This is in my opinion a seriously undervalued project.
The Green EMA is moving at a healthy level above the Energy in the scalping group of timeframes (6, 12, 23, 45) and the Red RSI and Blue LSMA are also at a healthy level above 50. We are also seeing a nice increase in volume. The Green is also higher than the Energy in the 90, 3h & 12h. This is a solid indication of bullish sentiment.
In the 3h the Red RSI is above 50 and the Blue LSMA is poised to cross above 50, if as expected it does, we should see the price action sit with the candle bodies for the most part between the Aqua/Orange upper Bollinger Bands (currently $3.944 & 4.05 but rising) Additionally as the Blue LSMA crosses above 50 we are likely to see the Bollinger Bands expand and the price action accelerate to the upside as the price remains between the Aqua/Orange upper BBs.
We do of course need to keep a close eye on BTCUSD as any strong moves can invalidate this idea.
I will keep an eye and try and update progression of the indicators as we need to see upward pressure propagate into higher timeframes.
As mentioned in previous publications, these markets can change with very little notice. These changes initially manifest themselves in the lower timeframes and propagate up through the timeframes. Nothing is set in stone. Unless you are day trading, you cannot benefit from these early warning signals.
As always - this is not financial advice but just my view of current market dynamics.
One has to be aware that analyses are done on the basis of what the indicators are saying at the time and things can change. It is important to always monitor the scalping group of timeframes as we will see changes propagate up from there.
Trade safe
aBL
The Green EMA is moving at a healthy level above the Energy in the scalping group of timeframes (6, 12, 23, 45) and the Red RSI and Blue LSMA are also at a healthy level above 50. We are also seeing a nice increase in volume. The Green is also higher than the Energy in the 90, 3h & 12h. This is a solid indication of bullish sentiment.
In the 3h the Red RSI is above 50 and the Blue LSMA is poised to cross above 50, if as expected it does, we should see the price action sit with the candle bodies for the most part between the Aqua/Orange upper Bollinger Bands (currently $3.944 & 4.05 but rising) Additionally as the Blue LSMA crosses above 50 we are likely to see the Bollinger Bands expand and the price action accelerate to the upside as the price remains between the Aqua/Orange upper BBs.
We do of course need to keep a close eye on BTCUSD as any strong moves can invalidate this idea.
I will keep an eye and try and update progression of the indicators as we need to see upward pressure propagate into higher timeframes.
As mentioned in previous publications, these markets can change with very little notice. These changes initially manifest themselves in the lower timeframes and propagate up through the timeframes. Nothing is set in stone. Unless you are day trading, you cannot benefit from these early warning signals.
As always - this is not financial advice but just my view of current market dynamics.
One has to be aware that analyses are done on the basis of what the indicators are saying at the time and things can change. It is important to always monitor the scalping group of timeframes as we will see changes propagate up from there.
Trade safe
aBL
Comment:
Short Term
Near Term
Mid Term
Comment:
As suggested in previous update, we have indeed now closed in the 3d with the Red RSI making contact with the Green EMA as it rises & the Energy has crossed above 50 indicating bullish sentiment. Also as suggested we are now seeing the Red RSI turn back up in this TF. The Green EMA has also progressed to a point where the Blue LSMA is making contact as the Green rises. We did see the BBs contract a bit, however we could see them expand as the Blue LSMA has begun to turn up again. If the Red RSI continues to turn up we are likely to see the price action rise with candle bodies residing for the most part between the Aqua/Orange upper Bollinger Bands (currently $4.66 & $5.39) and as the BBs expand the price action can accelerate to the upside within the Aqua/Orange with potential to wick up to the Red upper (currently $6.11 and rising).
Comment:
In the 4d the Red RSI has now made contact with the Green EMA as it rises. If we close like this, we can expect to see the Energy cross above 50 at the start of the next 4d candle. When this happens and while the Red RSI remains above 50 we can expect to see a continuation of upward pressure at least for the duration of the Energy's upper wave until it exhausts and drops below level 70 at which point we will need to look at lower timeframes to pinpoint with more accuracy. From what I can see in the longer timeframes, in my opinion we are embarking on a lengthy period of sustained upward pressure.
So here it is as an update..
The Green EMA is higher than the Energy in all the scalping group of timeframes (6,12,23,45) as well as the short term timeframes (90, 3h, 6h & 12h) indicating bullish sentiment except the 12h where the Energy is marginally higher than the Green. Although the Red RSI in the 12h crossed bearish below the Blue LSMA it has turned back up and is rising with the Blue LSMA after it crossed 50 and the Bollinger Bands are beginning to expand.
In the near term group of timeframes (1d, 2d, 3d, 4d) The Green EMA is higher than the Energy in all but the 2d. In the daily the Red RSI has made contact with the Green EMA as it rises indicating bullish sentiment. In the 2d the Blue LSMA has made contact with the Green as it rises. We cannot ignore that the Energy is higher than the Green in the 2d and would really like to see the Green rise strongly above to further confirm what we are seeing. Additionally the Red RSI has made contact with the Geen EMA as it rises in the 3d. Although the Red RSI crossed bearish below the Blue LSMA in the 2d, 3d & 4d this was around the middle of Feb and we have already seen this reflected in downward price action, if the Red RSI can turn up in these timeframes as it has already started to do in the 2d, this will provide further confirmation of transition to sustained upward pressure.
In all the mid term group of timeframes (3d, 6d, 9d, 12d) The Green EMA is also higher than the Energy indicating bullish sentiment in this group too. We are likely to see a close in the 3d with the Red RSI making contact with the Green as it rises in 5 hours, if so we will see the Energy in the 3d cross above 50, a close like this would be very bullish in this timeframe and could mean that there is a good chance of the Green turning up in the higher timeframes. If this does not happen, we need still to be cautious of the Red RSI making contact with the Green as it falls in the 6d & 9d.
If you would like to see progress here updated please hit the like button and I will keep updates going...
further to previous update - just to confirm the Green EMA is now also higher than the Energy in the 12h.