BTC Running With The Bulls?
The past week has seen a steady increase in BTC price. While some are predicting an upcoming reversal, there is decent evidence of a continuation.
Looking at the chart, we can observe an ascending triangle pattern forming(represented by the dotted pink line). This pattern formation in the midst of a positive price trend can typically be viewed as an indication of trend continuation. Further in-depth technical analysis results in a similar conclusion.
The bottom chart (The Trend Sniper) shows an adjusted DMI, with DI + shown in green and DI- shown in red. At 2:00 on June 19th, we see a cross-over occur, with the DI+ rising above the DI-. This ended the brief ranging period highlighted in the light grey box and signaled the start of a positive price movement. Since this crossover, positive directional movement has steadily increased, while negative directional movement has steadily decreased. It is safe to say there will be continued positive momentum until we begin to see the DI- values beginning to climb and head towards another crossover with DI+.
To assess the volume patterns and possible divergences, we analyzed the OBV-based Divergence Detector indicator. The chart echoed the signals generated by the Trend Sniper. For the most part, the OBV's movement has matched the BTC price action. Although the past 24 hours has seen a few bearish divergence signals (highlighted by the pink circles), the OBV value has remained above zero and confirms the recent positive price movement.
The third chart from the bottom shows a Triple Exponential Moving Average accompanied by a Volume-Weighted Moving Average. The VWMA is shown as the darkest red/green line. When the VWMA value is greater than the three EMA's, the area between the VWMA and EMAs has green fill. When VWMA falls below the TEMA, the area representing the difference between the values has red fill. We have seen the VWMA line crossover the TEMA (circled in green) within the past 4 hours, indicating the beginning of another uptrend confirmed by concurrent increases in volume.
The PowerTrader indicator shows a steady climb in Balance of Power (BoP) values from June 18th onward. This gives us yet another hint that this bullish trend hasn't quite run out of gas just yet.
Looking at the chart, we can observe an ascending triangle pattern forming(represented by the dotted pink line). This pattern formation in the midst of a positive price trend can typically be viewed as an indication of trend continuation. Further in-depth technical analysis results in a similar conclusion.
The bottom chart (The Trend Sniper) shows an adjusted DMI, with DI + shown in green and DI- shown in red. At 2:00 on June 19th, we see a cross-over occur, with the DI+ rising above the DI-. This ended the brief ranging period highlighted in the light grey box and signaled the start of a positive price movement. Since this crossover, positive directional movement has steadily increased, while negative directional movement has steadily decreased. It is safe to say there will be continued positive momentum until we begin to see the DI- values beginning to climb and head towards another crossover with DI+.
To assess the volume patterns and possible divergences, we analyzed the OBV-based Divergence Detector indicator. The chart echoed the signals generated by the Trend Sniper. For the most part, the OBV's movement has matched the BTC price action. Although the past 24 hours has seen a few bearish divergence signals (highlighted by the pink circles), the OBV value has remained above zero and confirms the recent positive price movement.
The third chart from the bottom shows a Triple Exponential Moving Average accompanied by a Volume-Weighted Moving Average. The VWMA is shown as the darkest red/green line. When the VWMA value is greater than the three EMA's, the area between the VWMA and EMAs has green fill. When VWMA falls below the TEMA, the area representing the difference between the values has red fill. We have seen the VWMA line crossover the TEMA (circled in green) within the past 4 hours, indicating the beginning of another uptrend confirmed by concurrent increases in volume.
The PowerTrader indicator shows a steady climb in Balance of Power (BoP) values from June 18th onward. This gives us yet another hint that this bullish trend hasn't quite run out of gas just yet.
-Profit Programmers
profitprogrammer.com
profitprogrammer.com
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