BTCUSD today analysis, 191005. "Week rebound expected"
Hello, my friends. It's Cryptoranger K.
I still expect BTC to fall. What I care about most right now is the rebound in BTC. I'm sure the current position is where the rebound will take place, but I personally feel that the rebound is unlikely to be strong. The reasons for this are as follows:
a) The 2,3week sub-indexes are just beginning to fall.
b) The 50-day line has just turned down on the two-day chart.
c) On the 2 day chart, the support force on the volume profile is not strong.
Let's take a day chart. Although not mentioned here, I do not expect the candle to rise above the intersection of the 10 & 200 day line marked '1)'. Because I think the whole trend is in a downturn. And I wanted to see if the intersection of the 5 & 10 day line marked '2) would be resistance or support.
I was 70% sure that the price would fall below the intersection marked '2)'. The reason is that, firstly, I decided that the price would have been weak because the price had already been hit once. And secondly, because the flow of the 10-day line has not changed. I think the BTC price should come up after one more drop here, and I expect the direction of the 10day line to change in the future.
BTC's Stochastic already created the Golden Cross on October 1st. Tomorrow, the MACD will either create the Golden Cross or just before it. For this reason, I think a rebound will soon appear.
I still expect BTC to fall. What I care about most right now is the rebound in BTC. I'm sure the current position is where the rebound will take place, but I personally feel that the rebound is unlikely to be strong. The reasons for this are as follows:
a) The 2,3week sub-indexes are just beginning to fall.
b) The 50-day line has just turned down on the two-day chart.
c) On the 2 day chart, the support force on the volume profile is not strong.
Let's take a day chart. Although not mentioned here, I do not expect the candle to rise above the intersection of the 10 & 200 day line marked '1)'. Because I think the whole trend is in a downturn. And I wanted to see if the intersection of the 5 & 10 day line marked '2) would be resistance or support.
I was 70% sure that the price would fall below the intersection marked '2)'. The reason is that, firstly, I decided that the price would have been weak because the price had already been hit once. And secondly, because the flow of the 10-day line has not changed. I think the BTC price should come up after one more drop here, and I expect the direction of the 10day line to change in the future.
BTC's Stochastic already created the Golden Cross on October 1st. Tomorrow, the MACD will either create the Golden Cross or just before it. For this reason, I think a rebound will soon appear.
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<1 week chart>
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If you look at the BTC 1 week chart MACD, it's still falling. Given this, I expect this rebound not to be strong. In view of this I looked for the next place of resistance.
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<1 day chart>
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If you look at the chart, you will see the spot marked '3)'. The point is the intersection of the 20 & 200 day line, near $ 8600. I expect this intersection to serve as a resistance in the future.
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<1 week chart>
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Also, when looking at the weekly chart, there is a long volume profile around $ 8700 above the current price. Here I mark it with a red square. For this reason I expect a rebound, but the force will not be high and will not exceed the price between $ 8600 and $ 8800.
Today's analysis is up to here.
And this is simply my expectation. If the price of BTC rises above the resistance I've talked about, I'm going to take a different strategy again.
Rapid price movements should not be feared, but should be viewed as a material for analysis. I do not trade very short. I used to think that I could make a lot of money from ultra-short trading at first. But after realizing that the market doesn't allow individual traders to do so easily, I've only found a swing spot to make a profit. Large flows do not move rapidly, and the larger you look at the picture, the higher the chance of winning. And before I trade, I think about how hard I've been building up my current assets. I think you guys are still hard earning money. I sincerely hope that you will continue to make money while keeping your precious assets.
Well, hope you have a peaceful weekend.
Thank you.
Today's analysis is up to here.
And this is simply my expectation. If the price of BTC rises above the resistance I've talked about, I'm going to take a different strategy again.
Rapid price movements should not be feared, but should be viewed as a material for analysis. I do not trade very short. I used to think that I could make a lot of money from ultra-short trading at first. But after realizing that the market doesn't allow individual traders to do so easily, I've only found a swing spot to make a profit. Large flows do not move rapidly, and the larger you look at the picture, the higher the chance of winning. And before I trade, I think about how hard I've been building up my current assets. I think you guys are still hard earning money. I sincerely hope that you will continue to make money while keeping your precious assets.
Well, hope you have a peaceful weekend.
Thank you.
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<1 day chart>
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Good morning. It's Cryptoranger K.
I think I should have an update on my idea. Today was the day when 2day candle changed. I expected yesterday that the 2day stochastic would make or almost have Golden Cross, assuming no variables.
The reason I was concerned about the rebound was to predict the bottom of the downturn through the size of the rebound. The larger the rebound, the closer the bottom is. But today's 2day stochastic turns down again. It seems as if the market is willing to fall without a rebound.
As I watched today, I thought the rebound could be around $ 7400, not here. This is a very positive wish and at worst, I thought the price could drop to $ 6500 at a time. Anyway this time the candle touched the 10day line. Under normal circumstances, the next one should reach the 20day line. Nevertheless, I think there is no possibility of rising in the future given the big flow.
As I mentioned in the previous post, I still see the current decline as far as $ 6500. And there is a good rebound there. So it's better to watch the flow for as long as possible.
After that, if the secondary indicators are still falling, the price is likely to fall to around $ 4000. Because the market has always broken our expectations and gave us the worst.
I once again felt that trading should not be done with predictions. Then I will continue to watch the chart tomorrow.
Tomorrow is Monday. I hope you'll go to bed early today and have a good Monday morning.
Thank you.
I think I should have an update on my idea. Today was the day when 2day candle changed. I expected yesterday that the 2day stochastic would make or almost have Golden Cross, assuming no variables.
The reason I was concerned about the rebound was to predict the bottom of the downturn through the size of the rebound. The larger the rebound, the closer the bottom is. But today's 2day stochastic turns down again. It seems as if the market is willing to fall without a rebound.
As I watched today, I thought the rebound could be around $ 7400, not here. This is a very positive wish and at worst, I thought the price could drop to $ 6500 at a time. Anyway this time the candle touched the 10day line. Under normal circumstances, the next one should reach the 20day line. Nevertheless, I think there is no possibility of rising in the future given the big flow.
As I mentioned in the previous post, I still see the current decline as far as $ 6500. And there is a good rebound there. So it's better to watch the flow for as long as possible.
After that, if the secondary indicators are still falling, the price is likely to fall to around $ 4000. Because the market has always broken our expectations and gave us the worst.
I once again felt that trading should not be done with predictions. Then I will continue to watch the chart tomorrow.
Tomorrow is Monday. I hope you'll go to bed early today and have a good Monday morning.
Thank you.
"If there would be a rebound, where would the end of the rebound be?"