MrRenev

Bitcoin. Support levels you have to know about. Yes all of them.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hi.
Sorry if the chart is so flashy and full of spam, but every single line is important.
Zoom out they say, but you also have to zoom in or you can't see anything anymore.
You can't trade really well if you don't know about all these levels.

Let's look at it a bit further.
First, the levels above 9000, which are in the past.


Danger. 22 December high panic, even pink level didn't hold.
We bounced shortly below thought. When we were near a support with oversold RSI , it was enough to get it to bounce:

We could see some bullish divergence btw             these times.

Consolidation phase before the crash to 6k, which is where we are now basically.


Let's zoom in this area, the crash to 6000$, including the "no pink area" freefall in an area with no really strong supports:



Looking at where we are now:


We can see on my chart the - grossly - 5600 to 6200 area is fuuuull of pink. Very resistive. I'll expect Bitcoin             to bounce here in the next days, before continuing further down in the highly pink, highly supportive 4050-4600 area. We could also bounce higher, so it will be important to scale, and our friend the RSI will help us with sizing and being confident on being close to bouncing. Below 4050 there's literally nothing till 3600 :) But that's a story, for another time :)

Also, I could do the same with 2014. Or any other period tbh.

+++ I have no idea what I'm doing +++
Comment: You can see how often we bounce perfectly on some of these lines, which of course originate BEFORE we bounce I didn't not just draw them to fit perfectly XD

Note, this is important, once a line is tested or worse violated, do not expect it to simply hold and produce a 15% bounce the next time it gets touched!
Expect it to get tested as resistance and rejected once it is lost (second time it is visited) thought.
Comment: Looking only at pink lines, to avoid eyes from bleeding:
Comment: Could look at charts for hours and hours, so much info...
Comment: And don't forget about trendlines. Even the old ones...
Linear or log, log is more important on large timeframes.



And then the daily and weekly MA20 MA50.

The EMA's aren't that important.

I guess that all:
* Trendline supports/resistance
* Moving averages's Daily weekly 20 - 50 (+ sometimes some bonus like the 130)
* Horizontal price supports that come from various sources
* Upper and lower limits of consolidation/inside candle

+ Look at RSI for help

Aaaand then... there's the monthly movign averages:



Zoom in the red box when we crashed:


Right now the 20MA monthly is at 4500, among alll these hard supports.
I really don't see the price going far down there.
Going to be huge buys.
Maybe, a small chance it goes 4000-4200, then at that point, the bounce will just be harder.

It's really easy for someone that doesn't FOMO and simply buys when we drop on strong supports and sells when we spike alot and hit a big resistance like an MA or one of the pink lines. RSI <333
Comment: Dumping this post have to put it somewhere XD

This man is so good he is a 1 man quant fund. Wow! Much impressed! Very wow! I don't need computers, I do not need a team of mathematicians. Got a problem with that? :D
Barring any super positive News... I’m getting ready for another ‘Saturday Sell-off’ :-)
+1 Reply
MrRenev mhfcrypto
@mhfcrypto, Ye, let's see where price closes in 1 1/2 hours. We're Sitting on weekly 50 MA :) Exactly!
Today close on it, tomorrow go under and close below maybe, and only sunday go crash down? Or it could crash tomorrow and then bounce and close below. Won't mind.
To the moon! \(°0°)/
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