Starting today I would be posting analysis of BTC everyday or when I am able to from all possible technical point of view, inclusive of all popular indicators and what they are saying. I am not a financial advisor, I am just putting up whatever I have learn over the years of trading using TA. This is for educational purposes only. And never trade using margin/leverage for crypto, that is suicide.
Wave theory
We have probably just finished the 2nd wave correction and starting the 3rd wave on the daily chart, this should minimally reach the $17k area.
RSI
On the 4H RSI we have been to the oversold area twice this week and it looks at least a bottom is in place for now, if you have bought BTC, the place you want to sell them would be when the RSI reach overbought areas which is around $12k on the 4H charts and $15k on the dailt charts.
EMA
On the Daily we have tested the 200 EMA and found support yesterday, preferably we start going up from here, but if another dive down happens (unlikely), it would be a great place to add to your positions.
Horizontal SR
In terms of horizontal line supports and resistances, we have bounced off the 8750 support and ideally we are on the upmove to 13k. A drop further would see a test of the 7200 support. I Will definitely buy more if it ever goes there.
Volume Analysis
The only reason we want to take a look at volume is when there is panic selling or panic buying. Yesterday's drop did look like some panic selling, which is always a good time to enter the market and add to your BTC positions. So bought more I did.
MACD
On the daily chart it looks like we are turning down but if you look at the 4H chart we are actually trying to turn up from there levels.
I will lean more to the bullish side as the other TAs indicate and focus more on the 4H potential bull move. The lower time frame decides short term direction, but if the move is big enough it can change the highter time frame TAs.
Ichimoku
We have tested the bottom of the cloud and got rejected, which either means we are going up or more sideways movement. However the Tenkan is touching the Kinjun currently which either we are crossing down or this is just a bounce off to continue the potential upmove. I am leaning more on the upmove. Ichimoku rules say you should not trade when inside the cloud, but noone wrote about that when price goes into the cloud we are seeing a potential change of trend.
If you have any favourite indicator that would like me to include in future analysis, please comment them. Thank You.