On today's BTCUSD analysis I stay on the medium term, looking at the 1D chart and what trading signals this pattern can provide.
Since the June 26th market top, Bitcoin as entered into a very structured Channel Down (basically extending into the 1W time frame). This pattern has never broken actively (only marginal break outs whose candles still closed within the Channel), thus providing strong Sell Entries on its Lower Highs and Buy Entries on its Lower Lows.
*The LMACD optimal entry indicator* The indicator most standing out to me in projecting those entries is the LMACD. Right before it makes a Bearish Crossover (indicated with the red arrow) the convergence of the two lines (red shape) provides the ideal Sell Entry. Similarly right before it makes a Bullish Crossover (green arrow) the convergence of the two lines (green shape) provides the ideal Buy Entry.
*Where are we?* Right now those lines are again converging into a potential Bearish Crossover, thus issuing a Sell Alert. This is a strong short signal for medium term traders (not long term Hodlers, it is obvious that Bitcoin's long term trend is bullish), who wish to pursue a sell towards the next 1D Supports (8350 and 7340). Ideally and since we are trading on the upper band of the Channel Down this can be a two-tier trade with $8400 as the 1st target (above the Channel's middle dashed line) with $7500 being the extension if the middle line is crossed.
Do you consider LMACD reliable in issuing Buy/ Sell Signals within this pattern? Let me know in the comments section!
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Great Call!
BTC is finding strong support at 8750. My live trading account is up 352% since March trading a one BTC position with no leverage.
Keep up the great calls!
TradingShot
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@BossIndicators, Thanks Boss! Keep us updated with quality material!
@Krewbacca_xR, I have replied to your unstable claims on your comment below in detail but I am letting you know on this comment as well because I want everyone to see that.
My idea on MACD when I called the bottom of the bear cycle on March 5th with BTC trading at $3800, 7 months before you have even created your profile:
Also my idea on the LMACD indicator relative to the Volatility Zone an the current descending Channel which I posted on October 15th, 4 days before your "Let's Flip a Bitcoin: Issue #1":
Again I want to apologize to the TradingView community and the readers of this section for using valuable space but such ill-advised and hateful claims need to be addressed.
You deserve no credit at all and personally no time by me anymore to reply in trying to bring reason to you by stating the obvious.
BTC is finding strong support at 8750. My live trading account is up 352% since March trading a one BTC position with no leverage.
Keep up the great calls!