We’ve come around and underneath the 3 day Ichimoku cloud which has now thinned dramatically throughout the consolidation period - i.e. forms a lesser resistance the next time the price approaches it (exactly as we saw with BTC if you were following my previous analysis there). The Tenkan and Kijun lines have now crossed, and the chikou-span is looking to cross price (and become bullish but can be a very lagging indicator) but hasn’t yet achieved it. On the 1 day we have already come through the cloud, are sitting right above the Kumo twist, and we can see the future cloud is bullish, however the cloud would form weak support if the price was to dive imminently.
Strong recent volume pushed the price back to the trend line, with decreasing volume in the subsequent selling (implying declined interest in selling at this price point). We are also again approaching a 9 month long falling downtrend resistance line, and the apex of a triangle at 70k with a back up at 50k.
RSI in a good position to bounce and turn on both 1 and 3 day. ADX gradient has dropped off so I am looking also for this to turn back upward on the 1 day, although 3 day still looks strong. MACD is still crossed positively and the EMAs (7,77,231) are coming together looking for a cross on 3 day too.
All up we have a 50:50 mix from what I see on the indicators, either positive already or trying to head that way. Couple this with meeting the apex of trends and I’m hoping for a break out...ideally before any retrace to that 50k area.
BTC is on the possible edge of a strong movement in this 10k region so if you enter now an alts, stop loss and keep watch. Note also the 1 and 4 hour haven’t confirmed this upward trend line to 70k will hold yet so I recommend keeping a watch for any signs on the lower timeframes of lower trend line bounce, or more conservatively the upper triangle break out, and only enter when the price confirms.
Strong recent volume pushed the price back to the trend line, with decreasing volume in the subsequent selling (implying declined interest in selling at this price point). We are also again approaching a 9 month long falling downtrend resistance line, and the apex of a triangle at 70k with a back up at 50k.
RSI in a good position to bounce and turn on both 1 and 3 day. ADX gradient has dropped off so I am looking also for this to turn back upward on the 1 day, although 3 day still looks strong. MACD is still crossed positively and the EMAs (7,77,231) are coming together looking for a cross on 3 day too.
All up we have a 50:50 mix from what I see on the indicators, either positive already or trying to head that way. Couple this with meeting the apex of trends and I’m hoping for a break out...ideally before any retrace to that 50k area.
BTC is on the possible edge of a strong movement in this 10k region so if you enter now an alts, stop loss and keep watch. Note also the 1 and 4 hour haven’t confirmed this upward trend line to 70k will hold yet so I recommend keeping a watch for any signs on the lower timeframes of lower trend line bounce, or more conservatively the upper triangle break out, and only enter when the price confirms.
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