This chart displays Bitcoin (BTC) against Tether (USDT) on a 2-hour timeframe with the “Master Capabull Strategy” and “MCS Multipulse Divs” indicators applied. Here’s a breakdown to help interpret the bias:
1. Overall Trend:
• The trend lines (yellow lines from A to B, B to C, etc.) form what could be considered an Elliott Wave pattern, suggesting the market is in an impulsive phase. The current segment (D to E) could indicate the start of another wave, possibly signaling further bullish movement.
2. Indicators:
• The “End Strength” shows a moderately strong sentiment, with a mix of both bullish and bearish signs, but a stronger bias towards bullish.
• The “MCS Multipulse Divs” suggests mixed signals on smaller timeframes (e.g., 5m, 15m) and a stronger bearish indication on higher timeframes (e.g., 12h, 1d).
3. Current Price Action:
• Bitcoin is currently trading around 69,622 USDT, near a recent low of 65,260 and aiming for a potential high of 73,620.
• The green “Buy” and red “Sell” indicators show recent buy and sell points, suggesting the strategy may favor entering buys around the lows and taking profit as prices approach resistance levels.
Bias Summary:
• Short-Term Bias: Bullish, with possible upward movement as the chart shows a wave completion around (D) and potential start of a new impulse wave toward (E).
• Medium to Long-Term Bias: Caution is advised due to the “MCS Multipulse Divs” bearish signals on higher timeframes, suggesting the possibility of retracements or consolidation if price nears resistance.
It would be beneficial to monitor the price’s behavior near key support (around 65,260) and resistance (around 73,620) levels to confirm if the bullish momentum continues.