A Clean, Clear and Simple BTC Chart with Some Ideas
Hi Guys,
Long time Tradingview Member, 1st time poster.
Lets strip away all the complex charting and Fibonacci retracements and lets loo at the basics of 2 factors.
1. Supply & Demand
2. Momentum
If we a look at the 4 Hour chart we will see some positive indicators.
Namely, the MACD is rolling over, meaning the little blue line (fast moving) will be crossing the red (slow moving). This means a shift to bullish momentum. The same hold tru on the 3HR 2Hr and 1 Hr charts as a well substantiating our bullish position, short term.
Next lets look at the Stoch, which is an indicator of an indicator. I like this more than the RSI as I have seem more correlations with highs and lows. The Stoch is oversold right now and that mean more DEMAND for BTC at these levels.
Lastly, we have been making higher lows if you look at the bottom yellow line.
Remember BTC is very reactive and like, Amazon in the late 90's its price fluctuated wildly due to a myriad of factors. However I believe that the overall signs of BTC are VERY positive.
- Several ETFs are on the sidelines
- BAKKT is opening in NOV (I cannot stress how important this is gents)
- Coinbase is in talks with Blackrock for an ETF
- Trump appoints a new SEC commissioner that is a Crypto fan.
- There is so much mass adoption happening and planning in the works on multiple platforms around the globe.
- Weekly MACD turned bullish for the 1st time since Jan
At these levels I would not dare try to day trade. Even though I feel with 80% certainty we will dip to the low 6100 range, the Risk to Reward isnt there. My expectation is that BTC will hit 17-26K this year. I know its a wide range, but its based on a computer algorithm we ran 12,000 times simulating the end of the year.
Thoughts?
Be kind its my 1st chart lol
Long time Tradingview Member, 1st time poster.
Lets strip away all the complex charting and Fibonacci retracements and lets loo at the basics of 2 factors.
1. Supply & Demand
2. Momentum
If we a look at the 4 Hour chart we will see some positive indicators.
Namely, the MACD is rolling over, meaning the little blue line (fast moving) will be crossing the red (slow moving). This means a shift to bullish momentum. The same hold tru on the 3HR 2Hr and 1 Hr charts as a well substantiating our bullish position, short term.
Next lets look at the Stoch, which is an indicator of an indicator. I like this more than the RSI as I have seem more correlations with highs and lows. The Stoch is oversold right now and that mean more DEMAND for BTC at these levels.
Lastly, we have been making higher lows if you look at the bottom yellow line.
Remember BTC is very reactive and like, Amazon in the late 90's its price fluctuated wildly due to a myriad of factors. However I believe that the overall signs of BTC are VERY positive.
- Several ETFs are on the sidelines
- BAKKT is opening in NOV (I cannot stress how important this is gents)
- Coinbase is in talks with Blackrock for an ETF
- Trump appoints a new SEC commissioner that is a Crypto fan.
- There is so much mass adoption happening and planning in the works on multiple platforms around the globe.
- Weekly MACD turned bullish for the 1st time since Jan
At these levels I would not dare try to day trade. Even though I feel with 80% certainty we will dip to the low 6100 range, the Risk to Reward isnt there. My expectation is that BTC will hit 17-26K this year. I know its a wide range, but its based on a computer algorithm we ran 12,000 times simulating the end of the year.
Thoughts?
Be kind its my 1st chart lol
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