MooMoo NX BTC Charting (Monthly Cup and Handle? + Weekly Bull Flag? + Suggestions)
Good morning everyone!
I hope you all had a relaxing weekend and are gearing up for a new week in the markets. The last time we took a look at the charts, we were eyeing down the barrel of a reversal shot to lower lows. However, despite setting up beautifully for a sizable move to the downside, buyers stepped in with great avarice shooting the price back to the $70,000s where we are right now at the time of writing.
With Bitcoins impressive continous momentum, let's take a look at the charts and see exactly where we are at using MooMoo NX.
Bitcoin Monthly
The Bitcoin Monthly chart looks like it is forming a Cup and Handle. If you have been following my charts, you will know what I am about to say. This is a VERY RARE setup. However, it has been seen before on higher time frames for Bitcoin. Furthermore, everytime it has been seen, the structure has a 100% success rate of playing out to date.
The MooMooNX Fibonacci Extention graph suggests that the next Fibonacci level, should we break out of the highs, is possibly around the upper $80,000s - lower $90,000s with a focus around $91,100.
While charting, I noticed that you cannot yet specify markings on the chart to belong to a certain time frame, and you cannot use the "DELETE" button on the keyboard to quickly delete a marking. You will have to manually move the mouse and click the trash icon to delete it.
Bitcoin Weekly
There are a few different structures forming on the Bitcoin Weekly, one of them looks like this. Which would be a Bullish Flag pattern out of a symmetrical triangle, but suggests that the price has yet to form a breakout or a Retest and Rejection off of the flag, however the price was able to find support off of liquidity from the previous All Time Highs.
The next Bull Flag would suggest that the price has broken above the Bull Flag after a Retest and Rejection off of the flag from the previous week, as well as finding support off of liquidity from the previous All Time Highs.
There is a sharp bullish trend to the upside. Buyers will need to continue to find support around these levels if the price decides to move sideways to retest the trend and avoid a possible reversal to the downside.
Bitcoin Daily
Similarly to the Weekly, the Bitcoin Daily is showing signs of a possible extended Bull Flag with a fake breakout to the downside as a result of its overextension.
Normally, for a Bull Flag to play out, buyers want to see momentum x volume +1. Meaning that per each day, they want an increase of the momentum with respect to volume. In situations where the buying volume decreases while momentum picks up, such as the one with the fake breakout, buyers would have lost the overall traded volume (meaning sellers took the tape) despite increasing momentum which allowed the price to fall.
However, buyers were able to find the tape again and reject off off the trendline for more upside.
Buyers now want to see a rejection off the Bull Flag to the downside for more upside, but if the current momentum stays the same and buyers loose the tape, they do not want to see the price move sideways to retest the rendline to the upside for more downside.
Bitcoin 4 Hour
The 4 Hour chart over the previous Month formed an Inverse Head and Shoulders structure which did not play out. Althouh the chart does look like it wants to break out to the upside, if the pattern were to be correct then the price would have broken out of the Shoulders of the structure.
There is however another possible Bull Flag forming, as the buyers found support off of the $66,289.42 - $66,897.46 range which looks to me like buying liqudity.
Buyers again want to see a Retest and Rejection off of the Bull Flag for more upside. However, if they do not get the Rejection to the upside, then the price might move back to the bottom of the Flag suggesting that it is not a Bull Flag, but more of downward channel for now.
Bitcoin 1 hour
No matter how you look at the Bitcoin 1 Hour, the chart is very ugly. Huge candle sticks up, huge candle sticks down, wicks as far as the eye can see followed by this terrible price action
The 1 Hour has been in a battle betweel buyers and sellers. Regardless of price action, the price was able to break above the first symmetrical triangle after Sweeping into the trendline to form a Retest and Rejection for more upside. However, there is another possible way to draw the symmetrical triangle and now the buyers must Retest and Reject off of that trendline for more upside.
In other words, the price is in a very tight range and the price will find a direction to move towards either on the week or the next week.
Bitcoin 15 Minute
Relatively speaking, the Bitcoin 15 Minute shows me almost nothing. There was a sweep candle earlier this morning which made the price realize the liquidity down there at the lower $68,000's, however the price is trying to climb back up but the buyers will need more volume to reach back to the $70,000s.
Bitcoin 5 Minute
The 5 Minute does not show me anything either. There is a possible imbalance to the upside on the 5 Minute, but I would not take a trade based on it. The 4 hour is much more reliable when it comes to noticing possible imbalance setups.
Switching to Heikin Ashi candles, the price does not look consistently bullish or bearish. These sorts of candles are great for when you are in a position and don't want to be detered by wicks. In other words, they are awesome for noticing continuations.
Just remember that the middle 15 Minute trendline is relevant to the 5 Minute and could act as resistence when trying to move the price to the upside.
Bitcoin 1 Minute
The 1 Minute tells me that the price is mostly sideways intraday. There is a rising trendline, but it is weak and mostly a guess. The price could Reject off the trendline for more upside, or the price could Reject off of the trendline for more downside. Until there are more candles, this trendline is around 30% accurate if not lower.
MooMoo NX Charting Suggestions
After making these charts, there are a couple things that I think are small fixes / additions but could make the charting experience much better.
1. Integrating The "DELETE " Button
On almost every charting platform I have ever used, the "DELETE" button acts as a way to clear a currently selected marking. For whatever reason, MooMoo has not yet included this feature on MooMoo NX, but does include it on the current version. I would love to see the button make its return in the new desktop platform as it makes charting flow better.
2. Edit Indicators With Right Click
Right now, the ways to edit an indicators value or paramaters is by either going into the indicator section, finding the specific indicator you want to edit, hovering over the indicator name, and then clicking a gear or "Settings" icon to make your edits, or by adding an indicator and selecting the settings button from uptop.
I would love to see MooMoo allow edits to an indicators paramaters or settings by simply left clicking the indicator or right clicking the indicator with a section of the menu that says "EDIT X Indicator" where X is the full name of the indicator.
3. Indicator Names
I don't know about you, but if I were a new investor and I was reading a MooMoo tutorial article that said to use something like the "BOP" tool or "CMO", I would have absolutely 0 clue what they mean or what their actual name is unless it was told to me beforehand.
Furtheremore, there is a LOT of empty space inbetween the abbreviated name of the indicator and the + when not hovering over it and the gear or settings button when hovering over it.
A toggable feature that allows the full name of each indicator to be displayed could be very useful to newer investors, or a hover over " i " or Information button with a breif description of the full name for the Indicator and what it does might be just as helpful as well.
Maybe not on this side, but the other side? Just an idea.
5. Multiple Time Interval Markings
On MooMoo NX, currently the only way to have markings you make translate on the charts over the different time frames is to click the "Sync Mode" Button.
This button would allow me to view this rectangle, which I have identified as a range of support / buying liquidity on Bitcoin, from the 4 Hour to the othe time frames. This is particularly useful as multiple time frames tend to relate more to eachother than you think.
For example, I relate the:
1 minute with the seconds and 5 minute charts
5 minute charts with the 1 minute and 15 minute charts
15 minute charts with the 5 minute charts
1 hour charts with the 4 hour charts
4 hour charts with the 1 hour charts and the Daily charts
Daily charts with the 4 hour charts and the Weekly charts
Weekly charts with the daily charts, 4 hour charts, and Monthly charts
Monthly charts with the Weekly charts.
My point is, not all charts relate with one another for me.
Sometimes I want specific markings and trendlines to stay specific to the current time frame that I make them, and other times I want them to carry over to lets say only 2 time frames lower.
With TradingView I can select certain markings to appear on specific time frames
However on MooMoo NX, I only have the selection to either have the marking appear on one time frame (the one where it was originally created) or all time frames. I think adding the option to toggle between which time frames you want certain markings to be visable on is incredibly helpful for not only staying organized, but also for consistency. A 5 Minute level does not necessarily translate to a 4 Hour level, but might translate to a 1 Minute or 15 Minute level. You get my point.
Conclusion
Thank you for reading and for all the support on my previous articles as well as screener updates! Here are all of today's hits on the screener so far.
Not a lot of unusua activity, however if I were to look into any of the finds it would be the $NexGen Energy (NXE.US)$ 11/15/2024 Calls @.65.
Overall, Bitcoin seems to be overall sideways to me. I don't think the current sentiment is neither more bullish than bearish or more bearish than bullish. Until there is a larger move out of this sideways price action, I think Bitcoin continues to experience battles between the buyers and sellers.
I hope you all have a great day in the market and for all those flooding into $GameStop (GME.US)$, here is what the current Daily and 1 Hour charts look like.
I am not even sure what to call these structures other than absolute garbage hahaha.
Either way, I hope you all make some money and have a great week in Markets
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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EZ_money : cup and handle....that cup is entirely deformed and the first spike up after the initial drop off destroyed that play. that's no cup
EZ_money : a cup doesn't have a spike up in between a drop off like that
EZ_money : how's that handle going
EZ_money : might as well delete this message thats not a cup and handle
AkLi OP EZ_money : We’ll see! It’s the monthly chart. A move based on a single days price action does not account for the higher times.
AkLi OP : I also have 0 problem being wrong. I don’t and never have and never will claim to be always right. At minimum this setup would take 2+ months to playout.
So in 2-3 months, if i’m wrong and you have nothing more productive to do, come back to this post and tell me I was wrong! Not sure what you’d accomplish doing so, but feel free to spend your time in that way.
Thanks!
71445992 EZ_money : You seem so mad lmao I’m a straddle so it don’t matter to me. I’m here for volume
Spread Love N Joy : You accidentally post this bitcoin junk on NVDA comments?
MindOverMatter EZ_money : shhhhh
usazabala : FUKC BITCOIN....NOBODY WANNA BUY THAT
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