BTC 2021: Throwing TA at the Wall and Seeing What Sticks
Posting my personal view, less TA and more just watching trends to see how they actualize. I'm an amateur and this is certainly not advice.
A H&S is visually apparent in the chart, but measuring it shows it to be incredibly sloppy - not a powerful indicator of trend reversal yet. A related area of concern, though, is that we have significantly dropped below EMA50 for the first time in a couple weeks. Through Nov and Dec, this behavior was usually associated with accumulation followed by a price run, but this pattern signaling continuation become less likely the more it happens, and a drop this low and unstable is unprecedented for this bull run.
Price is consistently trending downward, but we are still watching how some triangles form as price concentrates and settles. Some indicators that indicate bullishness to me are MACD, where the MAs have crossed, and the Force Index, which shows there is less force required than normal to move price upward. Combined, these indicators seem ripe for one more price jump to play with resistance at 34k once more.
A H&S is visually apparent in the chart, but measuring it shows it to be incredibly sloppy - not a powerful indicator of trend reversal yet. A related area of concern, though, is that we have significantly dropped below EMA50 for the first time in a couple weeks. Through Nov and Dec, this behavior was usually associated with accumulation followed by a price run, but this pattern signaling continuation become less likely the more it happens, and a drop this low and unstable is unprecedented for this bull run.
Price is consistently trending downward, but we are still watching how some triangles form as price concentrates and settles. Some indicators that indicate bullishness to me are MACD, where the MAs have crossed, and the Force Index, which shows there is less force required than normal to move price upward. Combined, these indicators seem ripe for one more price jump to play with resistance at 34k once more.
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