Bitcoin Market Update for 3/3/18
1M
Monthly RSI is still in a downtrend - this is important because RSI measures change of price movements . Instead of analyzing the candles this tells me until we break the channel we can expect to see further sideways movement on a larger scale
Yes, last month closed green which was a great mini victory for the market however we have yet to make a higher high - also Stoch RSI has finally picked up a bit from oversold.
1W
Stoch RSI is running mighty high on the weekly. Last time this happened we had a nasty fall.
RSI has formed a slight downward curve and MA is still in a downtrend
1D
Stoch RSI is headed straight down with no indication of a cross nor bounce
RSI has been extremely flat
Indicators are conflicting - this is a no trade zone for me
Possible bear flag is forming which is it plays out will put us at $3300
Only positive I see is:
*Stoch is in oversold and will bounce at some point
*We are above Bollinger Band MA
4H
Massive contraction on the Bollinger Bands
Indicators are bullish and running.
If we can break MA resistance we will test 3828
1H
Massive contraction on the Bollinger Bands
Expect a volatile move soon and please becarful of the gnarly wicks we have seen
Bullish scenario is to hit 3890 flip into support and target 4100
Bearish scenario break 3629 and hit 3300
Monthly RSI is still in a downtrend - this is important because RSI measures change of price movements . Instead of analyzing the candles this tells me until we break the channel we can expect to see further sideways movement on a larger scale
Yes, last month closed green which was a great mini victory for the market however we have yet to make a higher high - also Stoch RSI has finally picked up a bit from oversold.
1W
Stoch RSI is running mighty high on the weekly. Last time this happened we had a nasty fall.
RSI has formed a slight downward curve and MA is still in a downtrend
1D
Stoch RSI is headed straight down with no indication of a cross nor bounce
RSI has been extremely flat
Indicators are conflicting - this is a no trade zone for me
Possible bear flag is forming which is it plays out will put us at $3300
Only positive I see is:
*Stoch is in oversold and will bounce at some point
*We are above Bollinger Band MA
4H
Massive contraction on the Bollinger Bands
Indicators are bullish and running.
If we can break MA resistance we will test 3828
1H
Massive contraction on the Bollinger Bands
Expect a volatile move soon and please becarful of the gnarly wicks we have seen
Bullish scenario is to hit 3890 flip into support and target 4100
Bearish scenario break 3629 and hit 3300
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