Bitcoin (BTC) - August 7
Updated
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-------------------------------------
(BTCUSDTPERP 1D Chart)
The 22751.0 area is an important section that needs support to continue the uptrend.
If a decline from 22751.0 finds resistance, it is expected to lead to further declines.
If it finds support and moves up near 22751.0, I would expect it to move towards 25459.8.
On the 1D chart, the trend is maintaining an upward trend.
I added a trend line, but you can tell it's on an uptrend just by looking at it.
You cannot trade on trend lines alone.
The reason is that it's a diagonal line, so it's hard to find support and resistance points.
The trend line is where support and resistance are difficult to spot.
However, by drawing a trend line, it is only clearly distinguished whether the current trend is in an uptrend or a downtrend.
The reason why I don't draw trend lines is that MS-Signal indicators are replacing the trend lines in our chart.
To trade, there must be support and resistance lines, i.e. horizontal lines.
The support and resistance lines are the line drawing you start to learn after the MA line when you start studying charts.
However, if you are unfamiliar with charts, drawing support and resistance lines is not difficult, and you do not trade with those lines just because you have drawn them.
The reason is that he is such a support and resistance line, but he does not believe in it.
The reason I do not believe is that when I draw the line, I look at the arrangement of candles and draw with a subjective opinion rather than drawing on an objective basis.
Anything drawn as a subjective thought needs to be objectified because it is not easy to use once you start trading.
To be objective, it is recommended to give confidence in the support and resistance levels by using indicators that have been used in the investment market for decades.
From that standpoint, we are using indicators in charts.
The only indicators drawn for subjective judgment in this chart are the Fibonacci Retracement Tool and the trend line.
The Fibonacci Retracement tool can be drawn by specifying two or three selection points.
It makes a huge difference where you place this selection point, so be careful when using it.
The trend line is drawn by specifying two random selection points.
This is also only for identifying the trend as it is drawn based on subjective judgment.
By drawing a box on the 22570.6-23257.6 section and the 21481.1-21826.1 section, you can see that the support and resistance sections are separated.
After drawing support and resistance lines, most candles are said to be either resisting or supporting depending on whether they move below or above that line.
No need to try to draw 100% accurate support and resistance lines.
This is because you cannot draw 100% accurate support and resistance lines themselves.
Support and resistance lines are automatically created on this chart.
Indicators that are creating support and resistance lines are the HA-P and MACD-P indicators, which have released formulas.
The trading strategy required for trading must be created by you.
Otherwise, the trading strategy will be useless when the trade starts and the price becomes very volatile.
The reason for analyzing charts is to make the necessary trading strategies for trading.
Even if you are not good at interpreting charts, if you have a well-thought-out trading strategy, your chances of winning the trade are quite high.
trading strategy is
- Investment period
- Investment scale
- Buy and sell strategies, etc.
Before you start trading, you should think about your trading strategy.
More details will be provided whenever the opportunity arises.
( 1h chart)
** On the 1h chart, a sharp move is likely to occur, so a short-term response is recommended.
Expect to find support and resistance in the four box sections.
On the CCI-C indicator, if the CCI line remains above the EMA line, it is likely to move higher.
------------------------------------------------------------ -------------------------------------------
** All descriptions are for reference only and do not guarantee a profit or loss in investment.
** The MRHAB-T indicator, which is inactive on the chart, contains indicators that indicate support and resistance points.
** Background color of Long/Short-S indicator: RSI oversold and overbought sections
** Background color of CCI-C indicator: When the short-term CCI line is below -100 and above +100, oversold and overbought sections are displayed.
** The OBV indicator was re-created by applying a formula to the DepthHouse Trading indicator, an indicator disclosed by oh92. (Thanks for this.)
(Short-term Stop Loss can be said to be a point where profit and loss can be preserved or additional entry through split trading. It is a short-term investment perspective.)
---------------------------------
Welcome, traders.
If you "follow", you can always get new information quickly.
Please also click "Like".
Have a good day.
-------------------------------------
(BTCUSDTPERP 1D Chart)
The 22751.0 area is an important section that needs support to continue the uptrend.
If a decline from 22751.0 finds resistance, it is expected to lead to further declines.
If it finds support and moves up near 22751.0, I would expect it to move towards 25459.8.
On the 1D chart, the trend is maintaining an upward trend.
I added a trend line, but you can tell it's on an uptrend just by looking at it.
You cannot trade on trend lines alone.
The reason is that it's a diagonal line, so it's hard to find support and resistance points.
The trend line is where support and resistance are difficult to spot.
However, by drawing a trend line, it is only clearly distinguished whether the current trend is in an uptrend or a downtrend.
The reason why I don't draw trend lines is that MS-Signal indicators are replacing the trend lines in our chart.
To trade, there must be support and resistance lines, i.e. horizontal lines.
The support and resistance lines are the line drawing you start to learn after the MA line when you start studying charts.
However, if you are unfamiliar with charts, drawing support and resistance lines is not difficult, and you do not trade with those lines just because you have drawn them.
The reason is that he is such a support and resistance line, but he does not believe in it.
The reason I do not believe is that when I draw the line, I look at the arrangement of candles and draw with a subjective opinion rather than drawing on an objective basis.
Anything drawn as a subjective thought needs to be objectified because it is not easy to use once you start trading.
To be objective, it is recommended to give confidence in the support and resistance levels by using indicators that have been used in the investment market for decades.
From that standpoint, we are using indicators in charts.
The only indicators drawn for subjective judgment in this chart are the Fibonacci Retracement Tool and the trend line.
The Fibonacci Retracement tool can be drawn by specifying two or three selection points.
It makes a huge difference where you place this selection point, so be careful when using it.
The trend line is drawn by specifying two random selection points.
This is also only for identifying the trend as it is drawn based on subjective judgment.
By drawing a box on the 22570.6-23257.6 section and the 21481.1-21826.1 section, you can see that the support and resistance sections are separated.
After drawing support and resistance lines, most candles are said to be either resisting or supporting depending on whether they move below or above that line.
No need to try to draw 100% accurate support and resistance lines.
This is because you cannot draw 100% accurate support and resistance lines themselves.
Support and resistance lines are automatically created on this chart.
Indicators that are creating support and resistance lines are the HA-P and MACD-P indicators, which have released formulas.
The trading strategy required for trading must be created by you.
Otherwise, the trading strategy will be useless when the trade starts and the price becomes very volatile.
The reason for analyzing charts is to make the necessary trading strategies for trading.
Even if you are not good at interpreting charts, if you have a well-thought-out trading strategy, your chances of winning the trade are quite high.
trading strategy is
- Investment period
- Investment scale
- Buy and sell strategies, etc.
Before you start trading, you should think about your trading strategy.
More details will be provided whenever the opportunity arises.
( 1h chart)
** On the 1h chart, a sharp move is likely to occur, so a short-term response is recommended.
Expect to find support and resistance in the four box sections.
On the CCI-C indicator, if the CCI line remains above the EMA line, it is likely to move higher.
------------------------------------------------------------ -------------------------------------------
** All descriptions are for reference only and do not guarantee a profit or loss in investment.
** The MRHAB-T indicator, which is inactive on the chart, contains indicators that indicate support and resistance points.
** Background color of Long/Short-S indicator: RSI oversold and overbought sections
** Background color of CCI-C indicator: When the short-term CCI line is below -100 and above +100, oversold and overbought sections are displayed.
** The OBV indicator was re-created by applying a formula to the DepthHouse Trading indicator, an indicator disclosed by oh92. (Thanks for this.)
(Short-term Stop Loss can be said to be a point where profit and loss can be preserved or additional entry through split trading. It is a short-term investment perspective.)
---------------------------------
Note
(BTCUSDTPERP 1h Chart)In order to turn into an uptrend, it must rise above the 23104.1 point, which is the HA-High indicator.
The HA-Low indicator shows resistance.
If it declines, it is expected to decline to the 22570.6-22751.0 section.
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