Jan 12 2020: Bitcoin’s Daily Support and Resistance Analysis
Updated
Legal Disclaimer: I’m in pain & swelling due to disability, therefore I’ll be short and precise with this post.I am publishing here so I get replies from fellow viewers for the refinement of algorithm, to educate myself and for my daily expenses. Hence, if anyone uses this post for making their decisions, I am not responsible for any failures incurred.
The above chart is 4D BTCUSD chart. Used here for convenience. For Entry and Exits, I look at 1D BTCUSD chart. (I do something similar with GLD chart also)
The two lower indicators are from my scripts here on tradingview. Please check them out on my profile page.(Kal’s MTF ADX Rangoli Roller, Kal's MTF OBV Haar)
1.Red/Maroon line is Support. If Bitcoin closes below this line, its time to check everyday for selling. If Bitcoin’s High price for the day is below this line, Sell!
2.Yellow line is wait/volatile. Right now(Jan 12 2020), BTC closed above this line. Its time to wait and watch or if stuck to a computer with tradingview BTC chart, one may play 1% profit or loss scalping.
3.Green Line is Resistance. If Bitcoin closes above this line, its time to check everyday for buying. If Bitcoin’s low price for the day is above this line, one may buy a SMALL portion of their budget(max 20 to 30 percent of their budget, divided 14 parts, one or two parts each day) and wait for 21 days. The bitcoin’s price(low or close) may retest the Green line within 21 days as support.Thus, AFTER 21 days of Bitcoin’s Low above Green line,
A)If the Low price of the day is above this green line, one may enter with 70 or 80 percent of their budget(divided 4 or 5 parts, one part each day based on your comfort and price level swings)
B)Use 50 period daily EMA or your lowest Entry price+commission & daily expenses for stop-loss. (I don't place stop-loss on exchange. I place them as alerts here on tradingview and upon receiving SMS alert, I log into exchange to sell. By doing so, one may avoid huge-losses due to "Candle Wick Stabs")
C)I don’t know when to take profits, if you know, please write in the comments section below.
There is a strong resistance to BTC at the Ichimoku Cloud(8500 to 8800). As a small sporadic investor, I won't buy BTC in this zone. I'd stay on sidelines and watch whales swirl here.
Please let me know if I am missing anything.
Safe Trading!
Kal Gandikota
PS1: If you find my postings interesting and edifying please follow, like/favorite/upvote.
PS2: Please kindly donate for my daily expenses (atleast as you would on streets), please get my BTC Wallet address from my Tradingview signature below. Also, I’m hard to miss. There is only one person in the entire world with my name.
The above chart is 4D BTCUSD chart. Used here for convenience. For Entry and Exits, I look at 1D BTCUSD chart. (I do something similar with GLD chart also)
The two lower indicators are from my scripts here on tradingview. Please check them out on my profile page.(Kal’s MTF ADX Rangoli Roller, Kal's MTF OBV Haar)
1.Red/Maroon line is Support. If Bitcoin closes below this line, its time to check everyday for selling. If Bitcoin’s High price for the day is below this line, Sell!
2.Yellow line is wait/volatile. Right now(Jan 12 2020), BTC closed above this line. Its time to wait and watch or if stuck to a computer with tradingview BTC chart, one may play 1% profit or loss scalping.
3.Green Line is Resistance. If Bitcoin closes above this line, its time to check everyday for buying. If Bitcoin’s low price for the day is above this line, one may buy a SMALL portion of their budget(max 20 to 30 percent of their budget, divided 14 parts, one or two parts each day) and wait for 21 days. The bitcoin’s price(low or close) may retest the Green line within 21 days as support.Thus, AFTER 21 days of Bitcoin’s Low above Green line,
A)If the Low price of the day is above this green line, one may enter with 70 or 80 percent of their budget(divided 4 or 5 parts, one part each day based on your comfort and price level swings)
B)Use 50 period daily EMA or your lowest Entry price+commission & daily expenses for stop-loss. (I don't place stop-loss on exchange. I place them as alerts here on tradingview and upon receiving SMS alert, I log into exchange to sell. By doing so, one may avoid huge-losses due to "Candle Wick Stabs")
C)I don’t know when to take profits, if you know, please write in the comments section below.
There is a strong resistance to BTC at the Ichimoku Cloud(8500 to 8800). As a small sporadic investor, I won't buy BTC in this zone. I'd stay on sidelines and watch whales swirl here.
Please let me know if I am missing anything.
Safe Trading!
Kal Gandikota
PS1: If you find my postings interesting and edifying please follow, like/favorite/upvote.
PS2: Please kindly donate for my daily expenses (atleast as you would on streets), please get my BTC Wallet address from my Tradingview signature below. Also, I’m hard to miss. There is only one person in the entire world with my name.
Trade active
As I wrote earlier, the close of the day for BTCUSD must be above 8800 for me to try entering again. Safely, I decided to enter BTC above 9700 above Ichimoku cloud with stop loss of $500. Please let me know ur thoughts.Order cancelled
Jan 14 2020, BTCUSD closed above 8800.Jan 19 2020, confirms that 4 days closing above 8800 is a bull-trap.
Since Jan 19 2020, BTCUSD is struggling to close above 8800. There is a high possibility of BTCUSD coming back to test 200 EMA. Unless BTCUSD is below 8300, I wouldn't dare even trade scalping.
Note
Observing Weekly BTC Charts, 1. it appears to me that BTCUSD is going to test 100EMA(today around $7200 to $7000). That's my Scalp zone for BTC
2. Safe Trading zone is around 200EMA(around $5700 to $5000) (That's my Medium term zone)
Yesterday, I cleared almost all automatic alerts below 1HR. Soon, it appears I will be clearing even 1HR alerts on most of Coinbase cryptos approved in USA.
let me know what you think.
Safe Trading
Kal Gandikota
Legal Disclaimer: I’m in pain & swelling due to disability, therefore I’ll be short and precise with this post.I am publishing here so I get replies from fellow viewers for the refinement of algorithm, to educate myself and for my daily expenses. Hence, if anyone uses this post for making their decisions, I am not responsible for any failures incurred.
Note
3. Unless Macro-economic environment changes, there is no hope for long-term trading on BTC. I'd wait until July 2020. If you disagree, please write in the comment section below so we all learn from each other.
Note
Last week on Jan 25 2020, I wrote here "Unless Macro-economic environment changes, there is no hope for long-term trading on BTC. I'd wait until July 2020."It appears to me that the macro-economic environment did change and is reeking stench covered up for sometime now. As a learning experience, I am analyzing few macro-economic facts with 1 HR charts of BTC(and GLD) which I think were being hidden by powerful Governments and media(including USA, China, India etc.) until Jan 02 2020. Those facts are becoming obvious with stench and blithe.
In the above 1HR chart,
Camel Brown Slanting-Support Line is holding BTC prices up due to stench of Macro-economic crises.
Cement-brick Vertical line on (Jan 02 2020) is the starting point of stench of Macro-economic crisises.
However, I will only scalp BTCUSD until it reaches above Green line. Then after gets above green line, I will think about medium/long-term investment.
Please let me know if I am missing something.
Safe Trading
Kal Gandikota
Legal Disclaimer: I’m in pain & swelling due to disability, therefore I’ll be short and precise with this post.I am publishing here so I get replies from fellow viewers for the refinement of algorithm, to educate myself and for my daily expenses. Hence, if anyone uses this post for making their decisions, I am not responsible for any failures incurred.
Trade active
I will scalp BTC or other similar crypto-currencies when BTCUSD hits 1HR camel-brown support line.NOTE: Please refer above for my 'Legal Disclaimer' if you are making decisions on my post. I am publishing here so I get replies from fellow viewers for the refinement of algorithm, to educate myself and for my daily expenses. Hence, if anyone uses this post for making their decisions, I am not responsible for any failures incurred.
Trade active
On Daily charts, it looks like BTCUSD is so bullish that it didn't pull back to Camel-brown Support Line. Instead, it started going above the Horizontal Yellow Line. I got in with $100/- and I see my Chai and breakfast change(profit) already.
Like I wrote in my earlier posts, Now I am only scalping. This morning, made a decent profit of 10 percent on BCHUSD also. I won't try my main algo(first post here in this comment chain) for Medium-term investing unless BTCUSD reaches above Green Line.
Please let me know if I am missing something.
Safe Trading
Kal Gandikota
NOTE: Please refer above for my 'Legal Disclaimer' if you are making decisions on my post. I am publishing here so I get replies from fellow viewers for the refinement of algorithm, to educate myself and for my daily expenses. Hence, if anyone uses this post for making their decisions, I am not responsible for any failures incurred.
Trade active
On Feb 02 2020, I wrote here that I will scalp BTC or other similar crypto-currencies when BTCUSD hits 1HR camel-brown support line. I missed the BTC bounce. Something happened to my alert or myself deleted the SMS without paying attention.1D BTCUSD chart as of today below
NOTE: Please refer above for my 'Legal Disclaimer' if you are making decisions on my post. I am publishing here so I get replies from fellow viewers for the refinement of algorithm, to educate myself and for my daily expenses. Hence, if anyone uses this post for making their decisions, I am not responsible for any failures incurred.
Trade closed manually
I am closing this post today. On Jan 12 2020, I opened the post with my first point“Red/Maroon line is Support. If Bitcoin closes below this line, its time to check everyday for selling. If Bitcoin’s High price for the day is below this line, Sell!”
Today Mar 18 2020, I sold BTC and transferred back all my money to my bank account. I will be closing this post. Due to spinal injury and unstable housing situation in San Jose, California, USA (since 2017 and even now), I don’t think I can be here at regular intervals.
Safe Trading,
Kal Gandikota
Legal Disclaimer: I am publishing here so I get replies from fellow viewers for the refinement of algorithm, to educate myself and for my daily expenses. Hence, if anyone uses this post for making their decisions, I am not responsible for any failures incurred.
Kal’s Law: Lack of Discipline Against Deception and Dangers Kills Mysteriously
4Day Chart of BTCUSD
Order cancelled
Trade closed manually
Signature:Pls kindly donate for my daily expenses(atleast as you would on streets) at the following BTC Wallet address:
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