BTC simple look at RSI and MA's
Hi guys,
I wanted to take a simplified look at BTC's mid/long term view on the weekly chart.
There are many different ways to look at BTC right now and I just wanted to keep it really simple using just the weekly RSI and Moving Averages.
IMO there is no reason for panic right now. Just keep it simple and take a look at one price range at a time. I don't want to talk about 4000 or 3000 usd price levels FUD while for example the 100 week MA still acts as support.
Moving Averages:
-BTC seems to react quite well to the weekly moving averages, the 200 day weekly MA was a good indicator to spot the bottom in december 2018.
-Right now BTC seems to have found support on the 100 week MA.
-If this 100 week MA breaks, there is no reason for panic at all because the 50 week MA is right below it @ 6700 usd. If this happens I will use this as a buy opportunity.
Moving Average and VPVR:
-The VPVR shows high volume levels at each of the weekly moving averages.
-The 50, 100 and 200 week MA all have a high volume profile, this means that they will most likely act as quite strong support.
RSI:
-The weekly RSI is quite interesting, the current level of approx. 45 acted as support in almost the entire year of 2018.
-I think this can be used as a reliable indicator, If the weekly RSI stays above lets say 40 this a actually a good sign.
What I am trying to say is that I feel the risk/reward for a short right now is not that favorable IMO.
I will buy more between 7300 and 6700 if this opportunity emerges and just focus on the MA's and RSI, one price range at a time.
I would like to learn from your perspectives as I am very open to new ideas and suggestions!
I wanted to take a simplified look at BTC's mid/long term view on the weekly chart.
There are many different ways to look at BTC right now and I just wanted to keep it really simple using just the weekly RSI and Moving Averages.
IMO there is no reason for panic right now. Just keep it simple and take a look at one price range at a time. I don't want to talk about 4000 or 3000 usd price levels FUD while for example the 100 week MA still acts as support.
Moving Averages:
-BTC seems to react quite well to the weekly moving averages, the 200 day weekly MA was a good indicator to spot the bottom in december 2018.
-Right now BTC seems to have found support on the 100 week MA.
-If this 100 week MA breaks, there is no reason for panic at all because the 50 week MA is right below it @ 6700 usd. If this happens I will use this as a buy opportunity.
Moving Average and VPVR:
-The VPVR shows high volume levels at each of the weekly moving averages.
-The 50, 100 and 200 week MA all have a high volume profile, this means that they will most likely act as quite strong support.
RSI:
-The weekly RSI is quite interesting, the current level of approx. 45 acted as support in almost the entire year of 2018.
-I think this can be used as a reliable indicator, If the weekly RSI stays above lets say 40 this a actually a good sign.
What I am trying to say is that I feel the risk/reward for a short right now is not that favorable IMO.
I will buy more between 7300 and 6700 if this opportunity emerges and just focus on the MA's and RSI, one price range at a time.
I would like to learn from your perspectives as I am very open to new ideas and suggestions!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.