Bitcoin is experiencing stark divergence on the daily chart and the weekly chart. The image represented by the study refers to the daily chart.
Note that the OBV is not pointing at volume, the indicator is very downwards. If that were not enough, there is still disagreement with RSI and OBV. In the image you can clearly see the bullish pivots on the chart and the bearish pivots on the indicator, which are being driven by the upper trend lines in violet.
Notice that the yellow line plotted on the chart was an LTA that was serving as a strong support, however, BTC broke it, and now it is serving as a rather boring resistance. Until the asset fails to break this resistance, represented by the yellow trend line (which used to be the support), every entry is and will be extremely risky.
Notice, also, the second indicator. It's called ZWAP. It is verified that the price remains for a long time above "1.0", which serves as a good support considering the indicator's analysis. If the price of bitcoin breaks through this region, it is very likely that the indicator will perform the same performance as the previous movement, in September 2020, and will seek the base region (where it is green), before a definitive bullish resumption.
Although not to be seen in this study, RSI is divergent, Stochastic is still very high and with a downward indication (indicating a fall), MACD pointing down, Didi Index (famous needles) making a typical Minas cheese with a downward trend, ADX crossing down. The only situation that can change all of this is just volume.
UNTIL YOU DO NOT ENTER VOLUME IT IS MAD TO ENTER LONG IN THE BTC OR ANY ALTCOIN !!!!
Can there be an atypical trend reversal? Yes of course! After all, we are in a very manipulated market. But it seems that we are in a downward movement. I am confident that the BTC will test the LTA at $ 46,978, and, if it is not strong enough, test at $ 42,882.
My opinion?
For now, the best thing to do is to do nothing. It stays on stablecoin and ensures profit from past trades.
Note that the OBV is not pointing at volume, the indicator is very downwards. If that were not enough, there is still disagreement with RSI and OBV. In the image you can clearly see the bullish pivots on the chart and the bearish pivots on the indicator, which are being driven by the upper trend lines in violet.
Notice that the yellow line plotted on the chart was an LTA that was serving as a strong support, however, BTC broke it, and now it is serving as a rather boring resistance. Until the asset fails to break this resistance, represented by the yellow trend line (which used to be the support), every entry is and will be extremely risky.
Notice, also, the second indicator. It's called ZWAP. It is verified that the price remains for a long time above "1.0", which serves as a good support considering the indicator's analysis. If the price of bitcoin breaks through this region, it is very likely that the indicator will perform the same performance as the previous movement, in September 2020, and will seek the base region (where it is green), before a definitive bullish resumption.
Although not to be seen in this study, RSI is divergent, Stochastic is still very high and with a downward indication (indicating a fall), MACD pointing down, Didi Index (famous needles) making a typical Minas cheese with a downward trend, ADX crossing down. The only situation that can change all of this is just volume.
UNTIL YOU DO NOT ENTER VOLUME IT IS MAD TO ENTER LONG IN THE BTC OR ANY ALTCOIN !!!!
Can there be an atypical trend reversal? Yes of course! After all, we are in a very manipulated market. But it seems that we are in a downward movement. I am confident that the BTC will test the LTA at $ 46,978, and, if it is not strong enough, test at $ 42,882.
My opinion?
For now, the best thing to do is to do nothing. It stays on stablecoin and ensures profit from past trades.