OK so I wanted to share some of my observations for BTC at this time. Quite frankly, I was unaware of the "Brave New Coin" BTC index and when observing the trend from the start of BTC history compiled into a single chart, we can see some new and interesting features MUCH more clearly. To begin, we have a swing low with seems to be potentially forming a trend.
As you can see in the RSI green circle, we have clear Bullish Divergence in the 1 and 2 day charts. Now, the last time we observed Divergence on the 2 day chart like this was in December and of the bearish type signaling the start of the correction. CCI supports the RSI reading having begun it's divergence readings waves in advance. Additionally, CMF in 2 day is showing increasing buy pressure at these levels and began growing as it dropped to the $5,800 levels.
I'd like to note, we're nearly on the present p[otential primary trend line. Now, we're only touched it twice and nearly touched it a couple days ago at out recent low to within $100. Keep in mind, this is an averaged index chart.
If we break this line, I suspect another strong sell off immediately after. If we move up from here as the divergences seem to be indication is probable after some sideways consolidation and the Bullish divergence present at this time remains valid, I expect a trending upward movement, albeit likely to be rather slow and weak with the dismal volume at this time.
Quite frankly, anything can happen at this point. I suspect we're going to discover corporate mining farms costs if we've not already. I see a lot of positive signals in the charts but many of those are short lived these day. For now I'm remaining nimble, maintaining tight stops, and keeping the leverage low which quite frankly is something rather abnormal for me.
As you can see in the RSI green circle, we have clear Bullish Divergence in the 1 and 2 day charts. Now, the last time we observed Divergence on the 2 day chart like this was in December and of the bearish type signaling the start of the correction. CCI supports the RSI reading having begun it's divergence readings waves in advance. Additionally, CMF in 2 day is showing increasing buy pressure at these levels and began growing as it dropped to the $5,800 levels.
I'd like to note, we're nearly on the present p[otential primary trend line. Now, we're only touched it twice and nearly touched it a couple days ago at out recent low to within $100. Keep in mind, this is an averaged index chart.
If we break this line, I suspect another strong sell off immediately after. If we move up from here as the divergences seem to be indication is probable after some sideways consolidation and the Bullish divergence present at this time remains valid, I expect a trending upward movement, albeit likely to be rather slow and weak with the dismal volume at this time.
Quite frankly, anything can happen at this point. I suspect we're going to discover corporate mining farms costs if we've not already. I see a lot of positive signals in the charts but many of those are short lived these day. For now I'm remaining nimble, maintaining tight stops, and keeping the leverage low which quite frankly is something rather abnormal for me.
Comment:
Here is a close up of those same observations but in the 1 day chart.
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I'd like to note, a drop down and a candle close with increasing bullish divergence would not at all surprise me and quite frankly I'm hoping for it as this would help to further galvanize sentiment and allow me the confidence to position more aggressively. Additionally, a break of that trend line would also allow me to short more aggressively. Just hanging tight for now and seeing how this all plays out.
Comment:
Is this the formation of Profit reproductive health?