Quick BTC 1d chart update
BTC has broken out upwards from its Descending Triangle and made a successful re-test as support.
BTC is above its Bollinger Bands Upper Band and note that the Upper and Lower Bands are expanding away from each other indicating increased volatility. Note that the Bollinger Bands Middle Band Basis 20 Period SMA is also pointing upwards.
Using the Ichimoku Cloud 20,60,120,30 settings:
The Ichinoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid-point of the short-term momentum is upwards.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid-point of the mid-term momentum is upwards.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum at the moment is upwards.
Note that the Ichimoku Cloud Leading Span A (Senkou Span A) is pointing upwards. Also note that upwards momentum has been strong enough to make the Ichimoku Cloud Leading Span B (Senkou Span B) point upwards. This is a VERY GOOD THING as its raises future support levels for this 1d timeframe.
Note that BTC is way above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 4 daily candle that i have selected.
Note that Volume has increased and note that todays Volume Bar is above its Volume 20 Period Moving Average.
The On Balance Volume (OBV) is looking really great with strong upwards momentum and note that the OBV line is above its 9 Period EMA. Note how using a 9 Period EMA on the OBV indicator is very useful.
The Moving Average Convergence Divergence (MACD) is looking really good with 6 increasing Green Histograms, note that the MACD Line and the Signal Line are both back above the 0.0 Base Line and back in the Positive Zone.
A couple of scenarios to ponder now that BTC is way above its Bollinger Band Upper Band on this 1d chart:
1: BTC may continue walking upwards on the outside of the Upper BB for a few more days before an inevitable retrace back under the Upper BB, consolidate for a bit, and then continue upwards.
2: BTC retraces back to the previous Descending Triangle Trend-line, BTC test it as Support and then continues upwards.
3: BTC Drops to either its Ichimoku Cloud Conversion Line (Tenkan Sen), Ichimoku Cloud Base Line (Kijun Sen) or to the Bollinger Bands Middle Band Basis as its lowest support.
At the moment of typing this, BTC is showing no real sign of stopping yet, but In any case, if there is a retrace, it shouldn’t come as a surprise.
I hope this is helpful with your trading and hodl-ing.
BTC is above its Bollinger Bands Upper Band and note that the Upper and Lower Bands are expanding away from each other indicating increased volatility. Note that the Bollinger Bands Middle Band Basis 20 Period SMA is also pointing upwards.
Using the Ichimoku Cloud 20,60,120,30 settings:
The Ichinoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid-point of the short-term momentum is upwards.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid-point of the mid-term momentum is upwards.
The Ichimoku Cloud Lagging Span (Chikou Span) is indicating momentum at the moment is upwards.
Note that the Ichimoku Cloud Leading Span A (Senkou Span A) is pointing upwards. Also note that upwards momentum has been strong enough to make the Ichimoku Cloud Leading Span B (Senkou Span B) point upwards. This is a VERY GOOD THING as its raises future support levels for this 1d timeframe.
Note that BTC is way above its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 4 daily candle that i have selected.
Note that Volume has increased and note that todays Volume Bar is above its Volume 20 Period Moving Average.
The On Balance Volume (OBV) is looking really great with strong upwards momentum and note that the OBV line is above its 9 Period EMA. Note how using a 9 Period EMA on the OBV indicator is very useful.
The Moving Average Convergence Divergence (MACD) is looking really good with 6 increasing Green Histograms, note that the MACD Line and the Signal Line are both back above the 0.0 Base Line and back in the Positive Zone.
A couple of scenarios to ponder now that BTC is way above its Bollinger Band Upper Band on this 1d chart:
1: BTC may continue walking upwards on the outside of the Upper BB for a few more days before an inevitable retrace back under the Upper BB, consolidate for a bit, and then continue upwards.
2: BTC retraces back to the previous Descending Triangle Trend-line, BTC test it as Support and then continues upwards.
3: BTC Drops to either its Ichimoku Cloud Conversion Line (Tenkan Sen), Ichimoku Cloud Base Line (Kijun Sen) or to the Bollinger Bands Middle Band Basis as its lowest support.
At the moment of typing this, BTC is showing no real sign of stopping yet, but In any case, if there is a retrace, it shouldn’t come as a surprise.
I hope this is helpful with your trading and hodl-ing.
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