BTC update. The pic has A LOT going on so I’ll try and explain in as few words as possible.
We are testing the top of a small pennant flag resistance line that has formed over the last four days (the blue descending line). In order for us to move up, we must break that line before we can move on to higher resistance lines.
The EMA ribbon (the yellow to red rainbow) acts as key support or resistance depending on whether you are above or below it. Right now we are above it so it is acting as a support. It’s closing in on our current price which should help us get over the descending blue resistance line. But volume is low which means any person resembling a whale could push volume in either direction and decide which way we go.
The bollinger bands (the blue cloud like area) is an easy indicator if you are new and are looking for easy buy/sell spots. However, the band is flexible and will adjust based on volume. But right now we are in neutral territory, so we have room to go either way.
The RSI (graph under the chart) is ascending which indicates we have strength/momentum going up as indicated by my blue ascending line on that graph. If we break that line, we will most likely go down. But right now, it looks good.
The stoch RSI (graph under the RSI with the blue and red line) is another RSI type graph which is slightly different from the normal RSI (if you are interested to know the difference I’ll have to ask you to google it because I’m trying to keep this short, lol). The blue over the red band is a bullish signal, however once it gets above the purple neutral range, we could see a “cooling off” and drop a little bit. But the normal RSI is really better at giving a general indication of when a cool off will occur, I use the stoch more for the line indicators.
With all that, here’s the chart:
I threw a poll up on twitter if you would like to vote. Link is in my profile if you click my name. My personal opinion is still that we are going up after looking at all the indicators together, but i don’t know how far! We’ll see!