Where is Bitcoin at? Here's my perspective with a Strenght Snapshot below on a 6 Day timeframe.
I exclusively look at a favorable combination of the profit zone and the strength snapshot. The money flow gives me extra insight on strenght.
1) Is Bitcoin in the profit zone to go long? No, it is not in the profit zone, the profit zone starts when the green line crosses up the white line on the chart.
2) Is the strenght snapshot at a minimum above 50, or 66 to have strong momentum? No, the strenght line crossed down the average strength line on April 1st (no joke) and is still red since then, with a current value of 23. USDT was favorable since April 1st.
3) The money flow is also below 0 showing no strength.
In my opinion for Bitcoin to become somewhat into bullish terrain and reverse the downwards trend, the strenght snapshot must be at least 50 or greater, and preferably in the profit zone.
Always trade from a position of strength and don’t get rekt.
I exclusively look at a favorable combination of the profit zone and the strength snapshot. The money flow gives me extra insight on strenght.
1) Is Bitcoin in the profit zone to go long? No, it is not in the profit zone, the profit zone starts when the green line crosses up the white line on the chart.
2) Is the strenght snapshot at a minimum above 50, or 66 to have strong momentum? No, the strenght line crossed down the average strength line on April 1st (no joke) and is still red since then, with a current value of 23. USDT was favorable since April 1st.
3) The money flow is also below 0 showing no strength.
In my opinion for Bitcoin to become somewhat into bullish terrain and reverse the downwards trend, the strenght snapshot must be at least 50 or greater, and preferably in the profit zone.
Always trade from a position of strength and don’t get rekt.