You are looking at the following on the BTCUSD 1-day chart. There are mixed signals, but they are weighted bearish.
1. BULLISH - Ichimoku T-K cross (that white line crossing above the blue line)
2. BEARISH - Ichimoku Cloud, price to cloud, lagging indicator, lagging to price. That's 4 for bearish, but I'll bundle them.
3. BEARISH - Price / RSI hidden bearish divergence. Specifically, price = lower high; RSI = higher high.
LOOKING FOR:
1. Bullish divergence (price to RSI). Specifically, price = higher low (where we currently are); indicator = lower low (RSI breached the bottom trend line and goes lower than the last low. If RSI does this, will is dip below 30?
2. Bullish failure swing - If the RSI dips below 30, I want to see whether it goes lower than the previous dip below 30. If it does not, I will continue to look for a failure swing / bullish reversal.
NOTE: Admittedly, that bottom tend line is pretty weak. considering the bars between the first and second touch, I would call this two touches. I plotted it because now is the moment we determine the trend. I think.
NOTE: The grey box is my major support/resistance. These levels are broken, I expected violent price movement.
1. BULLISH - Ichimoku T-K cross (that white line crossing above the blue line)
2. BEARISH - Ichimoku Cloud, price to cloud, lagging indicator, lagging to price. That's 4 for bearish, but I'll bundle them.
3. BEARISH - Price / RSI hidden bearish divergence. Specifically, price = lower high; RSI = higher high.
LOOKING FOR:
1. Bullish divergence (price to RSI). Specifically, price = higher low (where we currently are); indicator = lower low (RSI breached the bottom trend line and goes lower than the last low. If RSI does this, will is dip below 30?
2. Bullish failure swing - If the RSI dips below 30, I want to see whether it goes lower than the previous dip below 30. If it does not, I will continue to look for a failure swing / bullish reversal.
NOTE: Admittedly, that bottom tend line is pretty weak. considering the bars between the first and second touch, I would call this two touches. I plotted it because now is the moment we determine the trend. I think.
NOTE: The grey box is my major support/resistance. These levels are broken, I expected violent price movement.