The point of interest is whether it can create a pull back
(Title) The point of interest is whether it can create a pull back pattern
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(BTCUSDT 1D chart)
With this decline, the BW (100) line was created at the 72344.74 point.
Therefore, the key is whether it can rise above 72344.74.
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The price is passing the StErr Line around 71280.01, and the M-Signal indicator on the 1D chart is passing around 68393.48.
Therefore, if it is supported and rises between the M-Signal and StErr Line on the 1D chart, a short-term pullback will form.
If not, and it falls below the M-Signal indicator on the 1D chart, it is highly likely that it will show a short-term downtrend.
For this reason, as I mentioned yesterday, if it is supported between the M-Signal and 70148.34 on the 1D chart, it is time to buy more.
However, in order to buy more like this, a split sale must have been made before.
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If not, and you need to buy new,
1. When it is supported around 67414.39-68393.48,
2. When it breaks through 72344.74,
there are two methods above.
The prerequisite for buying new is that the StochRSI indicator is below 50 and shows an upward trend.
If not, and the StochRSI indicator is above 50 or showing a downward trend, it is better not to buy.
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(1h chart)
The linear regression channel indicator has set the length to 50, so the channel moves over time.
The channel is showing a change from an uptrend to a downtrend.
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Back to the main story, the point of observation is whether the price can be maintained by rising above the 5EMA of the 1D chart and whether it can rise above the middle line of the channel.
If it fails to rise, volatility is expected to occur while touching the M-Signal indicator of the 1D chart.
Accordingly, as I mentioned on the 1D chart, we can see that the points 68393.48, 70148.34, and 71280.01 are important support and resistance points.
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If you bought below 68393.48, you can see that the area around 68393.48 is the last selling point.
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If the StochRSI indicator is above 50, it is better to find a time to sell, and if the StochRSI indicator is below 50, it is better to find a time to buy.
However, this is only when you are trying to make a new trade.
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I am currently holding a long position.
And, since I thought it would create a pull back pattern and rise, I gave you an example of additional buying in the idea yesterday.
So, I didn't mention SHORT this time.
I think this SHORT position is likely to end sooner than expected.
USDC is volatile, so it can show a gap down at any time.
However, since USDT is continuously showing a gap uptrend, it can be seen that the coin market is likely to continue its upward trend.
And, because BTC dominance is on the rise.
The rise in BTC dominance also means that funds are concentrated on BTC.
Therefore, when BTC dominance is on the rise, it can be seen that it is more advantageous to trade BTC than altcoins.
If USDT dominance falls below 4.97 and is maintained or shows a downward trend, I think the coin market is likely to start an uptrend.
In order for this uptrend to lead to an altcoin uptrend, BTC dominance must fall below 55.01 and be maintained or show a downward trend.
If not, there is a possibility that it will become a strange uptrend where only BTC rises, so be careful when trading altcoins.
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Have a good time.
Thank you.
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- Big picture
It is expected that a full-scale uptrend will begin after rising above 29K.
The section expected to be touched in the next bull market is 81K-95K.
#BTCUSD 12M
1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (overshooting)
4th: 134018.28
151166.97-157451.83 (overshooting)
5th: 178910.15
These are points where resistance is likely to occur in the future.
We need to check if these points can be broken upward.
We need to check the movement when this section is touched because I think a new trend can be created in the overshooting section.
#BTCUSD 1M
If the major uptrend continues until 2025, it is expected to start forming a pull back pattern after rising to around 57014.33.
1st: 43833.05
2nd: 32992.55
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Note
To see the overall flow of BTC, I used TradingView's INDEX chart.
#BTCUSD 1M
The movements in December 2021 and the current one seem similar.
Accordingly, we should pay attention to the following parts.
1. If the price rises above 71320.68 and maintains, it is expected to create a wave that deviates from the movement in December 2021, so it can be seen as the most important support and resistance point.
2. If it falls below the StErr Line and touches the HA-High indicator point (61106.59), it is likely to show the same movement as in December 2021, so caution is required when trading.
Therefore, you should keep an eye on the movement when it falls below the StErr Line.
3. I think a full-blown downtrend is likely to occur when it falls below the MS-Signal indicator (M-Signal on the 1M chart).
Accordingly, if it falls below 57789.06 and shows resistance, it is necessary to respond to the downtrend.
I will tell you more details when it falls near the HA-High indicator.
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#1W
If you look at the contents of the 1M chart in more detail, the 68376.06-71320.68 and 57789.06-61106.59 sections are important support and resistance sections.
If it falls below 65939.06, it is likely to fall below the StErr Line on the 1M chart, so it is a point where a response is necessary.
Note
#BTCUSDT.P 1D
I said it was an additional Buy section, but I did not buy additionally. It didn't work.
Currently, the StochRSI indicator is in the overbought zone, but if the price maintains around 71363.0, the StochRSI indicator is likely to turn upward again.
If that happens, the StochRSI indicator is likely to make a double top.
Double If you show me how to build a tower, I'll tell you more about it later.
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