Hello again students, teachers, wise ones, young and old. I am back with some new tools and different styles. For this brief analysis, we will be looking at the day chart to see the indicator better. I am not going to go through EVERY part of the , but it is a great combination of displaying past and current trends, as well as future movements. I use it along with to confirm trends along with (for possible divergences), but many traders choose to use it alone.
In this chart, we will be looking at the crossovers, specifically the Tenkan(orange line) crossing upwards through the Kijun(blue line). Two hour is used simply to visualize the crossover in this case better, it also just occurred in the 4 hour as well. The two instances of the upwards crossover happening are circled in black. As you can see from the first one on the left, immediately after the crossover, we saw a decent rally by Bitcoin . Keep in mind it was associated with . For the most recent crossover, the isn’t there right now but we have some other things in Bitcoins favor:
1. The crossover is happening above the “green cloud”(the “Senkou”), which acts as a resistance if the price action is ABOVE it.
2. Bitcoin just crossed through the red dotted … very good sign of a negative trend breaking into a positive.
I will discuss the more I post about it but there are some main points to take away here:
-I expect the price action to dip to the #1 Pink star(8500s).( coming closer together… Plus diving)
-I expect the price action to make it to the #2 Pink star(9100s), either after the #1, or just go straight to it.
-This positive trend will continue until any other indicators or divergence show otherwise.
I’ll keep you updated as I see it unfold.