Sometimes, its a good idea to look away from the PA and to take a look at the other info presented to us as people Buy and Sell #Bitcoin
Two Major indicators for me are the MACD and the RSI.
The image here is the DAILY #BTC chart for those, since December 2022
At a quick glance you can see that Both MACD and RSI have reset a long way. This gives PA room to move higher.
The line that the Histogram changes colour on is Zero or Neutral and MACD has spent very little time below that line.
The MACD line ( Yellow) has dropped below, heading towards oversold) but still could drop further before reaching strong support.
The Signal line ( red) has yet to get there.
However, the Histogram shows usa a lot of info and that change maybe beginning..
Green bars above the 'Zero line' indicate positive momentum. Red bars below the 'Zero line' indicate negative momentum.
Note in this chart how the Histogram is beginning to show a reduced negative trend. It is rising while the MACD is dropping. that could be seen as Strong BULLISH divergence.
The RSI ( Blue) is possibly THE one to watch. Note how it has reached overbought ( high shaded ) 3 times and then got rejected. But, when RSI drops, PA does not always follow. This also creates Divergences.
Currently, RSI is at the same level it was at when BTC began the push up in Jan 2023. This does not mean it is about to begin rising again because, as you can see, it could drop a lot further.
But we are certainly entering an area that I call "Potential" - The Potential for reversal now exists and we have the strength to continue that reversal when it happens.
Other factors need to be taken into account but this certainly has got me searching for more liquidity.
Does anyone want to buy my house in South East France ?
Two Major indicators for me are the MACD and the RSI.
The image here is the DAILY #BTC chart for those, since December 2022
The line that the Histogram changes colour on is Zero or Neutral and MACD has spent very little time below that line.
The MACD line ( Yellow) has dropped below, heading towards oversold) but still could drop further before reaching strong support.
The Signal line ( red) has yet to get there.
However, the Histogram shows usa a lot of info and that change maybe beginning..
Green bars above the 'Zero line' indicate positive momentum. Red bars below the 'Zero line' indicate negative momentum.
Note in this chart how the Histogram is beginning to show a reduced negative trend. It is rising while the MACD is dropping. that could be seen as Strong BULLISH divergence.
The RSI ( Blue) is possibly THE one to watch. Note how it has reached overbought ( high shaded ) 3 times and then got rejected. But, when RSI drops, PA does not always follow. This also creates Divergences.
Currently, RSI is at the same level it was at when BTC began the push up in Jan 2023. This does not mean it is about to begin rising again because, as you can see, it could drop a lot further.
But we are certainly entering an area that I call "Potential" - The Potential for reversal now exists and we have the strength to continue that reversal when it happens.
Other factors need to be taken into account but this certainly has got me searching for more liquidity.
Does anyone want to buy my house in South East France ?