = Black Horizontal Lines with Yellow Shading on chart
H&S Pattern = You know where that is ;-)
BTC - 4hr chart updateBTC is still below its Descending Trend-line. BTC needs to break back above and more importantly CLOSE back above the Descending Trend-line before any long term recovery to the upside becomes concrete.
BTC is back above its Bollinger Bands Middle Band Basis 20 Period SMA. BTC has dropped back under its Upper Bollinger Band which is expected after a large rise and expansion of the Upper and Lower Bands, so we may see some consolidation sideways within a range before the next big move.
At the moment, BTC is back above its Least Squares Moving Average (LSMA) for this 4hr timeframe. A candle close above the LSMA is considered a buy signal for this indicator.
At the moment, BTC is in the Equilibrium Zone of the Ichimoku Cloud using the 20,60,120,30 settings. Note that BTC has found some support near its Ichimoku cloud Leading Span A (Senkou Span A) support level.
At the moment of typing this, BTC is below its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 8x 4hr candles that i have selected. BTC needs to close a 4hr candle above this level.
Note that BTC is also still below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
Note that the last 8x 4hr Volume Bars have been above its Volume 20 Period MA.
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) has crossed back over and above the Signal Line (Orange Line) which is a buy signal. Note that the MACD Line (Blue Line) has also crossed back above the 0.0 Basle Line and is now in the Positive Zone for this 4hr timeframe. Note that the MACD Line (Blue Line) is the highest it has been in the Positive Zone since the 1st Dec 2021.
If we look at the Average Directional Index (ADX DI) we can see that Positive Momentum has dropped slightly on this 4hr timeframe with the +DI (Green Line) dropping to 25.97. Negative Momentum has also dropped with the -DI (Red Line) dropping to 13.99. Note that the Trend Strength is still slightly weak with the ADX (Orange Line) at 19.65 and still under the 0.0 Threshold. Note however that the ADX (Orange Line) is above its 9 Period EMA (Black Line) 18.58. The +DI (Green Line) need to stay ABOVE the -DI (Red Line) on this 4hr timeframe for any long term recovery to the upside to last.
If BTC can eventually make it back above and more importantly CLOSE back above the Descending Trend-line then BTC will possibly rise to about $53,360 where it will find its next major resistance. The next major resistance after that will be the VPVR POC around $57,175. If BTC cannot close back above the Descending Trend-line then BTC will eventually make its way to its major support level between $45,820 - $45,409. If that Major Support Area fails then BTC will drop back to around $41,900. If BTC does turn downwards, then the LSMA and the Bollinger Bands Middle Band Basis will be crucial support levels on this 4hr timeframe.
Here is a closer look at this 4hr chart.
I hope this post is helpful with your trading and hodl-ing.
Notes:
LSMA = Black Squiggly Line on chart
Bollinger Bands = Grey Bands on chart
Ichimoku Cloud = Green and Red Cloud pattern on chart
VPVR POC = Long Horizontal Red Dotted Lines on chart
VPFR POC = Short Horizontal Red Dotted Lines on chart
Descending Trend-line = Descending Black Line on chart
Resistance and Support Lines = Descending and Ascending Dotted Lines on chart
Major Support Area = Bottom Horizontal Parallel Lines with Yellow Shading on chart
Possible Next Resistance Area = Top Horizontal Parallel Lines with Yellow Shading on chart
VTHO - 1d chart updateVTHO is back above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that the Upper and Lower Bands are moving sideways and have plenty of room to expand.
VTHO is still above its Least Squares Moving Average (LSMA) for this 1d timeframe.
VTHO is still above its Volume Profile Fixed Range Point of Control (VPFR POC) for the Fixed Range of 5x daily candles i have elected.
At the moment, VTHO is still below its Volume Profile Visible Range Point of Control (VPVR POC) for this chart’s Visible Range.
Note that Volume has been increasing but the last 13x Volume Bars have closed below its Volume 20 Period MA.
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) is still above its Signal Line (Orange Line) and is indicating Momentum is upwards at the moment on this 1d timeframe. Note that the MACD Line (Blue Line) still has a long way to go before crossing back over the 0.0 Base Line back into the Positive Zone.
If we look at the Stochastic Indicator (STOCH) we can see that the %K Line (Blue Line) is above its %D Line (Orange Line) and has now crossed into the Overbought Zone. Being in the Overbought Zone doesn’t mean the %K Line will drop as it can go slightly higher and even range sideways within a range in the Overbought Zone for a prolonged period of time.
If we look at the Average Directional Index (ADX DI) we can see that Negative Momentum has dropped with the -DI (Red Line) dropping to 21.60. Positive momentum has risen but is now slightly sloping down at 18.40. Not that the Trend Strength is still strong with the ADX (Orange Line) at 25.26 but note that the ADX (Orange Line) has dropped below its 9 Period EMA (Black Line) which is at 26.86 so the ADX has lost some Trend Strength but its still good because the ADX is still above the 20 Threshold. Be on the lookout for when the +DI (Green Line) crosses back ABOVE the -DI (Red Line) which will indicate that Positive Momentum is now dominant over Negative Momentum on this 1d timeframe.
Here is a wider view of this VTHO 1d chart:
Note that VTHO is in a Massive Symmetrical Triangle Type Pattern on this 1d timeframe.
I have added a few Support and Resistance Areas of interest indicted by Horizontal Black Lines with yellow Shading. At the moment VTHO is trying to get back above its first resistance area. A successful close above this level will be a very good sign for continued upwards momentum.
I hope this is helpful with your trading and hodl-ing,
Notes:
LSMA = Black Squiggly Line on chart
Bollinger Bands = Grey Bands on chart
VPVR POC = Long Horizontal Red Dotted Lines on chart
VPFR POC = Short Horizontal Red Dotted Lines on chart
Resistance and Support Area = Horizontal Parallel Lines with Yellow Shading on chart
VeChain - A quick analysisVeChain was in a massive Rising Wedge Pattern and has broken below it.
VeChain is now in a new massive Symmetrical Triangle Pattern. VeChain needs to stay above the Ascending Trend-line of the Symmetrical Triangle for any real upside recovery to take place.
At the moment of typing this, VeChain is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. We need VeChain to break back above and more importantly close above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe.
At the moment of typing this, VeChain is above its Least Squares Moving Average (LSMA). At the moment VeChain has found support from the LSMA. We need this daily candle to close above the LSMA.
At the moment of typing this, VeChain is above its Volume Profile Fixed range Point of Control (VPFR POC) fro this charts fixed range off 29 daily candles that i have selected.
Note that yesterday’s Volume Bar ended in the Green and closed above its Volume 20 period Moving Average. It’s still uncertain if today will end in the green.
The Average Directional index (ADX DI) is showing that the -DI (Red Line) is still above the +DI (Green Line) indicating that Negative Momentum is still dominant over Positive Momentum on this 1d timeframe. Note that the -DI (Red Line) has dipped slightly to 31.03 and the +DI (Green Line) has risen to 9.02 but it looks like it’ll be awhile before we see the +DI (Green Line) cross back above the -DI (Red Line) on this 1d timeframe. Note that at the moment, the Trend Strength is strong with the ADX (Orange Line) at 34.40 and still above its 9 Period EMA (Black Line) which is at 28.80.
The Moving Average Convergence Divergence is indicating momentum is still downwards and note that the MACD Line (Blue Line) is still below its Signal Line (Orange Line) and is also in the Negative Zone below the 0.0 Base Line. We need to see the MACD (Blue Line) cross back above the Signal Line (Orange Line) on this 1d timeframe for any real recovery to take place.
I would not get excited unless VeChain closes a daily candle back above its Bollinger Bands Middle Band Basis 20 Period SMA on this 1d timeframe.
Here is a closer look at this VeChain chart.
I hope this is helpful with your trading and hodl-ing.
Rising Wedge Pattern = Ascending Converging Black Dashed Lines on chart
Symmetrical Triangle Pattern = Ascending/Descending Converging Black Dotted Lines on chart
LSMA = Black Squiggly Line on chart
Bollinger Bands = Grey Bands on chart
VPFRPOC = Short Horizontal Red Line on chart
Quick BTC 4hr chart updateBTC Update:
BTC is back above its Bollinger Bands Middle Band Basis 20 Period SMA for this 4hr timeframe. Note that BTC is above its Bollinger Bands Upper Band and we have expansion of the Upper and Lower Bands and this expansion is for positive momentum.
Note that BTC is still in the Bearish Zone of the Ichimoku Cloud on this 4hr timeframe.
BTC is also back above its Least Squares Moving Average (LSMA) for this 4hr timeframe. A candle close above this indicator is a potential buy signal for traders who use this indicator.
BTC is back above its Descending Pitchfork Median Line (Black A,B,C).
Note that we have a new C Pivot point for our Ascending Pitchfork Pattern (Red A,B,C).
BTC is back above its Volume Profile Fixed Range Point of Control for this charts fixed range of 15x 4hr candles that i have selected.
Note that BTC is still below its Volume Profile Visible Range Point of Control for this charts visible range.
Volume on this Bitstamp Chart is still relatively low and note that the last 6x 4hr Volume Bars have been below its Volume 20 Period Moving Average.
The Average Directional Index (ADX DI) is indicating a sharp rise in Positive Momentum with the +DI (Green Line) rising to 24.02 and the -DI (Red Line) dropping to 15,72. Note that the ADX (Orange Line) is at 17.83 and has started to curve upwards indicating the Positive Trend Strength is increasing in Strength. The 9 Period EMA (Black Line) is at 19.04 so we may see the ADX (Orange Line) eventually cross back over and above its 9 Period EMA (Black Line). We also need the ADX (Orange Line) to cross back over the 20 Threshold (Horizontal Dashed Black line) on this 4hr timeframe.
The Moving Average Convergence Divergence (MACD) is also indicating a sharp rise in Positive Momentum with the MACD Line (Blue Line) back in the Positive Zone and above the 0,0 Base Line. Note that we also have increasing Green Histograms. Note that this is the first time since 15th Nov 2021 that the MACD Line (Blue Line) has been in the Positive Zone of the MACD indicator on this 4hr timeframe.
I have added 2 areas of interest using the Parallel Channel tool. BTC needs to stay above the Lower Parallel Channel around $55,610 - $55,100 and this is BTC's potential bottom on this 4hr timeframe. BTC also needs to break back above and more importantly close back above the Upper Parallel Channel around $59,480 - $60,148. Closing above $60,148 takes BTC into the Equilibrium Zone of the Ichimoku Cloud, and also back above its Ascending Pitchfork Lower Green Resistance Line (Red A,B,C). It also takes BTC back above its Descending Pitchfork Upper Green Resistance Line (Black A,B,C) so this is an important area for BTC to close above.
Note that because BTC is above its Bollinger Bands Upper Band, a retrace back under the Upper Band shouldn’t come as a surprise to you. It should be an interesting weekend.
I hope this is helpful with your trading and Hodl-ing.
Notes:
Bollinger Bands = Grey Bands on Chart
LSMA = Black Squiggly Line on Chart
VPFR POC = Short Horizontal Red Line on Chart
VPVR POC = Long Horizontal Red Line on Chart
Important Resistance Zone = Upper Parallel Black Line with Yellow Shading on Chart
Important Support Zone = Lower Parallel Black Lines with Yellow Shading on Chart
Volume Moving Average = Orange Line going through Volume Bars on Chart
Descending Pitchfork Pattern = Black A,B,C on Chart
Ascending Pitchfork Pattern = Red A,B,C on Chart
Support and Resistance Lines - Horizontal Dashed Black Lines on Chart
VTHO updateVTHO is still within its Symmetrical Triangle on this 1d timeframe.
At the moment VTHO has found support from the Ascending Trend-line of the Symmetrical Triangle.
VTHO is below its Bollinger Bands Middle Band Basis 20 Period SMA, VTHO needs to get back above this level on this 1d timeframe.
At the moment VTHO is below its Least Squares Moving Average (LSMA) for this 1d timeframe. VTHO needs to close this daily candle above the LSMA because a close below the LSMA is is potential sell signal.
VTHO is below its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 6x 1d candles that i have selected.
VTHO is also below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
Note that the last 6x Volume Bars have closed above its Volume 20 Period Moving Average.
If we look ate the Average Directional Index (ADX DI) we can see that Positive Momentum has dropped with the +DI (Green Line) dropping to 26.25 and Negative Momentum has increased wth the -DI (Red Line) rising to 19.26. Note that the +DI (Green Line) is still above the -DI (Red Line) on this 1d timeframe. The ADX (Orange Line) has also dropped to 25.69 and note it is still under its 9 Period EMA (White Line) which is at 27.29 for this 1d timeframe.
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MCAD Line (Blue Line) is still i the Negative Zone of the MACD indicator. If you are waiting to go long but are uncertain then be on the look out for when the MACD Line (Blue Line) crosses back above the Signal Line (Orange Line) which is a buy signal of varying degree depending on if the MACD Line (Blue Line) is in the Positive or Negative Zone.
If we take a look at the Stochastic Indicator (Stoch) we can see that VTHO is now in the Oversold Zone of this indicator. Be on the lookout for when the %K Line (Blue Line) crosses back above the %D Line (Orange Line) with also the %K Line (Blue Line) crossing back over the 20 Line out of the Oversold Zone.
First port of call is that VTHO needs to close this daily candle within its Symmetrical Triangle, then VTHO needs to get back above its LSMA and Bollinger Bands Middle Band Basis to get back on track.
I hope this is helpful with your trading and hodl-ing.
Notes:
LSMA = Yellow Squiggly Line on Chart
Bollinger Bands = Grey Bands on Chart
VPVR POC = Long Horizontal Red Line on Chart
VPFR POC = Short Horizontal red Line on Chart
Volume MA = Orange Line going through Volume Bars on Chart
Symmetrical Triangle = Converging Ascending and Descending White Dashed Lines
ETHUSD - 1d chart updateAt the moment ETH is back above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that the Bollinger Bands Upper and Lower Bands have not expanded yet indicating there is room for more upwards volatility before becoming over extended on this 1d timeframe.
ETH is also back above its Least Squares Moving Average LSMA for this 1d timeframe.
ETH is in a Schiff Pitchfork Pattern (A,B,C). Note that ETH is above its Schiff Pitchfork Median Line and also above the Schiff Pitchfork Upper Yellow Support Line. At the moment ETH has found some resistance from its Upper Yellow Schiff Pitchfork Resistance Line.
ETH is in a Rising Wedge patter. A Rising Wedge pattern is a potential Bearish pattern. To invalidate this rising wedge ETH will need to close above the top Ascending Trend-line of the Rising Wedge pattern.
ETH is also in a Descending Channel which could turn out to be a Bull Flag. ETH needs to close a daily candle above the Descending Trend-line of the Descending Channel.
At the moment ETH is above its Volume Profile Fixed Range Point of Control, for the fixed range of 7x 1d candles that i have selected.
ETH is still above its Volume Profile Visible Range Point of Control for this charts visible range.
Volume has increased on this 1d Binance chart and you can see that today’s daily candle will close above its Volume 20 Period MA.
Using the Ichimoku Cloud settings of 20,60,120,30 but note I’m only using the cloud portion of the indicator, you can see that ETH is still safely in the Bullish Zone of the Ichimoku Cloud.
The Average Directional Index (ADX DI) Is indicating that Positive Momentum has increased with the +DI (Green Line) rising to 13.21 and the Negative Momentum has dropped with the -DI (Red Line) dropping to 15.84. The ADX (Orange Line) has weakened by dropping to 25.80 and note its still below its 9 Period EMA (Black Line) which is at 28.43. Depending on what BTC does, its very likely well see the +DI (Green Line) cross back above the -DI (Red Line) which if it happens, would indicate positive momentum has fully overtaken Negative Momentum on this 1d timeframe.
The Moving Average Convergence Divergence (MACD) is indicating that the MACD Line (Blue Line) has reversed upwards and is still in the Positive Zone above the 0.0 Base Line. Depending on what BTC does, we may see the MACD Line (Base Line) cross back above the Signal Line (Orange Line) which would be a massive buy signal for traders who use this indicator on this 1d timeframe especially if the MACD Line (Blue Line) is still in the Positive Zone above the 0.0 Base Line.
A daily candle close above the Descending Channel & successful re-test as support will be a very good sign of continued upwards momentum. If that happened then we may get a MACD Line (Blue Line) Signal Line (Orange Line) crossover into a buy signal on this 1d timeframe. Obviously this will all depend on what BTC does tomorrow and over the weekend because as we all know, all other cryptos are rigged by Binance to crash when BTC crashes, it’s how Binance sneakily gets leveraged money back from the long Liquidations...... Probably ;-)
Anyway enough of that Binance rant ;-)
I hope this is helpful with your trading & hodl-ing.
Notes:
Rising Wedge = Ascending Converging Dashed Black Lines on Chart
Descending Channel = Descending Parallel Dotted Lines on Chart
LSMA = Black Squiggly line on Chart
Bollinger Bands = Grey Bands on Chart
Schiff Pitchfork = A,B,C Pattern on Chart
Volume Bars = Bars Bottom of Chart
Volume 20 MA = Orange Line going through Volume Bars on Chart
Ichimoku Cloud = Red and Green Cloud on Chart
So what is going on with ADA?ADA is still within its longterm Upwards Pitchfork Pattern (A,B,C) and note that ADA is still above its Pitchfork Median Line.
At the moment ADA has found support from its Pitchfork Upper Yellow Support Line. It is crucial that ADA continues CLOSING daily candles ABOVE this level! Note that the last time ADA closed below this level was 2nd Aug 2021.
Note that ADA is still BELOW its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that we have had expansion of the Upper and Lower Bollinger Bands and this volatility expansion is for the Negative Momentum.
Note that ADA is below its Least Squares Moving Average (LSMA) for this 1d timeframe. Note that a close below the LSMA is considered a sell signal for this indicator.
If we look at the Volume Bars on this ADA/USD Binance Chart we can clearly see that Volume is still relatively low and has been for a while compared to what ADA was getting in February 2021. Note that yesterday’s volume Bar was above its Volume 20 Period Moving Average but its closed in the Red.
If we look at the Average Directional Index (ADX DI) the Trend Strength is increasing with the ADX (Orange Line) at 23.53 above its 9 Period EMA (Black Line) which is at 20.73. The -DI (Red Line) has dropped sharply to 19.93 and the +DI (Green line) has also dropped to 8.48. This tells me that while Negative Momentum has dropped, Positive Momentum is still poor so Negative Momentum is still strong on this 1d timeframe.
The Moving Average Convergence Divergence (MACD) is indicating Negative Momentum is still strong on this 1d timeframe. The MACD Line (Blue Line) is starting to curve slightly sideways but note its is still under is Signal Line (Orange Line) as well as still under the 0.0 Base Line in the Negative Zone. Note that ADA has not been in the Positive Zone since 17th Sept 2021.
For your viewing pleasure, here is a closer look at this 1d chart.
So while ADA is still in a longterm UPTREND, it has sadly been stuck in a short to mid-term DOWNTREND since 2nd Sept 2021 which looks slightly similar to the 16th May 2021 - 20th July 2021 short-term downtrend.
So what does ADA need to do to get back on track? On this 1d chart, ADA needs to stay ABOVE and more importantly keep CLOSING daily candles ABOVE its Pitchfork Upper Yellow Support Line. ADA also needs to get back ABOVE and more importantly CLOSE ABOVE its LSMA as well as its Bollinger Bands Middle Band Basis 20 Period SMA. We also need the MACD Line (Blue Line) to cross back ABOVE the Signal Line (Orange Line) and then get back ABOVE the 0.0 Base Line of the MACD Indicator. We also need the +DI (Green Line) to cross back ABOVE the -DI (Red Line) of the ADX DI indicator. I would not get excited unless ADA can achieve most if not all this on this 1d timeframe.
I hope this is helpful with your trading and hodl-ing.
Notes:
LSMA = Black Squiggly line on Chart
Bollinger Bands = Grey Bands on Chart
Pitchfork = A,B,C Pattern on Chart
Volume Bars = Bars Bottom of Chart
Volume MA = Orange Line going through Volume Bars on Chart
VTHO - quick 1d chart updateVTHO has received a massive pump today.
VTHO had broke out of its 'adjusted' Symmetrical Triangle today but at the moment it has retraced back under it, a daily close ABOVE the Descending Trend-line of this Symmetrical Triangle and a successful retest as support will be a very good sign of things to come.
VTHO is above its Least Squares Moving Average (LSMA) for this 1d timeframe. A daily candle close ABOVE this indicator is considered a potential buy signal.
At the moment, VTHO is back above its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. A continued daily candle close ABOVE this level is crucial.
Note that the Bollinger Bands Upper and Lower Bands have expanded due to volatility and this volatility expansion is for positive momentum.
VTHO is back above its Volume Profile Visible Range Point of Control for this charts Visible Range.
VTHO is back above its Volume Profile Fixed Range Point of Control for the fixed range of 4 daily candles that i have selected.
Volume has increased on this Binance chart and note that yesterdays daily volume bar closed ABOVE its Volume 20 Period Moving Average.
I have added a Trend-Based Fib Extension as some potential targets. If you are long but uncertain, it might be best to wait for a successful daily candle close ABOVE the 0.382 TB Fib level
The Average Directional Index (ADX DI) is indicating Positive Momentum has increased and Negative Momentum has dropped with the +DI (Green Line) at 36.5 above its -DI (Red Line) which has dropped to 16.35. Note that the ADX (Yellow Line) is pointing upwards at 26.02. We can expect an even bigger move up if the ADX (Orange Line) crosses back above its 9 Period EMA (White Line) which is at 29.17 so long as the +DI (Green Line) is still ABOVE the -DI (Red Line) on this 1d timeframe.
The Moving Average Convergence Divergence (MACD) is indicating momentum is upwards at the moment. Note that the MACD Line (Blue Line) is pointing upwards & looking very likely to cross back over the Signal Line (Orange Line) creating new Green Bars very soon. VTHO will potentially receive a massive boost up if the MACD Line (Blue Line) crosses back ABOVE the Signal Line (Orange Line) and then back over and ABOVE the 0.0 Base Line which will take it into the Positive Zone.
After such a big move up today a pull back should not come as a surprise, so a close ABOVE the Symmetrical Triangle and the 0.382 Trend-Based Fib Extension level may or may not happen today but instead tomorrow or potentially latest during the week.
I hope this is helpful with your Trading and Hodl-ing.
Notes:
LSMA = Yellow Squiggly Line on Chart
Bollinger Bands = Grey Bands on Chart
VPVR POC = Long Horizontal Red Line on Chart
VPFR POC = Short Horizontal red Line on Chart
Volume MA = Orange Line going through Volume Bars on Chart
Symmetrical Triangle = Converging Ascending and Descending White Dashed Lines
BTC - 4hr chart with 2 Pitchforks and a cloudBTC is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 4hr timeframe.
Note that the Upper Bollinger Band is moving downwards and the Lower Bollinger Band is starting to curve upwards indicating volatility has slowed on this 4hr timeframe.
At the moment BTC is back ABOVE its Least Squares Moving Average (LSMA) for this 4hr timeframe. A successful close ABOVE the LSMA is crucial for a recovery.
BTC has found support from its support level at around $56,540. BTC has bounced off this level before on the 28th Oct 2021. BTC needs to stay above this support level, failure to do so will prob lead to a drop to the 2 support line at around $52,900.
Using the Ichimoku Cloud Settings of 20,60,120,30 but note time only using the cloud portion, we can see that BTC is in the Bearish Zone of the Ichimoku Cloud for this 4hr timeframe. Note that we have had a Cloud (Kumo) Twist, the Leading Span A (Senkou Span A) has crossed back UNDER the Leading Span B (Senkou Span B) creating a new Red Bearish Cloud for this 4hr timeframe. Note that both Leading Spans are pointing downwards at the moment.
Volume has increased on this Binance 4hr chart and note that the last 5 Volume Bars have been ABOVE its Volume 20 Period Moving Average.
BTC is BELOW its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 5 4hr candles that i have selected.
BTC is also BELOW its Volume Profile Visible Range Point of Control (VPVR POC) for this chart’s visible range.
BTC has 2 potential Pitchfork directions on this 4hr chart. BTC needs to CLOSE this 4hr candle ABOVE its descending Pitchfork Pattern Median Line (Black A,B,C). If BTC closes above the descending Pitchfork Median Line then we may see BTC follow an upwards or sideways trajectory following the ascending Pitchfork Pattern (Red A,B,C).
The Average Directional Index (ADX DI) is showing a strong trend with the ADX (Orange Line) at 38.32 and ABOVE its 9 Period EMA (Black Line) which is at 34.04. The +DI (Green Line) has dropped to 7.71 and the -DI (Red Line) has risen to 31.62 indicating Negative Momentum is stronger than Positive Momentum on this 4hr timeframe. We need the +DI (Green Line) to cross back ABOVE the -DI (Red Line) on this 4hr timeframe for any upwards recovery to hold.
The Moving Average Convergence Divergence (MACD) is indicating negative momentum, note that the MACD Line (Blue Line) is BELOW its Signal Line (Orange Line) and is also BELOW its 0.0 Base Line in the Negative Zone. Note that we also have increasing Red Histograms. Even if the MACD Line (Blue Line) crosses back above the Signal Line (Orange Line) we still need the MACD Line (Blue Line) to cross back over and ABOVE the 0.0 Base Line into the Positive Zone for any longterm BTC recovery to become sustainable.
It should be an interesting weekend for BTC.
I hope this is helpful with your trading and hodl-ing.
Notes:
LSMA = Black Squiggly Line on chart.
Bollinger Bands = Grey Bands on chart.
Support and Resistance Lines = Horizontal Black Dashed Lines on chart.
VPFR POC = Short Horizontal Red Line on chart.
VPVR POC = Long Horizontal Red Line on chart.
Descending Pitchfork = Black A,B,C Pattern on chart.
Ascending Pitchfork = Red A,B,C Pattern on chart.
Volume MA = Orange Line going through Volume Bars on chart.
VeChain - 1 day chart updateNote that VeChain (VET) is still in a longterm uptrend.
Using the Ichimoku Cloud settings of 20,60,120,30, but note I’m only using the cloud portion, we can clearly see that VET is still in the Bullish Zone of the Ichimoku Cloud.
VET is BELOW is Bollinger Bands Middle Band Basis 20 period SMA.
Note that the Upper and Lower Bollinger Bands are starting to contract and pinch inwards.
Looking at the Schiff Pitchfork Pattern (A,B,C), note that VET is still ABOVE its Schiff Pitchfork Median Line. A continuation of daily closes ABOVE this level is absolutely crucial.
VET is BELOW its Least Squares Moving Average (LSMA) for this 1d timeframe. A close below the LSMA is a potential sell signal for this indicator, so be on the lookout for when VET crosses & closes back above the LSMA.
VET is back ABOVE its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 10 daily candles that i have selected.
VET is still ABOVE its Volume Profile Visible Range Point of Control (VPVR POC) for this chart's visible range.
The Average Directional Index (ADX DI) is indicating the trend strength has dropped with the ADX (Orange Line) at 22.08 and is below its 9 Period EMA (Black line) which is at 25.17. The +DI (Green Line) has dropped to 17.90 but is still above its -DI (Red Line) which has also dropped to 17.11. This indicates Positive Momentum is still stronger than Negative Momentum on this 1d timeframe. Note that both the -DI (Red Line) and +DI (Green Line) have now turned sideways.
The OnBalanceVolume (OBV) is indicating momentum is sideways at the moment. Note that the OBV (Blue Line) is back ABOVE its 9 Period EMA (Orange Line) indicating a strengthening of positive momentum.
Fist port of call is for VET to cross and CLOSE back ABOVE its BB Middle Band Basis and LSMA on this 1d timeframe. So long as BTC behaves herself and continues closing above the daily chart 50EMA then we may see a more sideways ranging with VET before the next move up. Hopefully now with the release of POA2.0 well see VeChain eventually added onto more exchanges that will help dampen any Binance BTC Longs Futures liquidations.
I hope this is helpful with your trading and hodl-ing.
Notes:
Bollinger Bands = Grey Bands on chart
LSMA = Black squiggly line on chart
VPFR POC = Short horizontal red line on chart
VPVR POC = Long horizontal red line on chart
Trend-lines = Ascending & Descending dashed black lines.
ADA - 1 Day Chart updateADA is below its Bollinger Bands Middle Band Basis 20 Period SMA for this 1d timeframe. Note that we have had expansion of the Upper and Lower Bollinger Bands and this volatility is on the downside.
At the moment, ADA is back above its Lower Bollinger Band but note that ADA is still getting downwards pressure at the moment.
ADA is below its Least Squares Moving Average (LSMA) for this 1d timeframe. A close below the LSMA is a potential sell signal for this indicator.
Using the Ichimoku settings of 20,60,120,30 but note I’m only using the cloud portion, you can see that ADA is underneath the Ichimoku Cloud and in the Bearish Zone on this 1d timeframe. It looks as though we will see the Leading Span A (Senkou Span A) cross back UNDER the Leading Span B (Senkou Span B) creating a Cloud (Kumo) Twist into a new red bearish cloud on this 1d timeframe.
ADA is below its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 8 Daily candles that I’ve selected.
ADA is below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
Overall Volume is still very low on this Binance chart and today’s Volume Bar looks like it will close under its Volume 20 Period Moving Average (Orange Line).
The Average Directional Index (ADX DI) is indicating a weak trend strength with the ADX (Orange Line) at 17.54 below the 20 Base Line and below its 9 Period EMA (Black Line) which is at 18.65. Note that the ADX (Orange Line) has risen slightly. The +DI (Green Line) has dropped to 11.07 and is below its -DI (Red Line) which is at 18.45. Note that the -DI (Red Line) has dropped slightly but the +DI (Green Line) is still dropping, this tells me that Negative Momentum is stronger than Positive Momentum on this 1d timeframe.
The OnBalanceVolume (OBV) is showing momentum is downwards and notice that the OBV (Blue Line) is now underneath its 9 Period EMA (Orange Line) which is a big sign of strength for negative momentum for this 1d timeframe.
I would not get excited unless ADA crosses and CLOSES back ABOVE the Descending Trend-line (Descending Dashed Line) which would take it back into the Bullish Zone of the Ichimoku Cloud system. But ADA needs to cross & CLOSE back ABOVE its BB Middle Band Basis 20 Period SMA, LSMA, Leading Span B (Senkou Span B) and Leading Span A (Senkou Span A) resistance levels and also turn them into strong support.
If ADA crosses and closes BELOW the Ascending Trend-line (Ascending Dashed Line) then a further bigger drop is possible.
I hope this is helpful with your trading and hodl-ing.
Notes:
Bollinger Bands = Grey Bands on chart
LSMA = Black squiggly line on chart
VPFR POC = Short horizontal red line on chart
VPVR POC = Long horizontal red line on chart
Trend-lines = Ascending & Descending dashed black lines.
