Turn-point, or just another tease?
Hello there beautiful person,
hope you have had a wonderful weekend and restful Sunday!!
It has been such an interesting time in crypto space and world news since my last post. Frankly, I stopped myself from posting several times because I really could not make any predictions I would stand behind.
There were so many unknown variables and even if the chart was telling a divergence in RSI; some news just pops in and the market goes wild. It is the nature of this crypto market I know, but now it was especially capricious so I decided to wait it out a little.
Again in full transparency, I have not made any trades; but transferred more fiat into my trading account to have some ready when the market corrects, or when I think it will correct.
So, if I can hold your attention a little bit more, I can share my thoughts on what I see on the chart and expect in near future.
Changes
- Cleaned up the chart by removing previous support and resistant lines.
- Added new resistant line in red at 8555 EURO.
- Added new support line at 8386 EURO
- Added trend lines at both stochastic and RSI
Conclusion
With the 4 hour chart I spot a clear DIVERGENCE on the RSI, and not so clear but still divergence on the stochastic. This turns on an alarm for my part, showing that this race might not have the steam we want it to be, but lets look more into it.
The divergence on the RSI started from the 28. januar, where we saw a considerable amount of increase in volume and start of the price run.
The thing is that these indicators were going down, whilst price went up:
However, the PVT indicator went slightly up and maintained at that level; which I think mean that we had a short burst of positive trades in volumes (positive where the volume of trades in upwards price overcame the volume of downward) and it maintained at a level.
This was also reflected with price candles moving in a relatively horizontal direction. This made me a little uncertain if I could trust the RSI though, because it tends to be scrambled or unreliable when price is moving in horizontal direction (sideways trading).
Another interesting element is the current resistant line. That resistant line has been tested MANY times in the past. Just open up the chart and zoom out and you will see that this one is quire significant.
However, all this considered; I think the divergence is so large that I believe the price will correct.
The correction I think, will hit 8200 EURO, and it is where I will check again to see if it is time to enter with new fiat (buy order).
Happy hunting out there and stay safe!!
PS
Seems like the market did try to hit the support line at 8200 at the 02.february 04:00, but got immediately pushed back up, showing great support.
When you check your charts, do not forget to also use Heiken Ashi and Renko to check if they support your own theories :)
hope you have had a wonderful weekend and restful Sunday!!
It has been such an interesting time in crypto space and world news since my last post. Frankly, I stopped myself from posting several times because I really could not make any predictions I would stand behind.
There were so many unknown variables and even if the chart was telling a divergence in RSI; some news just pops in and the market goes wild. It is the nature of this crypto market I know, but now it was especially capricious so I decided to wait it out a little.
Again in full transparency, I have not made any trades; but transferred more fiat into my trading account to have some ready when the market corrects, or when I think it will correct.
So, if I can hold your attention a little bit more, I can share my thoughts on what I see on the chart and expect in near future.
Changes
- Cleaned up the chart by removing previous support and resistant lines.
- Added new resistant line in red at 8555 EURO.
- Added new support line at 8386 EURO
- Added trend lines at both stochastic and RSI
Conclusion
With the 4 hour chart I spot a clear DIVERGENCE on the RSI, and not so clear but still divergence on the stochastic. This turns on an alarm for my part, showing that this race might not have the steam we want it to be, but lets look more into it.
The divergence on the RSI started from the 28. januar, where we saw a considerable amount of increase in volume and start of the price run.
The thing is that these indicators were going down, whilst price went up:
- RSI
- Stochastic
- DMI
- Coppock curve
However, the PVT indicator went slightly up and maintained at that level; which I think mean that we had a short burst of positive trades in volumes (positive where the volume of trades in upwards price overcame the volume of downward) and it maintained at a level.
This was also reflected with price candles moving in a relatively horizontal direction. This made me a little uncertain if I could trust the RSI though, because it tends to be scrambled or unreliable when price is moving in horizontal direction (sideways trading).
Another interesting element is the current resistant line. That resistant line has been tested MANY times in the past. Just open up the chart and zoom out and you will see that this one is quire significant.
However, all this considered; I think the divergence is so large that I believe the price will correct.
The correction I think, will hit 8200 EURO, and it is where I will check again to see if it is time to enter with new fiat (buy order).
Happy hunting out there and stay safe!!
PS
Seems like the market did try to hit the support line at 8200 at the 02.february 04:00, but got immediately pushed back up, showing great support.
When you check your charts, do not forget to also use Heiken Ashi and Renko to check if they support your own theories :)
Happy hunting and stay safe!
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