Support and resistance zones take precedence over patterns
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(BTCUSDT.P chart)
(1D chart)
The creation of a new uptrend line (1) created an uptrend channel corresponding to uptrend lines (1) to (1-a).
This is an uptrend channel with a steeper slope than the traditional uptrend channel, with potential for sharp volatility.
The date of intersection of the existing rising channel and the newly formed rising channel is around May 30, so it is necessary to check which channel moves after this.
Even if there is a change in the trend, it is more important to break through the important support and resistance zones, so it is necessary to check whether it can break through the 28454.9-28951.7 zone and the vicinity of 30181.8 upwards.
Point 27486.4 is the point of the HA-High indicator on the 1W chart, so if it is supported at this point, it is expected to renew the recent high.
Around 25882.9, the M-Signal indicator of the 1W, 1M chart is passing by.
This tells us that it is an important section from a mid- to long-term perspective.
This is because maintaining the price above the M-Signal indicator on the 1W and 1M charts means that the uptrend is likely to continue from a mid- to long-term perspective.
Therefore, aggressive buying can be done in the 25882.9-27486.4 section, but it is actually a difficult position to buy.
The reason is that it rose above 29K and then fell back below 29K, so we are not yet sure that it was a reversal of the trend.
However, if support is confirmed around 27486.4, the price will be maintained above the HA-Low indicator and MS-Signal indicator on the 1D chart, so you can proceed with buying from a short-term perspective.
If you bought in the 25882.9-27486.4 section or around 27486.4, it falls under the split selling section in the 28454.9-28951.7 section and around 30181.8.
The 28454.9-28951.7 section is a volume profile section formed on the 1M chart and forms an important support and resistance section.
Since the 30181.8 point is the point of the HA-High indicator on the 1D chart, it is an indicator paired with the HA-Low indicator, so it corresponds to the first selling point.
As above, the section to sell in parts is not much different from the section to buy, so if you actually bought it, it corresponds to the section with high psychological burden.
Therefore, in addition to the above, it corresponds to the reason why it is not easy to buy.
Therefore, it is recommended to buy when the price is maintained above the HA-High indicator on the 1D chart.
Since the 25882.9-28951.7 section forms an important support and resistance section, it means that it is the time to buy when it shows support above this section and rises above the HA-High indicator on the 1D chart.
For a mid-term and long-term perspective, please refer to the previous ideas or check out what will be published on June 1st.
If you've read about the Head and Shoulders pattern mentioned in the previous idea, I think you understand why you should prioritize support and resistance zones over patterns.
This is because no matter how complete the pattern is, the pattern can be broken at any time depending on the movement within the important support and resistance sections.
Therefore, I think what we need to find by looking at the chart is to find support and resistance points or sections, not trends or patterns.
Selecting target points or intervals by measuring fluctuations according to trends, patterns, and waves is worth a reference in creating a trading strategy, but it should not be the main one.
This is because if this becomes the main thing, it can increase the psychological burden that accompanies it.
The full-fledged volatility period on this chart is around June 13th.
However, due to the volatility around May 30 (May 29-31), it is expected to be a period to check whether the price is maintained above 27486.4 or below 27486.4.
The period of volatility created is
This is because it was created according to the change of the StochRSI indicator on the 1W chart (www.tradingview.com/x/81jxaUat/).
As the slope of the current StochRSI indicator is close to horizontal, the role of the newly created uptrend line is still insignificant.
If the slope is clearly different depending on the candlestick to be created this time, it is expected to play a role as an uptrend line, so it is necessary to check the appearance of the weekly candlestick and the StochRSI indicator to be created this time.
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(BTCKRW chart)
It is necessary to check whether there is movement outside the 35539000-37821000 range.
Accordingly, the question is whether it can rise along the uptrend line (1).
If it doesn't and falls below 35539000, I would expect a decline around 32042000.
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- big picture
A full-fledged uptrend is expected to start when it rises above 29K.
This is the 81K-95K range that we expect to touch in the next bull market.
-------------------------------------------------- -------------------------------------------
** All descriptions are for reference only and do not guarantee profit or loss in investment.
** Even if you know other people's know-how, it takes a considerable period of time to make it your own.
** This is a chart created with my know-how.
---------------------------------
Traders, welcome.
If you "Follow", you can always get new information quickly.
Please also click "Boost".
Have a good day.
-------------------------------------
(BTCUSDT.P chart)
(1D chart)
This is an uptrend channel with a steeper slope than the traditional uptrend channel, with potential for sharp volatility.
The date of intersection of the existing rising channel and the newly formed rising channel is around May 30, so it is necessary to check which channel moves after this.
Even if there is a change in the trend, it is more important to break through the important support and resistance zones, so it is necessary to check whether it can break through the 28454.9-28951.7 zone and the vicinity of 30181.8 upwards.
Point 27486.4 is the point of the HA-High indicator on the 1W chart, so if it is supported at this point, it is expected to renew the recent high.
Around 25882.9, the M-Signal indicator of the 1W, 1M chart is passing by.
This tells us that it is an important section from a mid- to long-term perspective.
This is because maintaining the price above the M-Signal indicator on the 1W and 1M charts means that the uptrend is likely to continue from a mid- to long-term perspective.
Therefore, aggressive buying can be done in the 25882.9-27486.4 section, but it is actually a difficult position to buy.
The reason is that it rose above 29K and then fell back below 29K, so we are not yet sure that it was a reversal of the trend.
However, if support is confirmed around 27486.4, the price will be maintained above the HA-Low indicator and MS-Signal indicator on the 1D chart, so you can proceed with buying from a short-term perspective.
If you bought in the 25882.9-27486.4 section or around 27486.4, it falls under the split selling section in the 28454.9-28951.7 section and around 30181.8.
The 28454.9-28951.7 section is a volume profile section formed on the 1M chart and forms an important support and resistance section.
Since the 30181.8 point is the point of the HA-High indicator on the 1D chart, it is an indicator paired with the HA-Low indicator, so it corresponds to the first selling point.
As above, the section to sell in parts is not much different from the section to buy, so if you actually bought it, it corresponds to the section with high psychological burden.
Therefore, in addition to the above, it corresponds to the reason why it is not easy to buy.
Therefore, it is recommended to buy when the price is maintained above the HA-High indicator on the 1D chart.
Since the 25882.9-28951.7 section forms an important support and resistance section, it means that it is the time to buy when it shows support above this section and rises above the HA-High indicator on the 1D chart.
For a mid-term and long-term perspective, please refer to the previous ideas or check out what will be published on June 1st.
If you've read about the Head and Shoulders pattern mentioned in the previous idea, I think you understand why you should prioritize support and resistance zones over patterns.
This is because no matter how complete the pattern is, the pattern can be broken at any time depending on the movement within the important support and resistance sections.
Therefore, I think what we need to find by looking at the chart is to find support and resistance points or sections, not trends or patterns.
Selecting target points or intervals by measuring fluctuations according to trends, patterns, and waves is worth a reference in creating a trading strategy, but it should not be the main one.
This is because if this becomes the main thing, it can increase the psychological burden that accompanies it.
The full-fledged volatility period on this chart is around June 13th.
However, due to the volatility around May 30 (May 29-31), it is expected to be a period to check whether the price is maintained above 27486.4 or below 27486.4.
The period of volatility created is
This is because it was created according to the change of the StochRSI indicator on the 1W chart (www.tradingview.com/x/81jxaUat/).
As the slope of the current StochRSI indicator is close to horizontal, the role of the newly created uptrend line is still insignificant.
If the slope is clearly different depending on the candlestick to be created this time, it is expected to play a role as an uptrend line, so it is necessary to check the appearance of the weekly candlestick and the StochRSI indicator to be created this time.
------------------------------------------
(BTCKRW chart)
Accordingly, the question is whether it can rise along the uptrend line (1).
If it doesn't and falls below 35539000, I would expect a decline around 32042000.
------------------------------
- big picture
This is the 81K-95K range that we expect to touch in the next bull market.
-------------------------------------------------- -------------------------------------------
** All descriptions are for reference only and do not guarantee profit or loss in investment.
** Even if you know other people's know-how, it takes a considerable period of time to make it your own.
** This is a chart created with my know-how.
---------------------------------
Comment:
RSI: 14
StochRSI: 14, 7, 3, 3 (RSI, Stoch, K, D)
Stochastic: ta.sma(ta.stoch(Close, high, low, 20), 12)
- The default value of 14 was used for the setting value of the RSI indicator.
- 14, 7, 3, 3 were used for the settings of the StochRSI indicator.
However, at this time, the middle value of the generated K and D lines is displayed as one line.
- I tried to display the set value of the stochastic indicator, but it was not set, so it was displayed as the formula itself.
Close, High, Low, set to 20, which is displayed as a 12-period moving average (sma).
Therefore, changes will appear in the order of StochRSI < RSI < Stochastic indicators.
You don't have to know the details, but if you need it, you can use it by adding the formula as above.
StochRSI: 14, 7, 3, 3 (RSI, Stoch, K, D)
Stochastic: ta.sma(ta.stoch(Close, high, low, 20), 12)
- The default value of 14 was used for the setting value of the RSI indicator.
- 14, 7, 3, 3 were used for the settings of the StochRSI indicator.
However, at this time, the middle value of the generated K and D lines is displayed as one line.
- I tried to display the set value of the stochastic indicator, but it was not set, so it was displayed as the formula itself.
Close, High, Low, set to 20, which is displayed as a 12-period moving average (sma).
Therefore, changes will appear in the order of StochRSI < RSI < Stochastic indicators.
You don't have to know the details, but if you need it, you can use it by adding the formula as above.
Comment:
StochRSI < Stochastic < RSI
[Example of exchange chart setup]
(Binance)
www.tradingview.com/x/S94aDxa8
(Upbit)
www.tradingview.com/x/DF6cGh3G/
(Binance)
www.tradingview.com/x/S94aDxa8
(Upbit)
www.tradingview.com/x/DF6cGh3G/
Therefore, if the price rises further and the RSI indicator enters the overbought zone and then moves out of the overbought zone, it is highly likely that the HA-High indicator will move and be created.
Therefore, it is necessary to check what the value of the RSI indicator is when a new candlestick is created.
For now, shaking up and down in the 28951.7-30181.8 section is expected to move the HA-High indicator.
If the HA-High indicator moves and is created, the basis for trading will be prepared by checking whether it is supported or resisted at the point where it was created.
This is to see trends as the price moves.
This is because the 1D chart is a chart viewed from a short-term perspective, so you need to check the trend change according to the price movement.
The 1W and 1M charts are charts from a mid- to long-term perspective. To be viewed at the time of trading, the default setting of the 'Strength' sub-indicator is set to Heikin Ashi's closing price (Close).
Therefore, the trend line drawn on the 1D chart and the trend line drawn on the 1W and 1M charts may appear slightly different.
I would like you to refer to this point and look at the chart.