Check support: Fibonacci ratio 1.902(101978.54) ~ 2(106178.85)
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(BTCUSDT 1M chart)
A new month begins.
The OBV indicator is currently rising again near the High Line.
We need to see if it can continue to rise by breaking above the High Line.
If not, there is a possibility of a decline near the Fibonacci ratio of 1.902 (101978.54) ~ 2 (106178.85).
If it declines with strong trading volume, there is a possibility of a decline near the StochRSI 20 point of 97209.25.
Therefore, we need to respond depending on whether there is support in the Fibonacci ratio of 1.902 (101978.54) ~ 2 (106178.85).
The most important support and resistance area on the current 1M chart is 69000-73499.86.
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(1D chart)
It is showing a downward trend below the M-Signal indicator of the 1D chart.
Accordingly, the possibility of a short-term downtrend is increasing.
However, as mentioned earlier, the key is whether it can rise with support in the right Fibonacci ratio 1.902 (101978.54) ~ 2 (106178.85) section.
If not, it is likely to fall to around 97226.92.
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The next volatility period is expected to be around June 6.
Accordingly, the current trend is likely to be maintained until the next volatility period.
In order to turn into an upward trend, the price must rise above the M-Signal indicator of the 1D chart and maintain it.
However, since the HA-High indicator is formed at the point of 108316.90, it is highly likely that the uptrend will begin only when it rises above this point.
Therefore, we need to check if it rises above 108316.90 and receives support.
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In my chart, the basic trading strategy is to buy near the HA-Low indicator and sell near the HA-High indicator.
However, if it receives support from the HA-High indicator and rises, it is likely to show a stepwise uptrend, and if it receives resistance from the HA-Low indicator and falls, it is likely to show a stepwise downtrend.
The end of the stepwise uptrend is a downtrend, and the end of the stepwise downtrend is an uptrend.
Therefore, in order to establish a buying strategy, we need to meet the HA-Low indicator.
In other words, if the HA-Low indicator is newly created as the price falls, it is important to see whether there is support near it.
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If it falls below the dotted line indicated on the OBV indicator, it will fall below the previous High Line, so there is a possibility that it will lead to an additional decline.
In particular, if it falls below the Low Line, the price is likely to fall.
However, since the channel of High Line ~ Low Line is still showing an upward trend, I think the overall movement is still maintaining an upward trend.
In order for the channel of High Line ~ Low Line to turn downward, it must fall to the area indicated by the arrow.
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To summarize the above,
- Check for support in the right Fibonacci ratio 1.902(101978.54) ~ 2(106178.85) section
- The start of the uptrend is when the price rises above 108316.90 and maintains it
- Check for support near 97226.92 in the event of a further decline
- If the HA-Low indicator is newly generated in the event of a further decline, focus on finding the time to buy based on whether there is support near that area
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Thank you for reading to the end.
I hope you have a successful trade.
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- This is an explanation of the big picture.
(3-year bull market, 1-year bear market pattern)
I will explain more details when the bear market starts.
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