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Multiple timeframes show macro Bullish Trend intact




The Bitcoin price made a strong downward move yesterday, dropping almost 16% from the $ 9,691 daily opening to a new local low of $ 8,164. Thus, the price broke strong support at $ 9,090, leaving the range it has traded in since June. Bitcoin price action is still bearish in this area.

  BTC / USD Daily Chart. Source: TradingView "src =" https://s3.cointelegraph.com/storage/uploads/view/1586d52d3cfdbb41b1b56aba675456a7.png "title =" BTC / USD Daily Chart. Source: TradingView "/> </p><div class=

BTC / USD Daily Chart. Source: TradingView

Keep an eye on the patterns

There were three patterns that were widely identified by traders on the Bitcoin chart ̵[ads1]1; the falling triangle, falling channel and Bitcoin bears pointed to the "sinking triangle" on the chart for the cause behind the release. This pattern was technically unconfirmed on candlelight.

  BTC / USD Daily Chart Source: TradingView "src =" https: / / s3. cointelegraph.com/storage/uploads/view/ec681d0287fbe99a7e2d3c78fff7366f.png "title =" BTC / USD Daily Chart. Source: TradingView "/> </p>
<p dir= BTC / USD Daily Chart. Source: TradingView

However, the candle-only line graph showed a confirmed descending triangle (2 opposite touches up and down) with a much higher horizontal basis than that drawn on light stacks – $ 9481 instead of $ 9,090. Skilled traders were able to catch the $ 300 breach in front of most by using the bar chart.

  BTC / USD Daily Chart. Source: TradingView "src =" https://s3.cointelegraph.com/storage/uploads/view/793e529819daac58207923a65c3adff9.png "title =" BTC / USD Daily Chart. Source: TradingView "/> <em> BTC / USD Daily Chart. Source: TradingView </em></p>
<p dir= Bitcoin bulls saw this correction move as a return to EQ (dashed centerline) for the sinking channel as confirmed several weeks ago on the chart. The price remained above this center line for over a month and Bulls would like to see this area recaptured to indicate probable price increase.

  BTC / USD Daily Chart Source: TradingView "src =" https://s3.cointelegraph.com / storage / uploads / view / 8649ab889c992b7befedd3d16a42efbf.png "title =" BTC / USD Daily Chart. Source: TradingView "/> </p>
<p dir= BTC / USD Daily Chart. Source: TradingView

Traders who viewed the BTC price action as a pennant or triangle were proven wrong as the price made a strong move under the support.

  BTC / USD Daily Chart. Source: TradingView "src =" https://s3.cointelegraph.com/storage/uploads/view/c39c72a439b6ffc9192e388c5a9dd75f.png "title =" BTC / USD Daily Chart. Source: TradingView "/> </p>
<p dir= BTC / USD Daily Chart. Source: TradingView

Fibonacci levels provided insight

The Bitcoin price entered a parabolic trend from the bottom of $ 3.128.89 to the local peak of $ 13,868, where the digital asset then began a corrective grip. Currently, the Bitcoin price hovers around the 50% retracement – not technically a Fibonacci level, but an area that heritage traders have seen for decades and often refer to as " Dow level. "

Bitcoin price consolidated at both 23.6% and 38.2% Fib retracement level before moving into a larger correction. Price remains more" corrective "than" bearish "over longer multiple time frames, since 50% move is expected in a strong beef market. [19659018] In fact, the "golden pocket" withdrawal would be closer to the $ 7,200 level and would still be considered bullish.

Institutional traders look at Optimal Trade Entry (OTE) like a 70.5% retracement that would be e $ 6,296 The macro landscape remains bare, and within the framework of a "healthy correction."

  BTC / USD Weekly chart. Source: TradingView

BTC / USD Weekly chart. Source: TradingView

Are we overdue for a oversold rejection on the Relative Strength Index?

The Daily Relative Strength Index (RSI) currently sits at 23, heavily oversold and the lowest it has been in 2019. By comparison, at the $ 3.128 low, the RSI was about 27.

It fell to 10, Weeks before the possible low price and levels this low suggests the likelihood of a bump in Bitcoin price, at least for temporary relief.

Lower time frames are even more oversold, with the popular 4 hour RSI hitting an astonishing low target of 10.5 RSI. Traders using RSI heavily expect the oscillator to move from overbought to oversold and vice versa on each timeframe.

Traders should note that the RSI was dramatically overbought at the June high, with a bearish discrepancy on the RSI. Therefore, the expectation to see the Bitcoin price continued to coincide with the oversold RSI, which has now happened.

Divergence traders will look for any bullish divergence in oversold territory to signal the likely bottom, as it did at the lowest $ 3,128. This will require prices to be lower than a few days, and RSI will continue to increase, giving a lower low.

  BTC / USD Daily Chart. Source: TradingView "src =" https://s3.cointelegraph.com/storage/uploads/view/b5e461fde1cc2def038c20cb71eb1495.png "title =" BTC / USD Daily Chart. Source: TradingView "/> </p>
<p dir= BTC / USD Daily Chart. Source: TradingView

The weekly RSI also crossed below 50, a strong bearish signal. That said, there is still 4 days left to the weekly close, so this

TD Sequential states that purchase dip

The popular TD Sequential indicator flashes a strong buy signal in the daily chart, although those using this tool understand that the price can often go down to 13 candles before reversing ( if it does)

  BTC / USD Daily Chart Source: TradingView

BTC / USD Daily Chart Source: TradingView

Below is more than a year's worth of TD Sequential 9s on the daily chart Blue marks indicate those who have played correctly Red controls indicate a mistake

Note that the results have been a mixed bag of sales signals, with 4 blue checks and 3 reds. This indicator has been far more reliable on the buy side, m ed 3 blue and just 1 red – in November 2018.

  BTC / USD Daily Chart. Source: TradingView "src =" https://s3.cointelegraph.com/storage/uploads/view/d4345d6eede5e456558a7c1312ed872a.jpg "title =" BTC / USD Daily Chart. Source: TradingView "/> </p>
<p dir= BTC / USD Daily Chart. Source: TradingView

40% fall is the norm in a Bitcoin bull market

Bitcoin bull markets are characterized by drops of about 40% and today's fall from the height of 2019 is 41.17% and at the top of the expected range, this process has taken longer than previous corrections in a bull market.

  BTC / USD Daily chart Source: TradingView

BTC / USD Daily Chart Source: TradingView

Exponential Moving Averages

The daily chart shows a bearish bias among key exponential moving averages (EMA) (21 in purple, 50 in blue, 200 in red).  BTC / USD Daily Chart. Source: TradingView "src =" https://s3.cointelegraph.com/storage/uploads/view/c5632d39631a5b8d8476fc63deb8da44.png "title =" BTC / USD Daily Chart. Source: TradingView "/> </p>
<p dir= BTC / USD Daily Chart. Source: TradingView

Most importantly, the Bitcoin price broke below 200 EMA for the first time since the huge, bullish, candle that started at $ 4,200 and signaled the end of the bear market (the first higher price since time high).

The 200-EMA was set at about $ 4600 at that time (blue arrow). Any price action below this bar remains bearish.

  BTC / USD daily chart. Source: TradingView

Daily BTC / USD overview. Source: TradingView

The weekly EMAs show that the Bitcoin price has broken below 21 for the first time since April, which was around $ 5,300. Currently, Bitcoin is above 50 EMA, and many traders point to it as a likely place to end corrective action.

The 50-EMA is currently nearing $ 7,800 and rising. A touch of 20-EMA signaled the demise of the latest bear market, and is currently sitting at about $ 4,550. Strongly bearish traders see this as a likely place for the bottom of this corrective move.

  BTC / USD Daily Chart. Source: TradingView "src =" https://s3.cointelegraph.com/storage/uploads/view/89acd557cf21272b538076cc6f4d7f5c.png "title =" BTC / USD Daily Chart. Source: TradingView "/> </p>
<p dir= BTC / USD Daily Chart. Source: TradingView

Mind the gap!

Nature abhors a vacuum, and for crypto this is the CME gap.

Traders have followed suit the huge gap in the CME futures chart since it was formed in June, arguing that gaps must be filled, although this is not always the case, a strong argument was made for the price to return to this area.

Yesterday's light the CME gap was definitely closing below the bottom, and interestingly, there is also a gap well above today's price, at about $ 11,700. Those who were confident that the bottom gap required to fill should look to the upper area for any relocation .

  BTC / USD Day Map Source: TradingView "src =" https://s3.cointelegraph.com/storage/uploads/view/8065bc89976713ac0671fd48926b0f70.png "title =" BTC / USD Day Map. Source: TradingView "/> </p>
<p dir= BTC / USD Daily chart. Source: TradingView

Where to from?

Yesterday's price movement, although substantial, should not have caught traders. The bigger picture shows consistent price action with previous corrections.

Further depreciation will have traders looking for EMA, Fib levels and key supports for a bottom, as well as any potential bullish divergence with RSI in the daily chart.

Bears will look for continued price movement down, or previous supports remain as resistance.

The views and opinions expressed here are solely the author's ( @scottmelker ) and do not necessarily reflect Cointelegraph's views. All investments and trade movements involve risk. You should conduct your own investigation when making a decision.



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