BTC analysis for 6/8/2021. Macro view on h12 timeframe. Here is my marked up chart, most signs are pointing down. :( However this timeframe gives me more hope than daily timeframe. Rough waters, indeed. Lower that charted is always possible. Hopefully it does not come to that!
All supports are labeled by green lines. All resistances are labeled by red lines. As always, these lines can become future support/resistance for uptrend also.
VPVR POC is labelled as a white dotted line. I use VPVR to help plot support/resistance also.
We have broken out of a bearish pennant to the downside within the past week. If we bounce from support lines, I would like to see a retest of that pennant.
There have been a few attempts at breaking stochastic downtrend since ATH, no avail.
Stochastic is now nearing 20ish. If it is to bounce we could possibly see that sometime soon. I would like to see retest of the downtrend if that happens.
Since ATH, we have had two pretty big EMA crosses to the downside(8&31). I generally use those to help confirm trend. BTC has attempted to work back through the EMA ribbon.
It has not happened yet. If it does, I would look next for an EMA cross to the upside(8&31).
Good luck, friends! Trade safely!
I love you,
SangBagner
All supports are labeled by green lines. All resistances are labeled by red lines. As always, these lines can become future support/resistance for uptrend also.
VPVR POC is labelled as a white dotted line. I use VPVR to help plot support/resistance also.
We have broken out of a bearish pennant to the downside within the past week. If we bounce from support lines, I would like to see a retest of that pennant.
There have been a few attempts at breaking stochastic downtrend since ATH, no avail.
Stochastic is now nearing 20ish. If it is to bounce we could possibly see that sometime soon. I would like to see retest of the downtrend if that happens.
Since ATH, we have had two pretty big EMA crosses to the downside(8&31). I generally use those to help confirm trend. BTC has attempted to work back through the EMA ribbon.
It has not happened yet. If it does, I would look next for an EMA cross to the upside(8&31).
Good luck, friends! Trade safely!
I love you,
SangBagner
Comment:
Sorry that this is zoomed out so far. I just wanted to ensure all markups were visible! If you make a copy of the chart (located in share option) you can zoom in further.
Comment:
looking better for now. Retesting the broken bear pennant. Stoch cross is positive sign. Oversold and overbought indicator on Macd flattening and rsi also flattening. Turned an old resistance into support. Inverted H&s forming on lower timeframes with breakouts.
Lets see if it can break that pennant to the upside and flip some more resistances. Keep an eye out for any active trades. This area is still not stable, imo.
Lets see if it can break that pennant to the upside and flip some more resistances. Keep an eye out for any active trades. This area is still not stable, imo.