Volume and Range Indicators Predict Bitcoin Bull Trap
Aktualisiert
Range and volume indicators are becoming one of my favorite sets of indicators to pair together. This chart can look like a lot but I hope to break it down
First off I have the double-ichi cloud with both normal equities settings in the traditional red and green colors and the crypto settings in yellow and orange. In our current uptrend the equity cloud has turned bearish but the crypto cloud continues along. If we observe our last peak at 19k you can see the same thing happened. Equity cloud twisted first and then we plunged to the bottom of the cypto cloud, attempted a rally but just consolidated into a terrifying move down.
IF you look at the VPVR you see that much of the high volume areas correspond to flats on the crypto cloud where it kept the price action moving sideways. The VPVR sets areas of potential rallys but I really think we are going to see the typical bull trap completion, with price falling off the table to the floor in a very rapid manner.
The MFI and OBV EMAs are just two different ways at looking at the same data, broadly speaking. The Some people have difficulties accepting divergence on unbound indicators but just realize that divergence is a sign of exhaustion or over-commitment. The OBV shows clear classic bullish divergence from our last peak to this peak. If we see the OBV 10 and 20 EMAS slip the 100 the bull trap is about 99.9% confirmed.
Mhe Money flow indicator shows nicely how our peaks are similar with regards to money flow. We are setting lower highs on the MFI and we are overbought to a degree that we should see us spending more time under 50 than above it.
Please review the linked post to see the big picture, especially my Gold and Bitcoin post.
First off I have the double-ichi cloud with both normal equities settings in the traditional red and green colors and the crypto settings in yellow and orange. In our current uptrend the equity cloud has turned bearish but the crypto cloud continues along. If we observe our last peak at 19k you can see the same thing happened. Equity cloud twisted first and then we plunged to the bottom of the cypto cloud, attempted a rally but just consolidated into a terrifying move down.
IF you look at the VPVR you see that much of the high volume areas correspond to flats on the crypto cloud where it kept the price action moving sideways. The VPVR sets areas of potential rallys but I really think we are going to see the typical bull trap completion, with price falling off the table to the floor in a very rapid manner.
The MFI and OBV EMAs are just two different ways at looking at the same data, broadly speaking. The Some people have difficulties accepting divergence on unbound indicators but just realize that divergence is a sign of exhaustion or over-commitment. The OBV shows clear classic bullish divergence from our last peak to this peak. If we see the OBV 10 and 20 EMAS slip the 100 the bull trap is about 99.9% confirmed.
Mhe Money flow indicator shows nicely how our peaks are similar with regards to money flow. We are setting lower highs on the MFI and we are overbought to a degree that we should see us spending more time under 50 than above it.
Please review the linked post to see the big picture, especially my Gold and Bitcoin post.
Anmerkung
Two things: First my decending triangle is now clearly a symetrical triangle. Second that symmetric triangle now includes the release date for Bakkt. The last time we debuted futures the CBOE debut pumped the price and then the CME debut tore the price to shreds. I think the bears are going to short the symmetrical triangle target.
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