The key is whether it can be supported and rise near 137.28
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The April TradingView competition is sponsored by PEPPERSTONE.
Accordingly, we will look at the coins (tokens) and items that can be traded in the competition.
Let's talk about the SOLUSD chart.
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(ETHUSD 1D chart)
The circled sections on the chart are important support and resistance sections.
Since the M-Signal indicators on the 1D, 1W, and 1M charts are passing through the 137.28-180.38 range, it is important to see whether it can receive support and rise this time.
If it fails to rise, it is likely to fall to the Fibonacci ratio range of 2 (80.31) ~ 1.902 (88.47).
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We need to see if the OBV can rise above the Fibonacci ratio of 1.27 (141.08) as it rises above the middle line.
Since the OBV indicator itself has fallen below the 0 point, there is a high possibility that the selling pressure will increase.
Therefore, we need to check the support and resistance points when the OBV rises above the 0 point.
If it shows support near 180.38, I think it is highly likely that it will turn into an upward trend and rise.
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Therefore, when the competition starts, check if it is located in the 137.28-180.38 range, and if not, it is expected that a sell (SHORT) position will be advantageous.
Even if the price is maintained above 137.28,
- There is a possibility that it will be difficult to maintain a buy (LONG) position due to the fact that the OBV is located below the 0 point,
- The M-Signal indicator on the 1W, 1M charts is in a reverse arrangement, etc.
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Thank you for reading to the end.
I hope you have a successful transaction.
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- This is an explanation of the big picture.
I used TradingView's INDEX chart to check the entire range of BTC.
I rewrote it to update the previous chart while touching the Fibonacci ratio range of 1.902 (101875.70) ~ 2 (106275.10).
(Previous BTCUSD 12M chart)
Looking at the big picture, it seems to have been following a pattern since 2015.
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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(Current BTCUSD 12M chart)
Based on the currently written Fibonacci ratio, it is displayed up to 3.618 (178910.15).
It is expected that it will not fall again below the Fibonacci ratio of 0.618 (44234.54).
(BTCUSDT 12M chart)
I think it is around 42283.58 when looking at the BTCUSDT chart.
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I will explain it again with the BTCUSD chart.
The Fibonacci ratio ranges marked in the light green boxes, 1.902 (101875.70) ~ 2 (106275.10) and 3 (151166.97) ~ 3.14 (157451.83), are expected to be important support and resistance ranges.
In other words, it seems likely to act as a volume profile range.
Therefore, in order to break through this section upward, I think the point to watch is whether it can rise with support near the Fibonacci ratios of 1.618 (89126.41) and 2.618 (134018.28).
Therefore, the maximum rising section in 2025 is expected to be the 3 (151166.97) ~ 3.14 (157451.83) section.
To do that, we need to look at whether it can rise with support near 2.618 (134018.28).
If it falls after the bull market in 2025, we don't know how far it will fall, but considering the previous decline, we expect it to fall by about -60% to -70%.
So, if the decline starts near the Fibonacci ratio 3.14 (157451.83), it seems likely that it will fall to around Fibonacci 0.618 (44234.54).
I will explain more details when the downtrend starts.
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