RSI
Held above 50, in a down trend. Holding above 50 is a sign of strength, but we’re not out of the woods.
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MACD
Getting a cross here. Not a fan. bearish.
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Stoch and Stoch RSI
Both on a swing low. Last time we saw our bull run go multi year… we got above 80 and mostly held. We’ve retraced this time. Serious sign of weakness and that our bottom isn’t in yet.
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My Custom Indicator
Mixed city on signals for Monthly scale.
Given a sell signal now the month has closed, but also showing momentum has picked up. could also be the volume selling causing that.
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Ichimoku
Have lost both the T and K as support, and are coming down to the Kumo that’s very thin, so very weak support.
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Moving Averages
Holding above the 20MA which is a major thing. If we lose this, I will get very bearish. 20MA = Bollinger Band.
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Troy
SlingShot
Called out bottom perfectly in 2018, so I’ve always kept it as a fav.
Still well above, but if we fall into it, pay attention to the bottom green line.
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Pivots
Closed BELOW the monthly PIVOT.
I have two bullish allowances now for this play out. We either range sideways under it this month, maybe with some pump/dump action, but we close back up here around $7,500. if we fall away from this, very scary.
The second option is we just break back up and close above by Jan. If neither of those two happen, I will be very cautious.
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Monthly Conclusion
- There is no clear trend. We just closed as a bearish engulfing. We should be very cautious. When price breaks down like this, it’s very normal for most traders to get a bit confused on what they’re really chasing.
- Is it $USD value, or $BTC quantity.
- As we fall, the $USD falls if you’re holding $BTC.
- You can make more $BTC by selling it to rebuy in that case.
- Or, you can hold $BTC and be ready to trade alt coins as they come into season to accumulate for $BTC.
- I personally am always margin trading, so theres always bitcoin to be made.
- I’m a day trader so I also have a stack that I care for’s $USD value.
- Be sure to know what you want from this.
- The end game is more $BTC for me, as I believe we will see new all time highs.