The 5-day BTCUSD chart looks absolutely incredible for a potential bullish push in the coming month or two.
Key takeaways from the current chart:
Support found on the 100 & 200 days SMA.
Stochastic, Stochastic RSI and RSI all starting to trend up from oversold levels (RSI close enough).
Stochastic and Stochastic RSI has been oversold for an extended period of time.
MACD is the only indicator not pointing entirely bullish yet, but if the candle finalizes green, it will likely have all signs pointing to a cross over.
I really can't find much I don't like about the 5-day chart. To me, it's got pretty much everything that I can ask for. The MACD is somewhat slower than the other indicators, so having it not cross over yet is not a deal-breaker what so ever. Even having said that, the MACD histogram has continued shrinking each period and is very small relatively at this point in time.
My last post about BTCUSD was to short the daily chart on 12-31-2019, and to look for the bounce from the bottom BBand for a potential change in trend. Combining my theory from the daily chart, and this 5-day chart I really like the chances of a trend change here.
We may all wish we accumulated more at 7k. If this is the trend change, we could break 2019's highs.
DISCLAIMER: For educational and entertainment purposes only. Nothing in this content should be interpreted as financial advice or a recommendation to buy or sell any sort of security or investment including all types of crypto. DYOR, TYOB.
Very interesting. What's your perspective on LTCUSD using the same chart setup? Seems to me LTC leads but gets less attention, but i'm eyeing BTC Long trade setups as well and agree with what you're seeing...
BigBitsIO
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@JoshuaMcGowan, LTCUSD about the same spot, but trading below all the MAs. I've been sharing ideas to accumulate LTCUSD for a month or two. It may not lead this time around, but better reward profile at this level. Could 4-5x vs. BTCUSD 2.5-3.5x ($40 -> $200 vs $7,000 ->17k?).
I have a higher % BTC, but like LTC as the ratio is super low vs. BTC (with a similar setup on indicators) and also looks good vs. USD.
JoshuaMcGowan
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@BigBitsIO, I hadn't caught those previous ideas but yeah the risk window is too good...