November 29th. XBTUSD Bitmex Chart Analysis (BitCoinGuide)
Hello,
It’s BitcoinGuide.
Hope you are used to my analysis.
Today I also brought you a strategy,
which can be helpful for your trading.
Please “Follow” me and press “Likes”
Now let me begin XBTUSD Bitmex Chart Analysis for November 29.
This is 30M chart for yesterday.
It moved with route B. After a rebound, I closed my position according to the principle.
It dropped right after.
However, always remember to keep the principle.
Trading without stop-loss, or depending upon luck cannot be considered a skill.
Today in my analysis,I would like to introduce some information about drifting sideways.
Based on 30M chart Bollinger band, if a trend does not continue from the resistance/supporting line to the next timeline(1H, 4H, daily chart), it is considered “Drifting sideways”.
So as to say, it did not have a movement from the resistance and supporting line of 30M chart.
In this case, it is very hard to predict direction.
Even Zeus cannot make profit except scalping.
The blue box above shows 30M chart Bollinger band’s movement limit.
The blue arrow indicates the point where the trend stopped from resistance/supporting line.
If you look at the first vertical red line, the wave should have appeared from this position, however, it passed along with the middle between route A and B.
So we can suspect that this could be drifting sideways.
If you look at the second vertical red line,
It is where the daily chart finishes.
To summarize again,
The daily movement is limited.
So if a trend does not come out where it should have been, it ends up with drifting sideways even though it expands its wave later.
It is called butterfly-effect.
The butterfly effect should expand slowly from 1 minute chart to 1H chart. And then the trend could come out at the point with a right timing in a day.
However, if the wave starting from 1M chart stops at 30M chart, the trend cannot expand further.
Accordingly, the movement within 30M chart can be called “Drifting sideways”.
Also, I explained about how to enter short position yesterday in real time basis.
The price could not touch the resistance line of 4H chart, so it dropped strongly on today morning(Korea time basis)
Please keep in mind about this.
Today’s strategy.
This is 30M chart.
Please keep your eye on convergence section of red trend line, and green supporting parallel line.
I will explain the major sections.
1. Please check route A(long position) and B(short position) with entry points and prices.
2. If it follows route A, please check whether it goes down below $7,554 which is entry point for long position. (If it goes down, it would fall along with route B.
Finally, please check whether the price goes above the red trend line. (If it does, it could have a shooting)
3. When it goes along with route B, please wait at $7,465.
One thing you should check is whether it touches the resistance line of Bollinger band for 30M chart. If it touches, you should wait for the next chance. (Way of entering short position)
This is it.
I briefly mentioned about “drifting sideways” above.
If it does not seem to have a necessary amount of wave at the entry point, you should always consider the possibility of “drifting sideways”.
Furthermore, I checked “Sad face” and “Smile face”.
If the price goes up or below, it could be considered as uptrend and downtrend.
Lastly, on weekend, Futures exchanges are closed. So it can be a huge variable.
The price should go to $8,500 directly or by way of detour, then we can strongly expect that uptrend would continue.
So in order to go up, the price should not fall strongly from this point and should be supported.
I will share the details with the result for the next month.
Hope you had a good week,
I will come back to you with FX margin trading in the afternoon.
I will see you on next Monday.
Thank you all.
(Translation help.
Jae Ho Shin.)
