Using the RENKO blocks, one can observe key support and resistances.
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PS. I recall finding out a new cool indicator which has a lot of merit unfortunately you cannot share it here as a screen grab.
The tool is called BITCOIN: ASOL (Average Spent ouput lifespan) and basically it reports on wallet BTC movement and it sort of explains why we are having this significant price drop.
It goes hand in hand with reports of miners unloading their bundles. The tool also demonstrated synchronization of peaks with BTC peaks for this year and their selloffs.
You should look into it as its available on (studio.glassnode.com/) I'm not sure where else.
*********************************************************************************************************
At this point, patterns are not reliable especially when large swing movements are in place.
In my opinion, using key support and resistances lines will help determine macro level lines.
The above Daily chart support lines and resistances were determined by the below Daily Renko chart
As you can see, in this drop, it helped perfectly for the next support level and hence bounce.
Obviously one cannot use this alone to make an entry but some might.
I thought I just share this
*********************************************************************************************************
My strategy:
I will be treating the market with a bearish tone and I will be looking for pricing around 5500 to 6500 range to go long.
I will be holding onto my BTC and looking for opportunities with the ALTs to flip and increase my BTC count.
My remaining funds which is 75% USD\T will be focused on shorts and if we reach the next fib level or area of value, like the charts, I will buy a significant portion for going long.
Meanwhile I'll wait to see what happens to the daily and weekly candlesticks.
I learnt that finding the bottom will be difficult especially in this scenario so buying in some portion as it drops gives you some advantages, especially when you have a long strategy for accumulation\BTC.
I also believe to make good with the next parabolic advance and unload again. Sometimes you get lucky with the unloading at peaks... I think I had a few experiences to fine tune my strategy to get it right.
My most challenging is to get the bottom buys, I usually miss it but hopefully this time I will get it, based on reviews a few scenarios where there was signals of accumulation.
Cheers,
S.Sari / CryptoProspa.
*********************************************************************************************************
PS. I recall finding out a new cool indicator which has a lot of merit unfortunately you cannot share it here as a screen grab.
The tool is called BITCOIN: ASOL (Average Spent ouput lifespan) and basically it reports on wallet BTC movement and it sort of explains why we are having this significant price drop.
It goes hand in hand with reports of miners unloading their bundles. The tool also demonstrated synchronization of peaks with BTC peaks for this year and their selloffs.
You should look into it as its available on (studio.glassnode.com/) I'm not sure where else.
*********************************************************************************************************
At this point, patterns are not reliable especially when large swing movements are in place.
In my opinion, using key support and resistances lines will help determine macro level lines.
The above Daily chart support lines and resistances were determined by the below Daily Renko chart
As you can see, in this drop, it helped perfectly for the next support level and hence bounce.
Obviously one cannot use this alone to make an entry but some might.
I thought I just share this
*********************************************************************************************************
My strategy:
I will be treating the market with a bearish tone and I will be looking for pricing around 5500 to 6500 range to go long.
I will be holding onto my BTC and looking for opportunities with the ALTs to flip and increase my BTC count.
My remaining funds which is 75% USD\T will be focused on shorts and if we reach the next fib level or area of value, like the charts, I will buy a significant portion for going long.
Meanwhile I'll wait to see what happens to the daily and weekly candlesticks.
I learnt that finding the bottom will be difficult especially in this scenario so buying in some portion as it drops gives you some advantages, especially when you have a long strategy for accumulation\BTC.
I also believe to make good with the next parabolic advance and unload again. Sometimes you get lucky with the unloading at peaks... I think I had a few experiences to fine tune my strategy to get it right.
My most challenging is to get the bottom buys, I usually miss it but hopefully this time I will get it, based on reviews a few scenarios where there was signals of accumulation.
Cheers,
S.Sari / CryptoProspa.
Comment:
Many possibilities
Comment:
We should see a ranging movement for the next 5 to 7 days, with some indication as to what is next via pattern formation in price and momentum indicators. Historically, a bullish and bearish divergence would give the signal.
Current BTC dominance chart and its not giving any clues.
Current BTC dominance chart and its not giving any clues.
Comment:
Discord: TradeToProspa
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
