Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
dragonvslinux
on 23/01/2020, 07:17:14 UTC
[macd reference]

MACD Fakeout or Trend Change?



Quote from: TradingView
As the MACD shows on the Daily chart , we are currently facing a not-yet-confirmed bear-cross today, lasts seen December 17th 2019 at $6,612. Since the breakdown from $10K last September we have seen 4 bear crosses, twice causing the price to drop 20-25% (September 21st & November 9th 2019), the other two two times were not-so-obvious bear traps before price rallied 40% (October 24th at $7,435 and as previously referenced).

Needless to say, there is more upside with this becoming a MACD fakeout, than a trend change to bearish on the Daily chart . It's also worth noting that while the Daily is bear-crossing, the Weekly MACD is still close to bull-crossing, implying a lack of confluence.