BTC USDT: BINANCE Update on BTC USDT TRENDS
Greetings everyone i hope you have been catching some nice gains over the past few days as the alt markets have been pumping a lil bit.
But lets turn our attention to BTC USDT, BINANCE... Not the bedrock measure, but a great reflection of larger "macro crypto forces" within the crypto trading environment. Because.. who doesn't love BTC drama! Have you heard everyone murmuring about the "stability" of BTC, the lack of volatility as compared to say other known indices such as NASDAQ (lol).
Regardless... BTC has been channeling on the daily within this region and is approaching a very popular triangular pattern.
But lets look a little closer about what we are dealing with.
It is clear that traders are lining up within this sentiment geometry ready to explode and getting ready to make a trade. And what type of trade are people going for?
Looking here at a few indicators (CMF, OBV, DMI) here for a one month period we get see a picture of BTC in a long term downward trend still and that on average the downward rallies are stronger. However, we are needing to make approximations about what types of conditions we are going to be facing on the near term for day trading.
From the read of the chart and indicators such as this we can see that we are in a transition period for a new behavior to start to emerge. This behavior is not against long term trends yet (downward pressure is stronger still), to say that would be going too far, but more so short term sentiment will be swinging in favor of upward movements soon.
Over the next few days i expect to see one more sell off to drop us down towards the bottom of the yellow channel (most in relation to clearing out leveraged positions i would say) and start to experience a bit of a reversal of BTC sentiment soon. This would time well with historical patterns of BTC over multiple years and also correspond with the theory that many are floating around concerning an emerging mini bull run.
In the mean time keep watch of your alts! I expect one more big sell off before we start to channel upwards however there is something to take note of: The frequency of the DMI crossovers is increased substantially over the last few months, bringing about a strong stability in BTC prices. This can be observed quite markedly on the 1 year range DMI (7,100) chart. Note crossovers are appearing on smaller time frames but not apparent on 1 year frame with these settings.
Because of this don't expect BTC to reach any great highs, but more so that it's channel direction will potentially be reversing with a week or two and that the average traders sentiment is swinging less violently as we remain under 7500. Always watch how the whale dumps effect the market! It often takes a few days to see their total effect.
Hope to see you around and good luck with your trading!
But lets turn our attention to BTC USDT, BINANCE... Not the bedrock measure, but a great reflection of larger "macro crypto forces" within the crypto trading environment. Because.. who doesn't love BTC drama! Have you heard everyone murmuring about the "stability" of BTC, the lack of volatility as compared to say other known indices such as NASDAQ (lol).
Regardless... BTC has been channeling on the daily within this region and is approaching a very popular triangular pattern.
But lets look a little closer about what we are dealing with.
It is clear that traders are lining up within this sentiment geometry ready to explode and getting ready to make a trade. And what type of trade are people going for?
Looking here at a few indicators (CMF, OBV, DMI) here for a one month period we get see a picture of BTC in a long term downward trend still and that on average the downward rallies are stronger. However, we are needing to make approximations about what types of conditions we are going to be facing on the near term for day trading.
From the read of the chart and indicators such as this we can see that we are in a transition period for a new behavior to start to emerge. This behavior is not against long term trends yet (downward pressure is stronger still), to say that would be going too far, but more so short term sentiment will be swinging in favor of upward movements soon.
Over the next few days i expect to see one more sell off to drop us down towards the bottom of the yellow channel (most in relation to clearing out leveraged positions i would say) and start to experience a bit of a reversal of BTC sentiment soon. This would time well with historical patterns of BTC over multiple years and also correspond with the theory that many are floating around concerning an emerging mini bull run.
In the mean time keep watch of your alts! I expect one more big sell off before we start to channel upwards however there is something to take note of: The frequency of the DMI crossovers is increased substantially over the last few months, bringing about a strong stability in BTC prices. This can be observed quite markedly on the 1 year range DMI (7,100) chart. Note crossovers are appearing on smaller time frames but not apparent on 1 year frame with these settings.
Because of this don't expect BTC to reach any great highs, but more so that it's channel direction will potentially be reversing with a week or two and that the average traders sentiment is swinging less violently as we remain under 7500. Always watch how the whale dumps effect the market! It often takes a few days to see their total effect.
Hope to see you around and good luck with your trading!
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