How to Trade Directly After The BTC Surge.
Updated
Everyone knows I am well known for my analyses on psychological support and resistance zones and their strong predictive capabilities.
We just found two new important psychological levels in the last two days. One psychological resistance at 9450 and one psychological support at 8400.
-- quick reminder on these beautiful round number levels --
Computer scripts don't come up with these round numbers, humans do. You can see human trading behavior at work here, along with human psychology. This is exactly where humans would put their limit orders, or where they will put price alarms. Let's compare the different kind of support and resistance lines you can draw. First, there are the most common ones based on past price behavior. A local high will be extend on the chart to indicate that this has been a point where price has historically bounced. This has medium predictive power. Secondly, there are psychological levels without any price action. Simply looking at a chart and seeing ETH is about to hit $150 should make you conscious about having psychological resistance. You can add these lines to your chart. Thirdly, there is confluence between psychological and price based support or resistance. Those are the ones I charted here for you. These have incredible predictive power. Keep an eye on them. They are important.
When we combine the 9450 and the 8400 levels with the price based resistance of slightly below the $9000 level, I see the price struggling a lot to break through the $9000. I expect it will show a healthy retracement and cool down a little moving in the direction of the psychological support zone of $8400.
Then, the bears will make space again for the bulls, and we can expect a trade at least until the current resistance area. This can give us a nice 5% trade.
Remember, don't FOMO buy after you've seen these massive gains. Don't go for crazy returns. This 5% trade set-up is enough for me, and it should be enough for you.
Don't worry. You will get plenty more opportunities.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Recent success stories:
![Support and Resistance Trade Set-Up on MTL/BTC [Quick Updates]](https://s3.tradingview.com/k/khiu3QWM_mid.png)
We just found two new important psychological levels in the last two days. One psychological resistance at 9450 and one psychological support at 8400.
-- quick reminder on these beautiful round number levels --
Computer scripts don't come up with these round numbers, humans do. You can see human trading behavior at work here, along with human psychology. This is exactly where humans would put their limit orders, or where they will put price alarms. Let's compare the different kind of support and resistance lines you can draw. First, there are the most common ones based on past price behavior. A local high will be extend on the chart to indicate that this has been a point where price has historically bounced. This has medium predictive power. Secondly, there are psychological levels without any price action. Simply looking at a chart and seeing ETH is about to hit $150 should make you conscious about having psychological resistance. You can add these lines to your chart. Thirdly, there is confluence between psychological and price based support or resistance. Those are the ones I charted here for you. These have incredible predictive power. Keep an eye on them. They are important.
When we combine the 9450 and the 8400 levels with the price based resistance of slightly below the $9000 level, I see the price struggling a lot to break through the $9000. I expect it will show a healthy retracement and cool down a little moving in the direction of the psychological support zone of $8400.
Then, the bears will make space again for the bulls, and we can expect a trade at least until the current resistance area. This can give us a nice 5% trade.
Remember, don't FOMO buy after you've seen these massive gains. Don't go for crazy returns. This 5% trade set-up is enough for me, and it should be enough for you.
Don't worry. You will get plenty more opportunities.
Follow me for consistent high quality updates, with clear explanations and charts.
Please like this post to support me.
- Trading Guru
--------------------------------------------------------------
Disclaimer!
This post does not provide financial advice. It is for educational purposes only!
Recent success stories:
Note
The idea did not work out, the price action was not intense enough to follow into our safe buy zone. I wouldn't have wanted to buy it higher because of the risk reward ratio.I created a new idea instead, based on an ascending channel where we can buy it higher but also sell it sooner to keep a good chance of making a successful trade.
check it out here:
Thảo luận về những biến động và nói cùng nhau về thị trường giao dịch ở cộng đồng Telegram này nhé!
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
t.me/Vietnam100eyes
(bắt đầu từ tháng 2 - 2023)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.