July 7th: BTCUSD 3HR chart: Momentum moving upwards.
1. Price has crossed above the Kumo and the Kijun is above the Tenkan. The Chikou span is also free and clear above Kumo, Price and the T/K lines. The Kumo cloud is bright (white), and both spans are moving up or at least flat. On the 3H chart this is very bullish, so we look to our momentum oscillators to...
1. Chico span is flat, showing no real momentum in any direction. Once chikou span starts running into price, you can typically expect a directional movement. Chikou span does not often run through price as Chikou span is 26 days in the past, which means that price has been ranging for the last 26 days when Chikou crosses over price.
2. Price is creating...
Based on previous cycles and more importantly the broader economic markets, ETH has the potential to reach 350 in October before stabilizing and then ranging through first quarter of 2023.
Q2 GDP will officially declare the recession that the US is obviously in. Bad earnings will drive all markets down, Oil/Natgas will still lead the way as long as there is...
1. We have leveled out around 1122 over the last 3 days. The Chikou Span (green) is showing do immediate direction but is moving closer to price. If we stay ranging between 1000-1300 chikou will eventually start to push up against price action, and we could start to see a reversal.
2. The gap between Tenkan and Kijun is very wide, Kijun will stay flat for...
BTC has a chance to stabilize here between 20k and 22k.
1) The distances between Chikou (green) and price action is a large gap, price often turns around when chikou runs into price.
Th gap between the last low and 26bars in the future is also very large, Both of these distances show momentum and if the gaps start to close we have slower momentum.
2)...
Overall we are bearish with a slight momentum loss, but the KUMO cloud is going to continue to fall further without a dramatic change in price with the next next few days. We can continue to range and hole the 1700 level while the KUMO and T/K level stabilize, but if we loose 1700, expect a further push down.
Overall still bearish, but slowing down. Watch for the fractal levels to break first to show us which way the market will move. If we move up towards 1.30 the Kumo is going to be resistance. The yellow candles are High Volume (3* stdev of volume over the last 52 days). The hollow candles are low volume over the same 52 day period.
Overall BTC is looking like it will continue ranging through the week. Keep an eye on the yellow lines identified as fractal levels which will provide a direction when broken with momentum (strong candles).
