July 7th: BTCUSD 3HR chart: Momentum moving upwards.
1. Price has crossed above the Kumo and the Kijun is above the Tenkan. The Chikou span is also free and clear above Kumo, Price and the T/K lines. The Kumo cloud is bright (white), and both spans are moving up or at least flat. On the 3H chart this is very bullish, so we look to our momentum oscillators to find out if we have any steam in the tank.
2. Looking at %B which is similar to RSI, we see that momentum peaked at 6:00am and started falling, while price was still moving up. This is showing that momentum is slowing down at the 21k level and it will take some bull effort to break through.
3. Volume momentum is still growing and showing that bulls are showing up but just not with enough volume to break through 21k. Since the %B is falling back towards the mean, there is a chance that bulls are gathering some strength to try to push through 21k.
4. For me to be interested in a trade we have to break the 21880 mark identified at #4, and it needs to happen with some strong volume. If %B (stdev 8) is in a decline when we get near 22k, and volume is not increasing, I would hold off as it could be a bull trap before another move down.
Higher timeframes still show bearish, but the 3 hour chart is showing signs of a turn around.
1. Price has crossed above the Kumo and the Kijun is above the Tenkan. The Chikou span is also free and clear above Kumo, Price and the T/K lines. The Kumo cloud is bright (white), and both spans are moving up or at least flat. On the 3H chart this is very bullish, so we look to our momentum oscillators to find out if we have any steam in the tank.
2. Looking at %B which is similar to RSI, we see that momentum peaked at 6:00am and started falling, while price was still moving up. This is showing that momentum is slowing down at the 21k level and it will take some bull effort to break through.
3. Volume momentum is still growing and showing that bulls are showing up but just not with enough volume to break through 21k. Since the %B is falling back towards the mean, there is a chance that bulls are gathering some strength to try to push through 21k.
4. For me to be interested in a trade we have to break the 21880 mark identified at #4, and it needs to happen with some strong volume. If %B (stdev 8) is in a decline when we get near 22k, and volume is not increasing, I would hold off as it could be a bull trap before another move down.
Higher timeframes still show bearish, but the 3 hour chart is showing signs of a turn around.
_G
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