BTCUSD - 5 Day Chart Absolutely PRIMED

5 Jan 2020

The 5-day BTCUSD chart looks absolutely incredible for a potential bullish push in the coming month or two.

Key takeaways from the current chart:

• Support found on the 100 & 200 days SMA.
  
• Stochastic, Stochastic RSI and RSI all starting to trend up from oversold levels (RSI close enough).
  
• Stochastic and Stochastic RSI has been oversold for an extended period of time.
  
• MACD is the only indicator not pointing entirely bullish yet, but if the candle finalizes green, it will likely have all signs pointing to a cross over.
  

I really can't find much I don't like about the 5-day chart. To me, it's got pretty much everything that I can ask for. The MACD is somewhat slower than the other indicators, so having it not cross over yet is not a deal-breaker what so ever. Even having said that, the MACD histogram has continued shrinking each period and is very small relatively at this point in time.

My last post about BTCUSD was to short the daily chart on 12-31-2019, and to look for the bounce from the bottom BBand for a potential change in trend. Combining my theory from the daily chart, and this 5-day chart I really like the chances of a trend change here.

We may all wish we accumulated more at 7k. If this is the trend change, we could break 2019's highs.

DISCLAIMER: For educational and entertainment purposes only. Nothing in this content should be interpreted as financial advice or a recommendation to buy or sell any sort of security or investment including all types of crypto. DYOR, TYOB.