The key is whether it can be supported and rise at 89294.25
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(BTCUSDT 1D chart)
After the volatility period, it shows an upward trend above the HA-Low indicator (89294.25) on the 1D chart.
The key is whether it can be supported near 89294.25 and break through the M-Signal indicator on the 1D and 1W charts.
If the upward breakout is successful, it is expected to lead to an attempt to rise to around 94742.35.
However, since the StochRSI indicator has entered the overbought zone, I think that the area around 94742.35 is likely to act as resistance.
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If it falls below 89294.25, it is likely to eventually meet the M-Signal indicator on the 1M chart, so you should think about a countermeasure for this.
Accordingly, the maximum decline is expected to be around 73499.86.
At this time, it is expected that the trend will be determined again when it meets the M-Signal indicator on the 1M chart.
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In order to turn into an uptrend, the price must rise above the M-Signal indicator on the 1D chart and maintain its value.
However, considering the currently formed support and resistance points, I think that it is highly likely to turn into an uptrend if it rises to around 94742.35 and shows support.
Therefore, the section where we can proceed with the trade is
1st: 89294.25
2nd: 94742.35
I think it is possible when we see the support near the 1st and 2nd above.
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In order for the uptrend to continue, it must rise above the HA-High indicator on the 1D chart.
Therefore,
1st: 97226.92
2nd: 101947.24
It must break through the 1st and 2nd sections above.
If not, the above section will act as resistance.
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As I mentioned earlier, the StochRSI indicator has entered the overbought section.
Therefore, I think it would be good to check whether it can be used as a trading reference indicator in the future by looking into how to resolve this.
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Thank you for reading to the end.
I hope you have a successful trade.
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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 maintaining an upward trend following a pattern since 2015.
In other words, it is a pattern that maintains a 3-year upward trend and faces a 1-year downward trend.
Accordingly, the upward trend is expected to continue until 2025.
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(LOG chart)
Looking at the LOG chart, you can see that the upward trend is decreasing.
Accordingly, the 46K-48K range is expected to be a very important support and resistance range from a long-term perspective.
Therefore, I expect that we will not see prices below 44K-48K in the future.
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The Fibonacci ratio on the left is the Fibonacci ratio of the uptrend that started in 2015.
That 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, this Fibonacci ratio is expected to 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 it.
Since there is no support or resistance point when the ATH is updated, the Fibonacci ratio can be appropriately utilized.
However, although the Fibonacci ratio is useful for chart analysis, it is ambiguous to use it as a support and resistance role.
The reason is that the user must directly select the important selection points required to create the Fibonacci.
Therefore, it can be useful for chart analysis because it is expressed differently depending on how the user specifies the selection point, but it can be seen as ambiguous for use in 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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