Bit of Trend Analysis on the major rises over 2018
RSI on the Daily historically exhibiting little fluid sideways movement as its usually one to watch in these regards, eg higher highs, lower lows. Its gets straight to the extremes and as I have circled the major recoveries over 2018, its seems it in a pretty good position to repeat this.
Again MACD on the turn in the Hourly chart although may need help from volume to achieve. Currently holding 24HR 5Bln, dont want to see it slip into 4's.
Pretty simple, no need for that much explaination :)
BTC 0.29% is seeing some tough times , so I should write this:
***Education Purposes only***
RSI on the Daily historically exhibiting little fluid sideways movement as its usually one to watch in these regards, eg higher highs, lower lows. Its gets straight to the extremes and as I have circled the major recoveries over 2018, its seems it in a pretty good position to repeat this.
Again MACD on the turn in the Hourly chart although may need help from volume to achieve. Currently holding 24HR 5Bln, dont want to see it slip into 4's.
Pretty simple, no need for that much explaination :)
BTC 0.29% is seeing some tough times , so I should write this:
***Education Purposes only***
Comment:
Daily RSI showing overall rise still waiting to initialise, once that grey line is surpassed....previous same period indicating large price action (although volume bars small in comparison to previous rises) & comfirmation of upwards trend.
Nearly there :)
Daily RSI I believe will become fluid and move with the trend, limiting price jumps due to living within the overbought territory, currently 70 but has room to the extremes of 80, but this wont affect overall upwards trend.
Weekly 50MA still needs BTC to close above ($7750 - $7800) to initialise path of least resistance upwards.
(Weekly 50MA, only been broken once since 2014......last week)
Nearly there :)
Daily RSI I believe will become fluid and move with the trend, limiting price jumps due to living within the overbought territory, currently 70 but has room to the extremes of 80, but this wont affect overall upwards trend.
Weekly 50MA still needs BTC to close above ($7750 - $7800) to initialise path of least resistance upwards.
(Weekly 50MA, only been broken once since 2014......last week)
Interested in the Daily RSI as shown, black trend average depicts point where bull rise is the path of least resistance.
Also on the last attempt to break Trend line (blue dashed line), initial uptrend brokedown, retesting trend line support. I assume this was because sell volume of the drop out-weighted the buy volume of the rise, something to look for in this and future reversals.... its possible if BTC cant close above Weekly 50MA $7650 with conviction (volume is the key), retest of $6900 seems to be likely.
CerealTrader