Bitcoin Price Action Update (day 340)

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Consensio: Weekly is bearish. Daily is bullish

Patterns: Phase 7 Hyperwave | A&E hit it’s target today
Horizontals: R: $5,078 & $5,345
Trendline: Brokethrough bear trend
Parabolic SAR: $4,360 and accelerating fast
Futures Curve: Still slightly in backwardation
Funding Rates: Longs pay 0.0015%
BTCUSDSHORTS: Looks like it is starting to bounce from support
TD’ Sequential: Green 9
Ichimoku Cloud: Just like Consensio, weekly is bearish and daily is bullish
Relative Strength Index: Last time it was this high was December 2017
Average Directional Index: Daily just crossed 25. I don’t think the +DI has ever been this diverged from the -DI. I’m not sure what to make of it...
Price Action: 24h: +2.22% | 2w: +26.83% | 1m: +46.94%
Bollinger Bands: Full candle above top band, now on the second.
Stochastic Oscillator: Sell signal

Summary: Bitcoin is showing a lot of signs of exhaustion. Today just opened a green 9 after closing a shooting star. The is in line with a sell signal from the Stochastic while the RSI is at levels we have not seen since the top.

It could continue this run but I don’t think that it will make it far. What is interesting is the 200 EMA flattening out while the 50 is starting to turn up. If the price can support above $4,600 over the next couple weeks then we would get a golden cross.

That would be very interesting, but it would certainly take time. Something I will be keeping a close eye on.

All signs are pointing towards a pullback. If that doesn’t happen then it definitely will not be a buying opportunity. There is a lot of resistance from here all the way up to $5,800.

It is definitely time to be paying close attention and to have a clear plan that you can commit to. Don’t make emotional decisions for large amounts of your capital. Have a plan and move in portions.