BTC Update: Buy the Dip with Sprng Box indicator

Jul 14, 2023

Note that each colored set of lines represents the values of the spring box indicator (Dip levels, midline and the resistance area). Notice that the spaces between the lines either contracts or expands, and this indicate a sign of weakness or strenght. At the moment, the indicator is expanding. The distances have become wider than the previous indicator which could be a sign of weakness. The price may retrace to the support level going to dip level 1 and may probably reach dip level 2. Use price action to confirm this projection. If the spring box lines contracts at the next 14th period, this indicates a sign of strenght within the next 14 bars.

This indicator is not in the tradingview yet. The script for this indicator will be published as soon as the testing is completed. Backtesting results for this indicator is very promising. A 95% win rate. The spring box indicator is designed as a leading indicator to help forecast the price range and trend for the next 12 to 14 period.

Jul 14, 2023

Note

I was able to identify the price range for each dip level by using this indicator. As shown in the previous post, I placed a buy order using the price range calculated by the indicator. The price reached Dip level 1 at 30400 and sell the position at 31600.