BTC simple look at RSI and MA's
Hi guys,
I wanted to take a simplified look at BTC's mid/long term view on the weekly chart.
There are many different ways to look at BTC right now and I just wanted to keep it really simple using just the weekly RSI and Moving Averages.
IMO there is no reason for panic right now. Just keep it simple and take a look at one price range at a time. I don't want to talk about 4000 or 3000 usd price levels FUD while for example the 100 week MA still acts as support.
Moving Averages:
-BTC seems to react quite well to the weekly moving averages, the 200 day weekly MA was a good indicator to spot the bottom in december 2018.
-Right now BTC seems to have found support on the 100 week MA.
-If this 100 week MA breaks, there is no reason for panic at all because the 50 week MA is right below it @ 6700 usd. If this happens I will use this as a buy opportunity.
Moving Average and VPVR:
-The VPVR shows high volume levels at each of the weekly moving averages.
-The 50, 100 and 200 week MA all have a high volume profile, this means that they will most likely act as quite strong support.
RSI:
-The weekly RSI is quite interesting, the current level of approx. 45 acted as support in almost the entire year of 2018.
-I think this can be used as a reliable indicator, If the weekly RSI stays above lets say 40 this a actually a good sign.
What I am trying to say is that I feel the risk/reward for a short right now is not that favorable IMO.
I will buy more between 7300 and 6700 if this opportunity emerges and just focus on the MA's and RSI, one price range at a time.
I would like to learn from your perspectives as I am very open to new ideas and suggestions!
I wanted to take a simplified look at BTC's mid/long term view on the weekly chart.
There are many different ways to look at BTC right now and I just wanted to keep it really simple using just the weekly RSI and Moving Averages.
IMO there is no reason for panic right now. Just keep it simple and take a look at one price range at a time. I don't want to talk about 4000 or 3000 usd price levels FUD while for example the 100 week MA still acts as support.
Moving Averages:
-BTC seems to react quite well to the weekly moving averages, the 200 day weekly MA was a good indicator to spot the bottom in december 2018.
-Right now BTC seems to have found support on the 100 week MA.
-If this 100 week MA breaks, there is no reason for panic at all because the 50 week MA is right below it @ 6700 usd. If this happens I will use this as a buy opportunity.
Moving Average and VPVR:
-The VPVR shows high volume levels at each of the weekly moving averages.
-The 50, 100 and 200 week MA all have a high volume profile, this means that they will most likely act as quite strong support.
RSI:
-The weekly RSI is quite interesting, the current level of approx. 45 acted as support in almost the entire year of 2018.
-I think this can be used as a reliable indicator, If the weekly RSI stays above lets say 40 this a actually a good sign.
What I am trying to say is that I feel the risk/reward for a short right now is not that favorable IMO.
I will buy more between 7300 and 6700 if this opportunity emerges and just focus on the MA's and RSI, one price range at a time.
I would like to learn from your perspectives as I am very open to new ideas and suggestions!
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