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Neutral

BTC looking for confirmation. A Bull and Bear Case..Analysis: Utilized Daily indications all looking for confirmation. Remaining Neutral. The next 24 Hours will be telling. BTC is sitting at a rather neutral region as I covered in my recent stream, I am looking for price action to confirm a direction. While I currently have a slightly bearish bias due to the negative directional index (-DI) holding slightly above the positive (+DI), there is a ADX/DI convergence nearing with no clear indication of direction. To further this uncertainty, the RSI is pushing up against 50, indicating yet another neutral region looking for a breakout or rejection. Lastly the MACD is looking to potentially cross the zero line, but still has room to reverse. What does confirmation look like?? As indicated in Bull (Green) or Bear (Red) on the chart, I would want to see the following: RSI Bull: RSI breaks above 55 corresponding with a solid candle break above fib level 0.618 Bear: RSI breaks low, below 38.2 with a solid candle break below $30k ADX Bull: +DI crosses above -DI as well as ADX (White line) Bear: -DI Stays on top and ticks upward and crosses ADX MACD Bull: MACD line (Blue) pulls up and crosses above signal (Orange). This "bullish cross" happening ON the zero line would be a very bullish signal. Bear: MACD crosses below zero line into bearish region. Price Action Bull: Upon confirmation of the above indicators, I would anticipate a retest of $34800-$35000 at the top of the descending triangle Bear: Upon confirmation of the above indicators, I would anticipate a test of 100% retracement region at $28375 As more data comes in, I will update this chart as well as utilize it during my BTC streams.
BITSTAMP:BTCUSD
by spreck
9