Whether it can be supported and rise around 92K-93.5K is the key
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(BTCUSDT 1W chart)
What we need to look at is whether it can touch the MS-Signal (M-Signal on the 1W chart) indicator and rise.
When a new candle is created, it is expected to pass around 83.6K.
Accordingly, the point of interest is whether it will meet the M-Signal indicator on the 1W chart around 87.8K-89K.
The reason is that the StochRSI indicator is showing a downward trend from the 100 point, and if a new candle is created, it is expected to change to a state where StochRSI < StochRSI EMA.
Since the StochRSI indicator is still in the overbought zone, it is likely to rise after receiving support around 92K-93.5K.
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(1D chart)
The next volatility period is around December 17 (December 16-18).
Therefore, the key is how it will look after this volatility period.
It is currently showing a short-term downtrend, but looking at the overall picture, it is ambiguous to say that it has yet to break out of the sideways zone, so the key is whether it falls below 90586.92.
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Therefore, we need to check whether it can rise above 95904.28.
If not, it is expected to touch around 92K-93.5K.
In order to turn into a short-term uptrend, it needs to rise above 97821.5-98892.0 to be supported.
Since the Momentum indicator is showing a low, it may lead to an additional decline.
You can see that the Body color of the candle changed to red from the December 20 candle.
This is because the OBV fell below the midpoint.
Therefore, if the Body color of the candle changes back to Green, it can be seen as a buying period.
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Thank you for reading to the end.
I hope you have a successful trade.
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- Big picture
I used TradingView's INDEX chart to check the entire range 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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