kirkhilles

Bitcoin - Support and Resistance

BITFINEX:BTCUSD   Bitcoin
I've been an off-and-on systematic trader for quite awhile now. Being a software developer, I first started by downloading data and creating a Stock trading platform before moving to the Forex market and now to Crypto. I've always LOVED Support and Resistance lines as they always seem to provide an rear-20/20 view of "duh" as the line seems to magically either bounce off of the lines or blow through them. I'm no millionaire yet, so I can't say that I have the answers, but I will try and publish what I can.

The first "idea" is pretty simple. Weekly strategy, you go long when the R1 or R2 is exceeded (NOT the Pivot Point) or Short when the S1 or S1 is exceeded (again, NO Pivot Point). You close if the opposite is hit (ie: S1 is hit after going long on R1, etc). You don't do it right on the line, but instead about 25% of the way to the next indicator to ensure that the line has completely "crossed" the area and isn't bouncing.
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