Welcome back traders! We are going to look at BTCUSD today on the monthly, weekly, daily, 12h, and 4h. We will look at Simple Moving Averages(SMA's,) Exponential Moving Averages(EMA's,) Oscillators, Visible Range Volume Profile(VPVR,) and more!
MONTHLY
The giant pattern on the monthly points to $6,450. We want to see BTC stay above the 21 EMA, currently at $7,323. If we see a major breakout, clearing the 10 day SMA, currently at $8,350, would be indicative of further bullish activity, perhaps even a catapult to a new all time high. The Awesome Oscillator is decreasing at a decreasing pace, but still on track to hit zero. The last time the AO crossed from positive to negative (also at a decreasing rate of decline,) the bull cycle of 2019 began.
WEEKLY
There is Bullish Divergence on the weekly with the AO.
The t3-cci oscillator is negative and increasing at an increasing rate, which is also bullish.
The MACD_VXI appears to be beginning convergence, which would be bullish.
RSI has locally bottomed at the price of $3,850, which could indicate a low.
Currently, the price is resting just above the .382 Fibonacci retracement from $13,800.
Daily
Our VPVR has the strongest Point of Control(POC) at just above $7,200, with the highest volume node ranging from $7,150 to $7,350 (this indicates a likely strong area for support and resistance.) If these levels break, the next major area for support is just above $6,600.
It is also noteworthy that RSI is above 53, which has been a significant level for bullish activity. Lastly, the 50 day SMA is acting as a resistance, and will need to be concurred for further bullish activity.
12H
This zoomed out chart of the 12H gives us a target if bullish activity continues, with a POC just about $7,900. The next challenge will be the 100 day SMA at $7,475, which is acting as resistance.
4H
Although there is an ascending bearish wedge forming, there are bullish signs on this chart as well. The 10 day and 200 day SMA's just crossed on April 5, and BTC has recently crossed the 200 day SMA as well. Despite the T3-CCI indicator originally heading towards zero, it appears to be curving back up. The AO is decreasing less than it has been, and may see a change in direction soon as well.
SUMMARY
Long Term
Bitcoin is holding up in the long term, and overall bullish. We want to stay above $6,450 according to the giant patterns on the monthly and weekly charts, and we are holding strong above our significant long term POC's. The support along the .382 FIB is a great sign on the weekly, and $7,900 is the next target, assuming bullish activity continues.
Short Term
The cross between the 200 day SMA and 10 day SMA is a bullish sign, especially with the recent overcoming of the 200 day SMA. The bearish wedge forming on the 4H is a concern and should be monitored closely. Ideally, the price will remain above $7,150 for further bullish activity.
Disclaimer: This is NOT trading advice, NOR financial advice! These are merely my opinions that I have posted for educational purposes ONLY. Trading comes with great risk, which should be managed carefully. You should never trade anything more than you are willing to lose. I hope you all kill it, but I am not responsible for any financial loss or damages. Thanks for reading!
MONTHLY
WEEKLY
There is Bullish Divergence on the weekly with the AO.
The t3-cci oscillator is negative and increasing at an increasing rate, which is also bullish.
The MACD_VXI appears to be beginning convergence, which would be bullish.
RSI has locally bottomed at the price of $3,850, which could indicate a low.
Currently, the price is resting just above the .382 Fibonacci retracement from $13,800.
Daily
It is also noteworthy that RSI is above 53, which has been a significant level for bullish activity. Lastly, the 50 day SMA is acting as a resistance, and will need to be concurred for further bullish activity.
12H
4H
SUMMARY
Long Term
Bitcoin is holding up in the long term, and overall bullish. We want to stay above $6,450 according to the giant patterns on the monthly and weekly charts, and we are holding strong above our significant long term POC's. The support along the .382 FIB is a great sign on the weekly, and $7,900 is the next target, assuming bullish activity continues.
Short Term
The cross between the 200 day SMA and 10 day SMA is a bullish sign, especially with the recent overcoming of the 200 day SMA. The bearish wedge forming on the 4H is a concern and should be monitored closely. Ideally, the price will remain above $7,150 for further bullish activity.
Disclaimer: This is NOT trading advice, NOR financial advice! These are merely my opinions that I have posted for educational purposes ONLY. Trading comes with great risk, which should be managed carefully. You should never trade anything more than you are willing to lose. I hope you all kill it, but I am not responsible for any financial loss or damages. Thanks for reading!