BTCUSD and the formation of a new Trend
Bitcoin broke clearly out of the channel.
Expectations and where to watch out for:
- Retest of the channel.
- Formation of a bear flag in order to go lower.
DMI- is on the rise. (selling pressure)
When ADX (blue) and DMI- (red) start to move in the same direction a 'selling trend' will be established. Leading to lower lows.
When ADX and DMI- start to move in the same direction a 'selling trend' will be established. Leading to lower lows.
OBV indicator: broke the support zone.
Although we have seen a lower values during the consolidation phase. This time I got rejected at the resistance trend level.
Keep in mind when BTC made his year low, the OBV was significant above today value.
Stochastic RSI: rejected just above the 80 level:
more room to go down.
Keep in mind a clear trend is not yet decided based on this one day. Although It was the strongest move of the past month.
Expectations and where to watch out for:
- Retest of the channel.
- Formation of a bear flag in order to go lower.
DMI- is on the rise. (selling pressure)
When ADX (blue) and DMI- (red) start to move in the same direction a 'selling trend' will be established. Leading to lower lows.
When ADX and DMI- start to move in the same direction a 'selling trend' will be established. Leading to lower lows.
OBV indicator: broke the support zone.
Although we have seen a lower values during the consolidation phase. This time I got rejected at the resistance trend level.
Keep in mind when BTC made his year low, the OBV was significant above today value.
Stochastic RSI: rejected just above the 80 level:
more room to go down.
Keep in mind a clear trend is not yet decided based on this one day. Although It was the strongest move of the past month.
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