The chart on the left shows bitcoin's daily heikin ashi candles (HA). These are trend-following and are in bitcoin's area of strength between the upper blue and red bands. We note that after two red candles, the HA has turned blue. If it maintains its positions in the bullish zone, this may be a "buy the dip" opportunity.
The chart on the right shows bitcoin's hourly time frame. If the EMAs and stochastic cross positively (black ellipses), it will be regarded as a bullish signal. A bullish momentum will be building if the EMAs develop angle and separation to the upside as the hourly stochastic moves towards the 80+ levels (green rectangle). However, the bullishness may be dissipating if the stochastic stays at its current level, under 20, and holds (red rectangle).
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.