Bitcoin (BTC) - May 7hello?
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(BTCUSDTPERP 1D Chart)
Primary resistance: 39915.9-40500.3
Secondary resistance: around 45163.4
Support: 35280.2-38200.0
- 37243.4-38200.0
- 35280.2-36230.0
During the volatility period of 2-4 May, it failed to rise to the 39915.9-40500.3 section, the primary resistance section, and showed a larger decline.
It is necessary to check whether there is support in the section 35280.2-38200.0, which we think is forming the bottom.
If it falls below 35280.2, it is highly likely that it will fall below 32275.6, so you need to trade cautiously.
At this time, what is important to look at is whether the trading volume explodes.
In the coin market, the transaction itself is atrophied due to many external factors.
Therefore, even if the price rises, it cannot survive and has no choice but to fall.
If the volume explodes as in the previous case when it falls below 35280.2, it is expected to rise above 38200.0 and turn into an uptrend.
(Reference)
When I say transition to an uptrend as mentioned above, I'm referring to a trend in the short term.
Before the decline on May 5, it was possible to rise above the 39915.9-40500.3 section in order to turn to an uptrend in the short term.
However, due to the decline on the 5th of May, there is a lower section to turn upside down, so you can maintain the price by rising above 38200.0.
From a mid- to long-term point of view, it needs to rise near 42K to turn into an uptrend.
(1h chart)
** A short-term response is recommended as sharp movements are likely to occur on the 1h chart.
It shows that the reverse arrangement of the indicator passing through section A is converted to the normal arrangement due to the decline on the 5th of May.
-100 indicator: 40640.1 -> 36382.4
Accordingly, if it rises above the 36230.0-36534.7 section, it is expected to rise above 37243.4.
Although the entire support section is the 35280.2-38200.0 section, it is considered that this support section is divided into the 35280.2-36230.0 section and the 37243.4-38200.0 section.
So, we need to see if we can find support and move up in the 35280.2-36230.0 section.
Although the High and Low indicators are showing an inverse arrangement, they are expected to switch to a normal arrangement in the not-too-distant future as they are short-term indicators.
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** All indicators are lagging indicators.
Therefore, it is important to be aware that the indicator will move accordingly as price and volume move.
However, for convenience, we are talking in reverse for the interpretation of the indicator.
** The MRHAB-T indicator used in the chart is an indicator of our channel that has not been released yet.
** The OBV indicator was re-created by applying a formula to the DepthHouse Trading indicator, an indicator disclosed by oh92. (Thanks for this.)
** Support or resistance is based on the closing price of the 1D chart.
** All descriptions are for reference only and do not guarantee a profit or loss in investment.
(Short-term Stop Loss can be said to be a point where profit and loss can be preserved or additional entry can be made through split trading. It is a short-term investment perspective.)
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