BTC bounced from 34,300 USDT order block. General trend is still bearish according to the Supertrend Ninja clean (red vertical line). Price is below ichimoku cloud as well.
Based on the weekly chart reclaiming 44k, is where I would start to be bullish. I would wait on the Supertrend Ninja clean to give a bullish signal (green vertical line).
The RSI is around 40. This could be the start of a range (40 to 60 is considered to be in a range). The Constance Brown RSI showed a small bullish divergence. While the CCI moved below −100, which indicates a new, strong downtrend is beginning, signaling a sell. I wouldn't be surprised if BTC would go sideways in February. Which would be a good opportunity for alts to pump.
Then again if BTC goes down another leg. Alts will go down as well. Breaking the orange order block. Then BTC will head to 29K. Then I expect the Constance Brown RSI to show a stronger bullish divergence.
Supports and Resistances are highlighted as grey blocks.
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
Based on the weekly chart reclaiming 44k, is where I would start to be bullish. I would wait on the Supertrend Ninja clean to give a bullish signal (green vertical line).
The RSI is around 40. This could be the start of a range (40 to 60 is considered to be in a range). The Constance Brown RSI showed a small bullish divergence. While the CCI moved below −100, which indicates a new, strong downtrend is beginning, signaling a sell. I wouldn't be surprised if BTC would go sideways in February. Which would be a good opportunity for alts to pump.
Then again if BTC goes down another leg. Alts will go down as well. Breaking the orange order block. Then BTC will head to 29K. Then I expect the Constance Brown RSI to show a stronger bullish divergence.
Supports and Resistances are highlighted as grey blocks.
Thank you for reading.
Namasté 🙏
Disclaimer: Ideas are for entertainment purposes only. Not financial advice. Your own due diligence is highly advised before entering trades. Past performance is no guarantee of future returns.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Beware of scammers. I do NOT have Telegram, Discord, Instagram, Twitter, Youtube or Facebook.
Tradingview is the only channel I use.
Tradingview is the only channel I use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.