Not entirely fond of this current 1-day and 1-hour setup.
I see an "M" forming. Again, I do not like necessarily basing my analysis on patterns, but this is an additional signal to the oscillators, bands, and clouds.
Given the downward trend in the daily, I believe there is a good chance the hourly candle dips again due to its proximity to the cloud (as resistance)
The next two candles will be important in determining direction. The current hourly candle (8:50AM EST) showed signs of a bullish rejection, but the battle continues.
I would like to look for a bit more confirmation in some main signals.
1. Looking for higher lows in proximity to the bollinger bands (teal bands). Need a close in today's candle for better confirmation
2. Bear cloud in the hourly chart serves as a possible bearish bounce point.
3. If the Tenkan line can regain an upward slope and cross through the Kijun, there may be an opportunity to break the cloud and prevent the double top "M" from completing its pattern
4. The Bollinger/Keltner squeeze completed and higher volatility is assumed. It is important to watch the positioning within the lower Bollinger / Keltner channels during this process.
5. One possible bullish saving grace could result from the combination of the upward trending slope of the stoch with bullish twist, upward trending obv, and upward trending MACD on the hourly. This can of course be used as a more powerful driver in the bearish direction if there is a rejection in the cloud. As we know, volume paired with trend is a powerful and sustainable force/driver
I see an "M" forming. Again, I do not like necessarily basing my analysis on patterns, but this is an additional signal to the oscillators, bands, and clouds.
Given the downward trend in the daily, I believe there is a good chance the hourly candle dips again due to its proximity to the cloud (as resistance)
The next two candles will be important in determining direction. The current hourly candle (8:50AM EST) showed signs of a bullish rejection, but the battle continues.
I would like to look for a bit more confirmation in some main signals.
1. Looking for higher lows in proximity to the bollinger bands (teal bands). Need a close in today's candle for better confirmation
2. Bear cloud in the hourly chart serves as a possible bearish bounce point.
3. If the Tenkan line can regain an upward slope and cross through the Kijun, there may be an opportunity to break the cloud and prevent the double top "M" from completing its pattern
4. The Bollinger/Keltner squeeze completed and higher volatility is assumed. It is important to watch the positioning within the lower Bollinger / Keltner channels during this process.
5. One possible bullish saving grace could result from the combination of the upward trending slope of the stoch with bullish twist, upward trending obv, and upward trending MACD on the hourly. This can of course be used as a more powerful driver in the bearish direction if there is a rejection in the cloud. As we know, volume paired with trend is a powerful and sustainable force/driver
評論:
Bullish Tenkan cross and entrance to cloud. BTC does what it wants... lets see