Need to check support near the new high point
Updated
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It seems that funds have flowed into the coin market through USDT and USDC.
(BTC.D 1D chart)
The point to watch is whether it can meet resistance near the MS-Signal indicator and fall below 55.01.
If BTC dominance rises, it means that funds are concentrated on BTC, so altcoins are likely to show a downward trend.
However, you cannot predict the rise and fall of BTC prices based on the rise or fall of BTC dominance.
(USDT.D 1D chart)
The movement of USDT dominance can be used to roughly estimate the overall trend of the coin market.
Therefore, if USDT dominance falls, the coin market is likely to show an upward trend, and if it rises, it is likely to show a downward trend.
Therefore, the movement of prices can be identified by the movement of USDT dominance.
Therefore, you can roughly estimate the movement of funds with BTC dominance and the trend with USDT dominance.
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(BTCUSDT 1D chart)
Although the StochRSI indicator has fallen below 50, the price of BTC is actually showing an upward trend.
Accordingly, it is necessary to check whether the StochRSI indicator turns upward again and whether it turns into a state where StochRSI > StochRSI EMA.
It is currently showing an upward trend near 101109.59, which is the BW(100) indicator point.
Accordingly, whether there is support near 101109.59 is the key.
If the StochRSI indicator fails to turn into a state where StochRSI > StochRSI EMA and shows a downward trend, it is expected to fall again to the 95904.28-98892.0 range.
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Therefore, what we should consider important in the current movement is whether we can reset the StochRSI indicator on the 1W chart while maintaining the price around the newly formed high point range of 97821.58-101109.58 until around December 27th.
Based on the high point range of 97821.58-101109.58, this means that 101109.58 or higher is the high point.
Therefore, it is better to interpret the high point range as a high point boundary range.
Therefore, if it rises above the high point range and then falls below the high point range, it is highly likely that it will lead to an additional decline, and we should consider countermeasures for this.
When the decline begins, the downtrend will stop as it finally creates a low point range (low point boundary range).
That is, when it meets the HA-Low indicator and BW(0) indicator, it will create a low point section.
If it creates a low point section and then creates a bottom section, an upward trend will begin.
If we organize this movement,
1. It rises in the section composed of the HA-Low, BW(0) indicator and most of the movement appears within the section composed of the HA-High, BW(100) indicator.
That is, the HA-Low, BW(0) section ~ HA-High, BW(100) section forms a sideways, box section.
2. If it falls in the section composed of the HA-Low, BW(0) indicator, it is highly likely to create a downward wave and show a stepwise downward trend.
However, since this step-down trend will eventually play a role in creating a bottom section, if the HA-Low, BW(0) indicators show a rise higher than the previous HA-Low, BW(0) indicators, it can be interpreted that there is a high possibility that a bottom section will be formed at that time.
3. If it rises in the section composed of the HA-High, BW(100) indicators, it is highly likely that it will create an upward wave and show a step-up trend.
Therefore, it is recommended to set a stop loss point when trading because there is a high possibility that it will turn into a downtrend when it falls above the section composed of the HA-High, BW(100) indicators.
However, it is necessary to check the correlation with the M-Signal indicator on the 1M, 1W, and 1D charts.
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Have a good time.
Thank you.
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- Big picture
I used TradingView's INDEX chart to check the entire section of BTC.
(BTCUSD 12M chart)
Looking at the big picture, it seems to have been following a pattern since 2015.
In other words, it is a pattern that maintains a 3-year bull market and faces a 1-year bear market.
Accordingly, the bull market is expected to continue until 2025.
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(LOG chart)
Looking at the LOG chart, we can see that the increase is decreasing.
Accordingly, the 46K-48K range is expected to be a very important support and resistance range from a long-term perspective.
Therefore, we do not expect to see prices below 44K-48K in the future.
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The Fibonacci ratio on the left is the Fibonacci ratio of the uptrend that started in 2015.
That is, the Fibonacci ratio of the first wave of the uptrend.
The Fibonacci ratio on the right is the Fibonacci ratio of the uptrend that started in 2019.
Therefore, this Fibonacci ratio is expected to be used until 2026.
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No matter what anyone says, the chart has already been created and is already moving.
It is up to you how to view and respond to it.
Since there is no support or resistance point when the ATH is updated, the Fibonacci ratio can be appropriately utilized.
However, although the Fibonacci ratio is useful for chart analysis, it is ambiguous to use it as a support and resistance role.
The reason is that the user must directly select the important selection points required to create the Fibonacci.
Therefore, it can be useful for chart analysis because it is expressed differently depending on how the user specifies the selection point, but it can be seen as ambiguous for use in trading strategies.
1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (when overshooting)
4th: 134018.28
151166.97-157451.83 (when overshooting)
5th: 178910.15
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Trade active
#BTCUSDT
The key is whether it can be supported near the BW(100) indicator point of 101109.59.
When a new candle is created, the point to watch is whether it switches to a state where StochRSI > StochRSI EMA and is maintained.
If the above is not satisfactory, you need to check if you can get support around 95904.28-98892.0.
It may take at least 1-3 days to check if there is support and resistance.
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