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Consensio: (Using 4, 9 and 50 EMA’s) M MA < S MA < P < L MA
Patterns: Phase 7 hyperwave |
Horizontals: R: $3,679 | Testing $3,525 for support
Trendline:
Parabolic SAR: $3,359
Curve: Backwardation with 0.8% spread. Pay close attention to the 2 week high. If we break down that (currently $3,766) and re enter Contango then it is a strong sell signal.
BTCUSDSHORTS: Pretty neutral, not much to glean at these levels.
Funding Rates: Longs pay shorts 0.01%
TD’ Sequential: price flip
Cloud: Thin could above 50 represents little resistance if we can breakthrough the .
Index: Above 50, pulling back for retest
Average Directional Index: Rolled over and back below 25, indicating no / weak trend
Price Action: 24h: -0.4% | 2w: +5.5% | 1m: +0.6%
Bands: Pulling back from top band. MA = $3,494
Oscillator: Daily sell signal
Summary: Have been watching the charts very closely, expecting some to be right around the corner. I have been experimenting with EMA’s instead of MA’s and I am really starting to like the change. I have also adjusted the inputs to 4/9/50. Looking at the 50 day right now and you can see why I like it.
That is my key area of resistance. If we can close a daily candle above then I expect a lot of buying to follow. The shows little built up resistance above that area which confirms my suspicion.
That being said it will not be easy to close above the 50 . It is trending down and has been acting as strong resistance. If we stay below it for another 24 – 48 hours then I am expecting us to take out the two week low and re enter Contango. If that happens I will be going short.
The lower TF’s just took out $3,575 support and that should result in two scenarios, both of which come with volatility:
It’s either a shakeout before the breakout, or it was the top of this rally. Still slightly too early to tell, but I expect it to be much more clear by this time tomorrow.
I am still long, however I have started to scale out and I would not be looking to re enter until we close above the 50 .
Published at Tue, 12 Feb 2019 02:56:19 +0000
