The point of observation is whether it breaks out of 87.8K-93.5K
Updated
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When a new candle is created on the 1W chart, I will update it again.
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(BTCUSDT 1D chart)
The StochRSI indicator is showing a downward trend in the overbought zone.
Accordingly, the point of observation is whether it can receive support and rise around 2.618 (87814.27) ~ 1.618 (89050.0).
If it falls below 2.618 (87814.27), the key is whether it can rise with support near the M-Signal indicator on the 1D chart.
If it is confirmed that it is supported near 79.9K-80.9K, it is thought that a pullback pattern may be created, so you should pay close attention to the movement at this time.
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However, if the StochRSI indicator falls near the 50 point, volatility may occur, so you should be careful about a rebound.
This volatility period is expected to last until November 20, so caution is required when trading.
In order to maintain this upward trend,
1st: 68393.48-71335.47
2nd: 57694.27-61099.25
It must rise with support near the 1st and 2nd above.
Therefore, until then, I think you should focus on how to lower the average purchase price or how to increase the holding amount and develop a trading strategy.
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(BTC.D 1M chart)
I think that for the altcoin bull market to start, the BTC dominance must fall below 55.01 and remain there or show a downward trend.
Otherwise, if the BTC dominance shows an upward trend, the altcoins are likely to gradually move sideways or show a downward trend because funds will be concentrated on BTC.
(USDT.D 1M chart)
If the USDT dominance falls below 4.97 and remains there or shows a downward trend, the coin market is likely to create a bull market.
However, whether it is a bull market where all coins (tokens) are rising together or a bull market where only BTC is rising can be roughly determined by whether BTC dominance is falling or rising.
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Have a good time.
Thank you.
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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 rising since 2015 following a pattern.
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, you 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, it is expected that prices below 44K-48K will not be seen in the future.
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The Fibonacci ratio on the left is the Fibonacci ratio of the uptrend that started in 2015.
In other words, it 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, it is expected that this Fibonacci ratio will 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 this.
If the ATH is renewed, there are no support and resistance points, so the Fibonacci ratio can be appropriately utilized.
However, although the Fibonacci ratio is useful for chart analysis, it is ambiguous to use it as support and resistance.
The reason is that the user must directly select the important selection points required to generate Fibonacci.
Therefore, since it is expressed differently depending on how the user specifies the selection points, it can be useful for chart analysis, but it can be seen as ambiguous to use it for 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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Trade active
#BTCUSDT 1W
The StochRSI indicator has touched the 100 point.
Accordingly, the closer the StochRSI EMA gets to the 100 point, the more downward pressure will increase.
If so, it is highly likely that it will show the same movement as after January 8th.
When the StochRSI indicator is initialized (overbought->oversold, oversold->overbought), it is not known how far it will fall.
However, for now, if it falls below 87.8K, it is highly likely that the area around 79.9K-80.9K will be an important support and resistance zone.
Note
#BTCUSDT 1D
The HA-High indicator is showing signs of being created at the 88707.2 point.
Accordingly, if the HA-High indicator is created at the 88707.2 point, whether there is support around this area is an important issue.
If it falls without support, a sharp decline may occur, so caution is required when trading.
Note
BW indicator is an indicator that comprehensively evaluates MACD, StochRSI, OBV, and ATR indicators.
Currently, MACD and superTrend indicators are showing an upward trend,
StochRSI indicator has turned downward,
and OBV indicator is moving sideways after falling.
Due to this movement, BW indicator is currently pointing to the 70 point.
Therefore, the comprehensive evaluation of BW indicator can be interpreted as still maintaining an upward trend.
In order for BW indicator to fall below 50, at least two of OBV, MACD, and superTrend indicators must show a downward trend.
Accordingly, it is expected that BW indicator will show a downward trend below 50 only when it shows a downward trend below 84K.
However, as time goes by, the Buy Line of the MS-Signal and superTrend indicators will rise, so the pressure for a downward trend will increase.
If the OBV does not fall below the midpoint, it is necessary to check whether there is support near the BW (100) line (90586.92), as it can rather encourage an upward trend.
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The MS-Signal indicator is an indicator that is included in the BW indicator by modifying the MACD formula.
Therefore, there is no need to add the MACD indicator as a secondary indicator.
The MS-Signal indicator consists of the M-Signal line and the S-Signal line.
As the name of the MACD indicator suggests, M-Signal = MACD, S-Signal = Signal.
Note
We changed the display method so that you can see where the OBV is located by the color of the candle.
1: Above the top point of the box
2: Between the middle point of the box and the top point of the box
3: Between the middle point of the box and the bottom point of the box
4: Below the bottom point of the box
You can check whether it is a rising candle or a falling candle by looking at the borders or wicks of the candle.
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