fake break out and sideways trading, what now?
Hello hello wonderful person!
What an interesting week it has been, where we have seen a fake breakout above the triangle; and now we are in horizontal move.
So the market broke out of the trend line, that was just a matter of time really, but it did not break out on lower or upper side. Rather the price is trading horizontally and perfectly aligned with the volume trade profile.
This indicates a very strong support line at current price, and what is left to see is the momentum; will support hold and go up or break.
To check more into that I look at the:
- RSI:
It was in a downward trend in the daily chart, but might be moving upward. It all depends on what it will do the next two days. On the 4 hourly it is showing a sideways trend.
Even when switching to Heikin Ashi, the RSI does not change much, and one should remain cautious to RSI in a sideways market.
- MACD
Not much to say here except it shows weakness, but a little better on the 4 hourly rather than the daily. Heikin Ashi did not reveal anything big here either.
- 100 and 200 MA
The 100 MA is underneath the 200 MA in both 4 hourly and in daily
- Market Cap
The overall market cap has not moved at all the last 7 days, and barely on last 14 days on the upside.
So what?
well, the market have experienced a massive upside lately; but it is not shaking my theory about delay effect aka wave 2.
It is after summer and probably around September that I will make my own call about strategy ahead, based on financial numbers in September.
Still believe BTC will climb this year, so I will probably look for an entry point soon for DCA (Dollar Cost Average).
To sum it up... I am cautious.
PS
I am also looking into some of the ALTS, one in particular: ETHER.
Stay safe out there and thank you for reading my ideas.
What an interesting week it has been, where we have seen a fake breakout above the triangle; and now we are in horizontal move.
So the market broke out of the trend line, that was just a matter of time really, but it did not break out on lower or upper side. Rather the price is trading horizontally and perfectly aligned with the volume trade profile.
This indicates a very strong support line at current price, and what is left to see is the momentum; will support hold and go up or break.
To check more into that I look at the:
- RSI:
It was in a downward trend in the daily chart, but might be moving upward. It all depends on what it will do the next two days. On the 4 hourly it is showing a sideways trend.
Even when switching to Heikin Ashi, the RSI does not change much, and one should remain cautious to RSI in a sideways market.
- MACD
Not much to say here except it shows weakness, but a little better on the 4 hourly rather than the daily. Heikin Ashi did not reveal anything big here either.
- 100 and 200 MA
The 100 MA is underneath the 200 MA in both 4 hourly and in daily
- Market Cap
The overall market cap has not moved at all the last 7 days, and barely on last 14 days on the upside.
So what?
well, the market have experienced a massive upside lately; but it is not shaking my theory about delay effect aka wave 2.
It is after summer and probably around September that I will make my own call about strategy ahead, based on financial numbers in September.
Still believe BTC will climb this year, so I will probably look for an entry point soon for DCA (Dollar Cost Average).
To sum it up... I am cautious.
PS
I am also looking into some of the ALTS, one in particular: ETHER.
Stay safe out there and thank you for reading my ideas.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.