So we are in somehow in status quo. The price of BTC got stuck between $6250 and $6450. This is exactly between TenkanSen (red line) and Volume Weighted Exponential Moving Average (VWEMA – orange line). The major volume shows up on Bitmex which means that people just trade there in order to earn a couple of bucks more. This pure speculative so we don’t actually know how BTC will behave. Current data is inaccurate and burdened with a big error. So the only reasonable strategy is to wait now.
First of all, we need more interest/volume on common exchanges such as Bitfinex, Binance or Bittrex. We need both individual and institutional money. As many say we also think we have to wait till final decision, regarding ETFs on BTC will be made. As it was postponed in August and price heavily dipped we may expect an extreme reverse of this trend once we get some positive news regarding above mentioned ETFs. So time will tell.
Looking at the chart and Weis Waves indicator, we can clearly see there so no interest in buying or selling BTC whatsoever. Simply there are no moves on the supply and demand side. Good point is that we don’t have extensive supply on the table but this is not enough. We need more demand. Right now it is completely arid.
As marked on the chart we got stuck between TenkanSen and VWEMA. This is so since a couple of days so we need a stronger impulse to beat VWMA for good at around $6450 level.
Bollinger Bands – they show the span of the highest height and lowest low and of course they outline the trend. Good news is that we bounced off from the bottom of this indicator but the bad is we didn’t cross the middle line (brown line) at the level around $6500.
So level $6450 - $6500 is really important to break. Not with just one pin, bar or shadow. We need a solid break with a large one candle or a couple of smaller ones.
The only positive news derived from the chart is the fact that since a month $6000 level was defended 5 times. We should not go any lower than the price marked by the red rectangle.
We also think we should be moving up at the end of this month when public opinion won’t manage to keep quiet and first gossips and rumors regarding ETF will be spread out. No matter true or not people don't want to miss out so FOMO impulse might be the thing.
What are your opinions guys? Do you feel the same? Your likes and opinions will be highly appreciated.
Thanks for reading.
HUGE Hugs! WBM Team
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Bollinger Bands, resistance rectangle and Weis Volume
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So Guys. We are where we meant to be... Whether it was due to the fact that BITMEX suspended trading during the last 24h or we had too many negative info on CNBC Twitter account (thanks to Jacobcanfield :) - they are negatively correlated.
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We broke TenkanSen on the daily chart and we also observed bull's cross on MACD indicator.
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On Weis Volume chart we can also see supply is evaporating
I agree that We need a big push to break. ETF good news will do the trick. If theres another delay or deinal, that will push BTC down. I assumed this morning about 5 hrs ago BTC wouldn't break $6500 and start its downtrend so I sold my ONT, NEO, & EOS posiitions because if big daddy BTC goes down, so shall alts. good work. keep it up. I learn from others chart styles. Check out some of my work also. I trend trade using the Heikin Ashi Strategy backed by Stoch RSI & MACD. My movings averages are matched with Binance so I can see Ashi candles moving the same as Binances default candles.