![BTCUSD_20221127_211931.png](https://images.hive.blog/DQmdFouBHfeqpMCkJBm2H1LRghEZnwT2nzCSEKSposoP5Ex/BTCUSD_2022-11-27_21-19-31.png) *The following content is for educational purposes only. It is not a financial advice.* **Parameters** Let us look at BTC/USDT price action on a weekly time-frame. If you set-up 21, 200, 300, and 400 moving averages (MA)s and directional moving index (DMI), you will get the same plot as above. **Direct observations** 1. BTC/USDT hanging below 300W-MA 2. ADX above 25 3. (-DI) greater than (+DI) **Interpretation** BTC/USDT has clearly broken through 300W-MA and is unlikely to close above it by end of the week. Moreover, we can see a potential cross of 21W-MA and 300W-MA, further building a resistance for the price to move upwards. Price action usually tend to retests levels, therefore it is likely to develop an accumulation zone near 400W-MA. DMI, +DI, and -DI are showing a similar story as above. (-DI) trending above (+DI) indicates bearish environment is dominant over bullish. Whereas, the strength of the bearish trend is inferred from DMI. Typically, DMI above 25 facilitates the trend. In this case, it indicates further downside. ================================ Comments and views appreciated. 😊 Best, @cryptopi314 Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@cryptopi314/state-of-bitcoin-using-directional-movement-index-and-weekly-moving-average)
author | cryptopi314 |
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permlink | state-of-bitcoin-using-directional-movement-index-and-weekly-moving-average |
category | hive-167922 |
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Continue like this! :)
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