BTC - Price Analysis
The senkou span A is curling up indicating lessening volatility and this is confirmed by the RVI as it approaches a point of support.
However, Senkou Span B is continuing to range horizontally but that is due to it being a slower indicator than Span A.
Currently, the price has the Kijun indicating upward momentum and acting as support. Furthermore, the Tenkan is also acting as support and has begun ranging sideways which indicates lessened volatility, and acts as a 3rd indication of lessened volatility. Moreover, the tenkan is quicker than the Kijun and it's resting support is currently well aligned with the 0.618 fib level.
If the price ranges through the area highlighted in green and finds support as the stochastic falls back down into oversold category without it breaking past it's support at 7k~, we could see a fib extension to the .786 level
However, Senkou Span B is continuing to range horizontally but that is due to it being a slower indicator than Span A.
Currently, the price has the Kijun indicating upward momentum and acting as support. Furthermore, the Tenkan is also acting as support and has begun ranging sideways which indicates lessened volatility, and acts as a 3rd indication of lessened volatility. Moreover, the tenkan is quicker than the Kijun and it's resting support is currently well aligned with the 0.618 fib level.
If the price ranges through the area highlighted in green and finds support as the stochastic falls back down into oversold category without it breaking past it's support at 7k~, we could see a fib extension to the .786 level
Join The Spekre ACS Creator Pool and gain access to exclusive trading indicators, copy trading, exclusive content, and more tools in the future! Link: hub.accessprotocol.co/creators/J8TpW6cypxheFUYjWn4mxS6ExvBEMxyMiRvrf43Nhnvy
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.