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Daily Bitcoin Technical Analysis Feb 12/19

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  • Daily Bitcoin Technical Analysis Feb 12/19

    hello and welcome to the February 12th edition of this 24 hours in Bitcoin

    in our daily Bitcoin technical analysis today we can see that Bitcoin price news continues to feature a potential bull flag and we are still watching for big green candles in the next five minutes I'll share with you why I think so

    as usual we'll start off with the long term view and I want to put on the 200 period moving average so that we can get a sense of where we are and just how big that little bull flag is that we were just talking about in fact now I want to go and do a three-day bar view and take a look at this little bull flag
    that we're worried about here it's pretty small I'm expecting green candles
    off that and I'll show you why

    but I also want to keep in perspective where we are compared to the long-term the last time that we had the 200 period moving average this high up we have to go back to a one-day view there just isn't enough data here not enough data on the three-day view so to keep this perspective then we have to go back to where in the charts back in 2015 where were we when the prices were this far below the 200 period moving average

    we still have a long ways to go before we're gonna really hit the big bull trend

    this is what I want to reflect on each time that we come in and take a look at these prices to think about where this is going to go and what kind of sideways choppy market we're gonna have for the next while

    now I want to zoom into the closer timeframe and take a look at our regular three indicators that we look at:

    we're going to be looking at the RSI and we're seeing that the RSI is down to the 44 level in the middle kind of floating in in discrete hard to say

    the MACD indicator also a little bit weak not showing a good turn over here on this one our bars that we're looking at so still showing kind of weakness according to the indicator here

    on the on balance volume we're seeing a selling selling a little bit of buying a little bit of buying but on this time frame it looks like a lot of selling so I want to go out to the 4-hour bars now and take a look at what's going on actually before I do I want to point out this little 1 2 3 bottom formation in this downtrend inside our parallel lines going down so while the one-hour bars are not giving us any indications

    let's zoom in a little closer and see if there's been a change recently in the 15-minute bars so just in the last little bit we can see buying coming in and some pretty good volume buying in a couple instances so that bodes well for a turnaround but it doesn't say anything is happening yet

    now if i zoom into the 3-day view and we're looking at the 15-minute bars for the MACD indicator gotta see it pushing above three to eight level consistently as prices are breaking above these levels to really confirm that it's a buy at that moment but we've got the little one two three bottom formation we've got some volume coming in so that bodes well if it's breaking above that

    this is all positive then we'll go to the RSI and zoom in I wasn't expecting to see much in the zoomed in area what I'm expecting to see Mauryan for the RSI and I'm not seeing it I'm wanting to see a divergence in the RSI that is opposite to the price so we have prices going down I'm wanting to see RSI showing strength opposite to the price but it isn't yet so even though it's pulling back and I'm expecting it to go up I'm not seeing strong follow-through or strong divergences in these indicators that I'm wanting to see yet so I'll have to keep observing them now we're seeing a more of the divergence that I'm wanting so we're seeing a bit of a downtrend here in a bit of an uptrend here from these positions so over a longer period of time on the 12-hour bars

    now we're getting some of the divergences that I'm wanting to see in the RSI

    last thing I want to take a look at is litecoin ethereum and bitcoin and take a look at the shape of the graph over the same time period

    here where a bitcoin is descending ethereum is ascending litecoin is pretty much steady something I do here all the time is to look at litecoin with bitcoin in the background so we can see how litecoin has really taken off quite a bit at litecoin versus Bitcoin so it's really gathered a lot of strength compared to Bitcoin momentum wise if we go and compare ethereum we can see that it's gained a lot of strength so I am expecting bitcoin to be following this is a trend that is already stepped in

    so either these are both coming down or bitcoin is going up

    zoom back into the short-term three-day view - there's our one two three bottom this is our descending parallel channel - a bull flag. So a break above that parallel line here is going to be a buy signal a break out of this one two three bottom formation is going to be a buy signal and so there's a few different things lining up that would turn into buy signals right at this range

    Just as I was saying the other day, we're gonna come up to retest these levels. this way it may take another day it may take another half a day but I'm that's that's what I'm expecting

    However, at the same time, we do have the down side that we have to pay attention to. So if prices do start breaking down below these levels, this whole prediction to the upside is thrown out and the whole thing has to be re-evaluated again so long as it doesn't go below this number three point in the long term all is good still.

    that's it for days today thanks for tuning in I appreciate you guys watching along and any comments that you have about Bitcoin price anything driving Bitcoin price put it in the comments down below I'd be happy to reply to any comments or questions coming up keeping it short

    ciao for now I will see you tomorrow

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