BTC long term #btc
I know everyone is looking at the daily and hourly charts trying to find if this thing will continue falling. I can tell you the daily and hourly charts look pretty bearish right now. But any time we look at a trend on any chart, we need to compare it to a longer term trend and see how it fits within that. If my short term charts look bearish but longer term look bullish or neutral, I might see light at the end of the tunnel. If my short term charts are bearish and that coincides with a longer term bearish chart, I can confirm to GTFO.
But BTC looks bull(ish) on a longer term chart still if not at least neutral. We can see this activity in Heiken Ashi charts. they give us an idea of directional movement and typically don't post flip flopping bars unless there is extreme volatility. The market sell off we are seeing in the past week has been a continuation of the market sell off started in late December 2017. With the exception of 2 weeks, we have seen a lot of red.
The point Im making here is the longer term bearish signals are starting to weaken. Posted in the graph above are 3 primary oscillators I use (Stochastic RSI, MACD, and something called FISHER). These oscillators are meant to indicate which direction the charts are thinking of moving and their inputs determine how sensitive they are to the price action. Something too sensitive and I can't decipher one move to the next, and something too broad and I miss out on reversals or key selling signals.
Long term MACD looks to have take a turn, meaning price action of the last 2 weeks is starting to reverse the major downward trend started in December. These indicators are known to flip to bullish and then immediately flip back to bearish especially if trends continue, but they can signal sideways and more neutral behavior as well.
Keep this in mind. I see price action between 7500 and 8800 USD to be normal given current volatility, but a prolonged period between the prices would indicate sideways action that is a precursor to directional change. In this case positive.
But BTC looks bull(ish) on a longer term chart still if not at least neutral. We can see this activity in Heiken Ashi charts. they give us an idea of directional movement and typically don't post flip flopping bars unless there is extreme volatility. The market sell off we are seeing in the past week has been a continuation of the market sell off started in late December 2017. With the exception of 2 weeks, we have seen a lot of red.
The point Im making here is the longer term bearish signals are starting to weaken. Posted in the graph above are 3 primary oscillators I use (Stochastic RSI, MACD, and something called FISHER). These oscillators are meant to indicate which direction the charts are thinking of moving and their inputs determine how sensitive they are to the price action. Something too sensitive and I can't decipher one move to the next, and something too broad and I miss out on reversals or key selling signals.
Long term MACD looks to have take a turn, meaning price action of the last 2 weeks is starting to reverse the major downward trend started in December. These indicators are known to flip to bullish and then immediately flip back to bearish especially if trends continue, but they can signal sideways and more neutral behavior as well.
Keep this in mind. I see price action between 7500 and 8800 USD to be normal given current volatility, but a prolonged period between the prices would indicate sideways action that is a precursor to directional change. In this case positive.
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