Bitcoin / TetherShort
BTC Momentum Tracker: August 11
In the previous tutorial article, we introduced the Momentum Tracker:
https://www.tradingview.com/chart/BTCUSDT/SNbjp4eO-BTC-Momentum-Tracker/
Let's use it to look into the price chart right away.
You'll quickly notice that the yellow box on the right side where the current candlesticks are located closely resembles the yellow box on the left.
On the left side, the price dropped along the blue support line and then rebounded, surpassing the 0.618 level, and turned bullish. The current situation seems to be following a similar pattern.
However, let's take a look at the Momentum Tracker we introduced last time. Currently, as shown in the table at the bottom left, bearish momentum is above bullish momentum, and total momentum is below both, followed by the signal and MACD. The signal and MACD are aligned with the total momentum.
Bearish momentum is near its peak, and MACD is on the verge of a golden cross. However, in the Momentum Tracker, the area directly below the yellow box on the left side of the price pane doesn't show this pattern. The more similar pattern is slightly to the left, in the yellow box on the lower pane. After this, the price did indeed rise slightly but soon experienced a sharp decline.
If we follow a similar pattern this time, could it be that we are currently in the process of forming the shape of the sharp drop indicated by the blue box on the left side of the price pane?
https://www.tradingview.com/chart/BTCUSDT/SNbjp4eO-BTC-Momentum-Tracker/
Let's use it to look into the price chart right away.
You'll quickly notice that the yellow box on the right side where the current candlesticks are located closely resembles the yellow box on the left.
On the left side, the price dropped along the blue support line and then rebounded, surpassing the 0.618 level, and turned bullish. The current situation seems to be following a similar pattern.
However, let's take a look at the Momentum Tracker we introduced last time. Currently, as shown in the table at the bottom left, bearish momentum is above bullish momentum, and total momentum is below both, followed by the signal and MACD. The signal and MACD are aligned with the total momentum.
Bearish momentum is near its peak, and MACD is on the verge of a golden cross. However, in the Momentum Tracker, the area directly below the yellow box on the left side of the price pane doesn't show this pattern. The more similar pattern is slightly to the left, in the yellow box on the lower pane. After this, the price did indeed rise slightly but soon experienced a sharp decline.
If we follow a similar pattern this time, could it be that we are currently in the process of forming the shape of the sharp drop indicated by the blue box on the left side of the price pane?
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