Mixed Signals for BTC
Hello folks! So a lot of talk has been made with regards to BTC direction and as the charts speak.. the signals are mixed.
Looking at the 1-day chart we can make the following conclusions:
1) Based on the MACD indicator crossover (good for medium-trends) we have a bullish signal indicating potential upside.
2) Current price is sitting right on top of the 200-day moving average. This is a strong support level and historically has indicated the overall trend direction of BTC (if trading above bull if below bear). If a strong break on the downward side happens, we might as well be seeing the first signal of an upcoming bear market. With regards to the upside we need to see strong price action to start placing buy orders with high confidence.
3) Based on the Ichimoku indicator BTC is trading below the cloud levels indicating a strong bearing momentum. Ichimoky is also really good for spotting
Overall opinion is mixed however approach for the next few weeks is to incrementally price average and buy. At this price levels make small buy orders and according to the price action change the size of your orders.
BTCUSD
Looking at the 1-day chart we can make the following conclusions:
1) Based on the MACD indicator crossover (good for medium-trends) we have a bullish signal indicating potential upside.
2) Current price is sitting right on top of the 200-day moving average. This is a strong support level and historically has indicated the overall trend direction of BTC (if trading above bull if below bear). If a strong break on the downward side happens, we might as well be seeing the first signal of an upcoming bear market. With regards to the upside we need to see strong price action to start placing buy orders with high confidence.
3) Based on the Ichimoku indicator BTC is trading below the cloud levels indicating a strong bearing momentum. Ichimoky is also really good for spotting
Overall opinion is mixed however approach for the next few weeks is to incrementally price average and buy. At this price levels make small buy orders and according to the price action change the size of your orders.
BTCUSD
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