We’re going to take a look at each indicators on the every day and weekly timeframe.
We’re going to keep 100% out of the way in which, no opinions. We are going to learn the symptoms and translate them based mostly on widespread data.
Are you prepared? Nice!
Let’s get began.
Be certain that to spice up should you benefit from the content material, and contemplate hitting “observe” if you wish to see extra.
➢ Bitcoin Fundamentals | MACD
We begin with the weekly timeframe. That is Bitcoin’s weekly MACD:
The MACD is on the “bullish zone,” which merely signifies that it’s above zero. The truth that it’s clearly shifting decrease whereas trending down is taken into account bearish. The “trending down” is crucial half.
The histogram is pink which signifies that a bearish cross is already in place. The bearish cross occurred 29-April 2024. When the MACD crosses the sign line with a downward bias.
Clear sufficient? Nice!
Let’s transfer on.
Bitcoin’s every day MACD:
Right here we will see the MACD on the “bearish zone,” which merely signifies that it’s under the zero line. The bearish cross right here can also be current; pink histogram. It is usually trending down, so the entire image right here is 100% bearish.
Thus far so good… Give me extra!
➢ Bitcoin Fundamentals | RSI
The identical dynamic with the RSI. We begin with the longer timeframe, weekly, after which transfer to the shorter timeframe, every day.
That is Bitcoin’s weekly RSI:
This one is a bit of bit extra fascinating for studying functions.
The studying is 48, which is bearish (under 50 is bearish).
It’s buying and selling under an vital fib. stage (bearish).
Trending down.
This being the weekly timeframe, these are sturdy bearish indicators.
The weekly RSI is 100% bearish, at present. Issues can change however that is how it’s wanting now. Pure TA. No opinion.
Bitcoin’s every day RSI:
The every day RSI peaked January 2023 (not proven), so there’s a long-term bearish divergence with this one.
The studying is 43, bearish. Trending down, bearish.
Not a lot to see right here… The indicator merely confirms every part we will collect by wanting on the candles and different indicators.
➢ Conclusion
The oscillators, MACD and RSI, are each bearish on the every day and weekly timeframes.
I hope you discover this data helpful.
Thanks for studying.
Namaste.