We recommend you use the scale on the right and bottom of the chart to ZOOM IN & OUT on this chart so you can view everything correctly. We have also linked a idea at the bottom, which was our original Long Term Levels idea.
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What is a Bitcoin and why is it useful?
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks, and not subject to full government control due to its design. Bitcoin can allow you to store or send money at a relatively cheap & fast speed anywhere across the world. And is being accepted at more and more merchants as a form of payment week by week.
Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer or on other devices. The wallet is similar to a virtual bank account, except the user has full responsibility of the security of their own account.
The current global financial climate is showing more and more governments printing money, leading to inflation and weakening of the US Dollar, which is the worlds major currency. If the financial markets crash, and assets are sold to US dollar, which is also weak (inflation and money printing means every 5-10 years the amount you can purchase with your dollars is actually smaller) so that leaves few options left for investors and speculators as well as businessmen and organizations who want to hedge risk; which are Gold, Silver & Bitcoin.
markets.businessinsi...lar-declines-9957717
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What is a Bitcoin Halving?
www.thehalvening.com
For every block a miner adds to the blockchain, they are rewarded with a certain amount of Bitcoin. (Think of the blockchain almost like the full transaction sheet of your local bank, in a digital database. Except the transactions (which are on the "blockchain") are publicily viewable and fully transparent, that is basically what Bitcoin does.)
There is a maximum of 21,000,000 Bitcoin that can be created. Satoshi Nakamoto wrote into Bitcoin’s code that the supply of new BTC awarded to miners is halved every 210,000 blocks, or roughly every 4 years. For this reason, Bitcoin halvings are important milestones in Bitcoin’s timeline and greatly affect the price over time. After the Bitcoin Halving in 2020 Bitcoin started to repeat its trend of increasing in value.
Decreasing Bitcoin supply increases scarcity, which historically leads to a increase in value. For more information on the Bitcoin Halving you can visit the above website it also has a useful countdown which gives us a estimation of the next halving in May 2024.
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Identifying Potential Support & Resistance Areas
For those who are new to Technical Analysis ; "Support" is a area on the chart price and demand (buying pressure) increases from, with "Resistance" being the opposite, with price decreasing and sell orders (Supply of asset) increasing from the latter.
When price reacts to the same area multiple times, it can form potentia Support and Resistance areas, these are marked in different ways by different traders/investors, on this chart I have used Horizontal, Diagonal forms of Support & Resistance which are marked in the chart graphics.
It takes two touches to form a resistance as a rule of thumb, with the 3rd reaction being the confirmation touch. On the higher timeframe charts such as the Monthly, Weekly & Daily these areas can become quite important. Every time the price touches a Resistance or Support area it usually becomes weaker and after many touches we can see the area fail to hold, or a breakout above it.
So you can look back on this chart in the future to see the important areas we can POTENTIALLY react to later on. Below I will explain how you can copy this chart and add it to your own Trading View for personal use. Marked in light blue are the closest RESISTANCE levels for Bitcoin on the bottom chart.
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Using the Fibonacci Tool:
The Fibonacci tool is usually drawn from one key swing point to another - and gives us potential key levels to watch. It is quite common for the price to come up to the 0.618 Fibonacci and decrease in value, rejecting from there, with the latter being a bounce from the 0.382 Fibonacci level.
The Fibonacci tool is basically a mathematical equation that gives us important areas marked as lines on the chart, it is common for the price to reach these areas before reversing in the other direction, or piercing through them and confirming "Support" before continuing to the next Fibonacci level.
We drag the Fibonacci Retracement tool from different major swing high to swing low points, then double click on it to add our Extension levels.
-Price often has a thrust towards the 1.272 or other .272, .382, .618 extensions before a rejection occurs
The .618 Fibonacci ratio is referred to as the "Golden Ratio" there is a special relationship between the Golden Ratio and Fibonacci Numbers (0, 1, 1, 2, 3, 5, 8, 13, 21, ... etc, each number is the sum of the two numbers before it). So, just like we naturally get seven arms when we use 0.142857 (1/7), we tend to get Fibonacci Numbers when we use the Golden Ratio (.618, 1.618 etc) and traders are drawn towards these areas. We have marked the above extensions on the price chart so in the future we can see if we find potential trade opportunities off these important psychological areas, which become a form of Support & Resistance.
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IHow to copy this chart for yourself:/b]
At the bottom right of the idea, there is a small icon that looks like a horn.
Click on the horn and then click, "Make it Mine", this will save a copy of the chart to your screen so you can observe the same price levels i have marked in the future. You can then go to the Layers Tab (bottom right of screen) to delete certain parts of the drawing to make it more presentable.
I hope you enjoyed the idea and found it insightful, if you did you can show your appreciation by Liking & Commenting, thank you!
___________________________________________________________________________________________________________________________
What is a Bitcoin and why is it useful?
Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks, and not subject to full government control due to its design. Bitcoin can allow you to store or send money at a relatively cheap & fast speed anywhere across the world. And is being accepted at more and more merchants as a form of payment week by week.
Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer or on other devices. The wallet is similar to a virtual bank account, except the user has full responsibility of the security of their own account.
The current global financial climate is showing more and more governments printing money, leading to inflation and weakening of the US Dollar, which is the worlds major currency. If the financial markets crash, and assets are sold to US dollar, which is also weak (inflation and money printing means every 5-10 years the amount you can purchase with your dollars is actually smaller) so that leaves few options left for investors and speculators as well as businessmen and organizations who want to hedge risk; which are Gold, Silver & Bitcoin.
markets.businessinsi...lar-declines-9957717
___________________________________________________________________________________________________________________________
What is a Bitcoin Halving?
www.thehalvening.com
For every block a miner adds to the blockchain, they are rewarded with a certain amount of Bitcoin. (Think of the blockchain almost like the full transaction sheet of your local bank, in a digital database. Except the transactions (which are on the "blockchain") are publicily viewable and fully transparent, that is basically what Bitcoin does.)
There is a maximum of 21,000,000 Bitcoin that can be created. Satoshi Nakamoto wrote into Bitcoin’s code that the supply of new BTC awarded to miners is halved every 210,000 blocks, or roughly every 4 years. For this reason, Bitcoin halvings are important milestones in Bitcoin’s timeline and greatly affect the price over time. After the Bitcoin Halving in 2020 Bitcoin started to repeat its trend of increasing in value.
Decreasing Bitcoin supply increases scarcity, which historically leads to a increase in value. For more information on the Bitcoin Halving you can visit the above website it also has a useful countdown which gives us a estimation of the next halving in May 2024.
___________________________________________________________________________________________________________________________
Identifying Potential Support & Resistance Areas
For those who are new to Technical Analysis ; "Support" is a area on the chart price and demand (buying pressure) increases from, with "Resistance" being the opposite, with price decreasing and sell orders (Supply of asset) increasing from the latter.
When price reacts to the same area multiple times, it can form potentia Support and Resistance areas, these are marked in different ways by different traders/investors, on this chart I have used Horizontal, Diagonal forms of Support & Resistance which are marked in the chart graphics.
It takes two touches to form a resistance as a rule of thumb, with the 3rd reaction being the confirmation touch. On the higher timeframe charts such as the Monthly, Weekly & Daily these areas can become quite important. Every time the price touches a Resistance or Support area it usually becomes weaker and after many touches we can see the area fail to hold, or a breakout above it.
So you can look back on this chart in the future to see the important areas we can POTENTIALLY react to later on. Below I will explain how you can copy this chart and add it to your own Trading View for personal use. Marked in light blue are the closest RESISTANCE levels for Bitcoin on the bottom chart.
___________________________________________________________________________________________________________________________
Using the Fibonacci Tool:
The Fibonacci tool is usually drawn from one key swing point to another - and gives us potential key levels to watch. It is quite common for the price to come up to the 0.618 Fibonacci and decrease in value, rejecting from there, with the latter being a bounce from the 0.382 Fibonacci level.
The Fibonacci tool is basically a mathematical equation that gives us important areas marked as lines on the chart, it is common for the price to reach these areas before reversing in the other direction, or piercing through them and confirming "Support" before continuing to the next Fibonacci level.
We drag the Fibonacci Retracement tool from different major swing high to swing low points, then double click on it to add our Extension levels.
-Price often has a thrust towards the 1.272 or other .272, .382, .618 extensions before a rejection occurs
The .618 Fibonacci ratio is referred to as the "Golden Ratio" there is a special relationship between the Golden Ratio and Fibonacci Numbers (0, 1, 1, 2, 3, 5, 8, 13, 21, ... etc, each number is the sum of the two numbers before it). So, just like we naturally get seven arms when we use 0.142857 (1/7), we tend to get Fibonacci Numbers when we use the Golden Ratio (.618, 1.618 etc) and traders are drawn towards these areas. We have marked the above extensions on the price chart so in the future we can see if we find potential trade opportunities off these important psychological areas, which become a form of Support & Resistance.
___________________________________________________________________________________________________________________________
IHow to copy this chart for yourself:/b]
At the bottom right of the idea, there is a small icon that looks like a horn.
Click on the horn and then click, "Make it Mine", this will save a copy of the chart to your screen so you can observe the same price levels i have marked in the future. You can then go to the Layers Tab (bottom right of screen) to delete certain parts of the drawing to make it more presentable.
I hope you enjoyed the idea and found it insightful, if you did you can show your appreciation by Liking & Commenting, thank you!
