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Today, Jesse released this tweet on bitcoin price action that we’ll expand on today:
I leave for 4 days and you couldn't pump #Bitcoin to $100,000 for me?
For more than a month we've been saying "We are not out of the woods yet".
Those 3 reasons still exist on the daily chart.
1. Wanted to see a daily candle close above $73,100
2. No RSI buy signal
3. No MACD… twitter.com/i/web/status/1…— Jesse Olson (@JesseOlson)
3:04 PM • Apr 29, 2024
Let’s go through each of the bullet points for what Jesse’s looking for to tell him the bottom is in.
Daily chart cautions
Daily close above $73.1K
Right now, bitcoin is stuck in a range between $61.1K and $73.1K.
One of the most definitive signals that the bottom is in is when bitcoin starts making daily candle closes above $73.1K, which would be new all-time highs.
It’s also bearish for it to make multiple candle closes below $61.1K.
Bitcoin daily chart with bullish and bearish closes marked
‘Buy’ signal on RSI
While there was a “Buy” signal on the daily candles with the Sharp Shooter 2.0 indicator, there was no buy signal on Sharp Shooter RSI.
A “Buy” signal on RSI helps improve the likelihood that there’s been a change in price momentum.
Bitcoin daily chart buy on candles but not on RSI
MACD bullish crossover
Similarly, there was no bullish crossover on MACD. It came close but there was no follow-through.
MACD on the daily chart.
Higher timeframe chart cautions
The weekly chart is also flashing some warning signs we should be aware of.
Weekly chart
Here are the cautions on the weekly chart:
It’s no longer in ultra bullish territory on the Sharp Shooter 2.0 Indicator
The trending dots on the Sharp Shooter 2.0 indicator are still catching up to price as price consolidates here.
There’s a “Sell” signal on the Sharp Shooter 2.0 RSI.
There’s a pending MACD cross, similar to what we saw back in May to Jul 2023.
Weekly chart cautions on bitcoin
Monthly chart reversal candle
Finally, there’s a pending reversal candle on the Sharp Shooter 2.0 indicator, which is quite rare.
Bitcoin monthly chart showing a reversal candle.
However, as we noted before, this is an area with some important monthly candle closes from the 2021 highs that bitcoin’s price is trying to flip into support:
Monthly candle closes from 2021
Jesse’s ending note
Jesse ends with the following note:
I don't think this starts the bear market as that would be a really short cycle timing wise but could at least mean a longer-term consolidation, lower prices, & a possible double wave scenario.
Jesse covers that double-wave scenario in today’s livestream—both a very bullish scenario and a very bearish scenario.
Give it a watch!
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Disclaimer
The contents of this newsletter are expressed in my opinion only, none of which is financial advice. Always do your own research as this information is intended for educational & entertainment purposes only.
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