Perspective according to the wave theory
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(BTCUSDT chart)
(1M chart)
Above 28923.63, the price is unable to hold and shows a decline.
However, since it is located near the MS-Signal indicator, the key is whether it can maintain the price in the current section and rise above 28923.63.
Nothing can really be known from these movements.
Depending on the Elliott Wave, it can be said to be part of an uptrend or downtrend, but the direction is still unknown.
This is because the Elliott Wave Theory is something that can only be known after passing through.
What matters now is whether it can rise above 28923.63.
If not, we can see that it could drop to around 23141.57.
The section where it can turn into an upward trend and start upward will be known by checking whether it is supported or resisted near the 28923.63 point or the MS-Signal indicator.
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(1W chart)
The price is moving down from the 2nd uptrend channel and trying to enter the 1st uptrend channel.
Therefore, whether it finds support or resistance around 26574.53 becomes important.
However, since the HA-High indicator was created around 27590.60, it is necessary to check whether it can be supported and rise around 26574.53-27590.60.
If not, it could fall to the vicinity of the HA-Low indicator.
The HA-Low and HA-High indicators are paired indicators.
Therefore, it can be seen that a major trend starts only when it breaks away from the HA-Low indicator to HA-High indicator interval.
In any case, since it is currently falling below the HA-High indicator, if it does not rise above the HA-High indicator next week, it is expected to lead to further decline.
Since the HA-Low and HA-High indicators are created flexibly according to price movements, there is no guarantee that a drop below 26574.53 will lead to a drop to around 17880.71, the current HA-Low indicator point.
This is because the HA-Low indicator is likely to rise and be created as the price declines.
However, I would like you to think that the point of the HA-Low indicator at the beginning of the downtrend is the maximum decline section and that it is good to create a trading strategy.
The StochRSI indicator is trending down.
Therefore, it is expected that it will enter the oversold zone in the near future.
When entering the oversold zone, you need to determine whether the trend is likely to reverse by checking whether it is supported or resisted at the support and resistance points indicated on the price chart.
Unlike the 1M chart, the 1W chart touches the second MS-Signal indicator.
So, if you think in terms of wave theory, you know that the 4th wave is on the way.
When it falls below the MS-Signal indicator and shows resistance, it lets us know that it is the time to turn into a downward wave.
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(1D chart)
If there are too many lines drawn on the chart, it is difficult to see, please look at the 1W chart or 1M chart to see the support and resistance points in the big picture, then look at the 1D chart.
The lines drawn on the chart are important lines that can be used for split trading when trading.
As it falls below the uptrend line (1), the possibility of a new trend is increasing.
However, since it is located near the M-Signal indicator on the 1W and 1M charts, I think it is highly likely to receive support and rise.
Therefore, a full-blown short-term downtrend is expected with a dip below 26013.28.
However, if it fails to rise above 28923.63, it will be difficult to maintain the uptrend.
Now, the Bollinger bands are starting to converge.
So, whether it falls below 26013.28 or not is becoming more and more important.
It is recommended to look at the location of the HA-Low indicator and the HA-High indicator to determine when to proceed with the purchase and create a trading strategy.
If it shows support around 27496.02-27985.15, you can buy it.
If so, the first selling zone is around 30184.24.
If you do not observe this, you are likely to continue trading with psychological anxiety even if the price rises or falls.
The StochRSI indicator is turning into a bullish sign.
However, since it is still in the oversold zone, it can be seen that the downward force is stronger than the upward force.
However, if the price manages to keep it around 26574.53, I expect the bullish force to grow stronger.
At this point, the next volatility period is around June 12th.
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- big picture
A full-fledged uptrend is expected to begin when it rises above 29K.
81K-95K is the range 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 chart)
(1M chart)
However, since it is located near the MS-Signal indicator, the key is whether it can maintain the price in the current section and rise above 28923.63.
Nothing can really be known from these movements.
Depending on the Elliott Wave, it can be said to be part of an uptrend or downtrend, but the direction is still unknown.
This is because the Elliott Wave Theory is something that can only be known after passing through.
What matters now is whether it can rise above 28923.63.
If not, we can see that it could drop to around 23141.57.
The section where it can turn into an upward trend and start upward will be known by checking whether it is supported or resisted near the 28923.63 point or the MS-Signal indicator.
-------------------------------------------------- -------------
(1W chart)
Therefore, whether it finds support or resistance around 26574.53 becomes important.
However, since the HA-High indicator was created around 27590.60, it is necessary to check whether it can be supported and rise around 26574.53-27590.60.
If not, it could fall to the vicinity of the HA-Low indicator.
The HA-Low and HA-High indicators are paired indicators.
Therefore, it can be seen that a major trend starts only when it breaks away from the HA-Low indicator to HA-High indicator interval.
In any case, since it is currently falling below the HA-High indicator, if it does not rise above the HA-High indicator next week, it is expected to lead to further decline.
Since the HA-Low and HA-High indicators are created flexibly according to price movements, there is no guarantee that a drop below 26574.53 will lead to a drop to around 17880.71, the current HA-Low indicator point.
This is because the HA-Low indicator is likely to rise and be created as the price declines.
However, I would like you to think that the point of the HA-Low indicator at the beginning of the downtrend is the maximum decline section and that it is good to create a trading strategy.
The StochRSI indicator is trending down.
Therefore, it is expected that it will enter the oversold zone in the near future.
When entering the oversold zone, you need to determine whether the trend is likely to reverse by checking whether it is supported or resisted at the support and resistance points indicated on the price chart.
Unlike the 1M chart, the 1W chart touches the second MS-Signal indicator.
So, if you think in terms of wave theory, you know that the 4th wave is on the way.
When it falls below the MS-Signal indicator and shows resistance, it lets us know that it is the time to turn into a downward wave.
--------------------------------------------------
(1D chart)
The lines drawn on the chart are important lines that can be used for split trading when trading.
As it falls below the uptrend line (1), the possibility of a new trend is increasing.
However, since it is located near the M-Signal indicator on the 1W and 1M charts, I think it is highly likely to receive support and rise.
Therefore, a full-blown short-term downtrend is expected with a dip below 26013.28.
However, if it fails to rise above 28923.63, it will be difficult to maintain the uptrend.
Now, the Bollinger bands are starting to converge.
So, whether it falls below 26013.28 or not is becoming more and more important.
It is recommended to look at the location of the HA-Low indicator and the HA-High indicator to determine when to proceed with the purchase and create a trading strategy.
If it shows support around 27496.02-27985.15, you can buy it.
If so, the first selling zone is around 30184.24.
If you do not observe this, you are likely to continue trading with psychological anxiety even if the price rises or falls.
The StochRSI indicator is turning into a bullish sign.
However, since it is still in the oversold zone, it can be seen that the downward force is stronger than the upward force.
However, if the price manages to keep it around 26574.53, I expect the bullish force to grow stronger.
At this point, the next volatility period is around June 12th.
------------------------------
- big picture
81K-95K is the range 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:
(BTCUSDT chart)
If it falls below the 1M chart's MS-Signal indicator, that is, the 1M chart's M-Signal indicator, it is expected that a downward wave will proceed from a long-term perspective.
This bearish wave is likely to continue around 20050.02-23141.57, so you need to think about how to respond to it.
Therefore, after the 2nd wave, it is expected that the 3rd wave will lead to a big rise, so you need to find out where to buy.
From the 1W chart, that is, from a mid- to long-term perspective, you can know that the 4th wave is in progress by touching the MS-Signal indicator.
The key question is whether this 4th wave, that is, if the downtrend proceeds to a downward movement below the 1st rising channel, the MS-Signal indicator.
The reason I say this is that the StochRSI indicator has entered the oversold zone, so the downside strength is dominant, but the possibility of being supported is also increasing.
Therefore, you should check the slope or direction of the StochRSI indicator according to the position of the next week's candlestick.
If there is a change in its direction or slope and it shows support near the MS-Signal indicator or around 26574.53, the possibility of an upturn will increase.
Looking at the 1D chart, we can see that it is located near the bottom of the Bollinger bands.
Near this bottom, the M-Signal indicator of the 1M, 1W chart is located, and there is an important support and resistance section at 26574.53.
Therefore, the key is whether it can rise with support around 26574.53.
However, there is a possibility that points 27496.02, 28465.36-28923.63, and 30184.24 act as resistance areas, so it is necessary to check how to break through these resistance areas.
If the MS-Signal indicator turns into an uptrend sign, holding the price above 27496.02, it is expected that it will lead to an upward breakout of the resistance area mentioned above.
If it does not and falls below 26013.28, I would expect a decline around 23141.57.
This bearish wave is likely to continue around 20050.02-23141.57, so you need to think about how to respond to it.
Therefore, after the 2nd wave, it is expected that the 3rd wave will lead to a big rise, so you need to find out where to buy.
From the 1W chart, that is, from a mid- to long-term perspective, you can know that the 4th wave is in progress by touching the MS-Signal indicator.
The key question is whether this 4th wave, that is, if the downtrend proceeds to a downward movement below the 1st rising channel, the MS-Signal indicator.
The reason I say this is that the StochRSI indicator has entered the oversold zone, so the downside strength is dominant, but the possibility of being supported is also increasing.
Therefore, you should check the slope or direction of the StochRSI indicator according to the position of the next week's candlestick.
If there is a change in its direction or slope and it shows support near the MS-Signal indicator or around 26574.53, the possibility of an upturn will increase.
Looking at the 1D chart, we can see that it is located near the bottom of the Bollinger bands.
Near this bottom, the M-Signal indicator of the 1M, 1W chart is located, and there is an important support and resistance section at 26574.53.
Therefore, the key is whether it can rise with support around 26574.53.
However, there is a possibility that points 27496.02, 28465.36-28923.63, and 30184.24 act as resistance areas, so it is necessary to check how to break through these resistance areas.
If the MS-Signal indicator turns into an uptrend sign, holding the price above 27496.02, it is expected that it will lead to an upward breakout of the resistance area mentioned above.
If it does not and falls below 26013.28, I would expect a decline around 23141.57.
[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, it became important to be able to get support around 27079.41.
If the HA-Low indicator forms around 27079.41 and becomes resistance, it is expected to renew the recent lows.
However, if supported, it is expected to show an upward movement to the vicinity of the HA-Low indicator.
- 27496.02 : HA-High indicator point of 1W chart
- 28465.36-28923.63: Volume pfofile section of 1M chart
- 30184.24 : HA-High indicator point of 1D chart
The above 3 sections are expected to act as resistance sections that must be crossed.