[BTC] Short term price analysis
Hi all, crypto sludge here.
BTC is on somewhat of a downtrend now, and we are at interesting poing on the 1H chart. We had a TD9 Buy signal, and we are testing the resistance of the itchi cloud, if we can get into the cloud in the next 2-3 will be a good bullish sign.
SotchRSI pointing in the right direction, and is moving from the oversold area.
failure to break the resistance will probably cause a reversal down to the 12700K$.
Good luck
Trade ON!
Crypto Sludge
Thanks for sharing your point of view.
Could you please explain, what is TD9 buy signal?
It will have to be a pretty long explanation, but in an nutshell, TD stands for Tom Demark. And it's a short for Tom Demark's Sequential Indicator. It's a trading indicator developed by Tom Demark that follows time and price cycles, it is fairly successful on the stock market, and it works fairly well on crypto coins with large market caps and good trading volume.
The TD9 buy signal represented by the green up arrow on the chart means that a cycle of 9 candles was finished with each candle lower the then 4th candle before it, this signal statistically means that a correction of 1-4 candles is to follow to the upside and then probably a continuation of the down trend. The TD indicator however shouldn't be used alone but more of a confirmation of for other TA indicators.
you can read some more basic info about it here : https://tradetrekker.wordpress.com/tdsequential/