BTC Momentum Tracker #5: October 24, 2024
After a while, here is the BTC Momentum Tracker series again.
For those new, please refer to the previous articles:
(Tutorial)
(Most recent installment)
I refracted to the fact that it may have lacked precision, so I've changed the HELIO (Highlight Ext 'l Indicator Orders) Signal indicator algorithm that compared Momentum Tracker data to obtain past statistics. Instead of predicting the next bar’s value, it now collects statistics on the next value of the 7EMA.
Based on the current bullish, bearish, and total momentum measured, the 7EMA is statistically likely to trend downward from the end of this week to the beginning of next week, favoring a short direction. While it’s evident to everyone that the bearish momentum has been increasing in the BTC market recently, the question is where the support levels are and what the critical levels are.
In conclusion, this analysis suggests targeting the two green boxes in sequence on the daily time frame, with particular attention to their upper and lower bounds. Specifically, the levels around 60.9k, 58.3k, and 56.7k are notable, but before that, candles will undoubtedly react on the upward-sloping red-dotted trendline. Of course, there is support around the 64k level, but it might be intermediate as a retracement.
Additionally, My charts might be overwhelming for those who advocate for "simple is best" as they contain much information. However, the value lies in how comprehensive the analysis article is. A simple chart that can be interpreted in multiple ways or not at all isn't effective as an analysis, regardless of whether its predictions are labeled as "correct" afterwards.
For those new, please refer to the previous articles:
(Tutorial)
(Most recent installment)
I refracted to the fact that it may have lacked precision, so I've changed the HELIO (Highlight Ext 'l Indicator Orders) Signal indicator algorithm that compared Momentum Tracker data to obtain past statistics. Instead of predicting the next bar’s value, it now collects statistics on the next value of the 7EMA.
Based on the current bullish, bearish, and total momentum measured, the 7EMA is statistically likely to trend downward from the end of this week to the beginning of next week, favoring a short direction. While it’s evident to everyone that the bearish momentum has been increasing in the BTC market recently, the question is where the support levels are and what the critical levels are.
In conclusion, this analysis suggests targeting the two green boxes in sequence on the daily time frame, with particular attention to their upper and lower bounds. Specifically, the levels around 60.9k, 58.3k, and 56.7k are notable, but before that, candles will undoubtedly react on the upward-sloping red-dotted trendline. Of course, there is support around the 64k level, but it might be intermediate as a retracement.
Additionally, My charts might be overwhelming for those who advocate for "simple is best" as they contain much information. However, the value lies in how comprehensive the analysis article is. A simple chart that can be interpreted in multiple ways or not at all isn't effective as an analysis, regardless of whether its predictions are labeled as "correct" afterwards.
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