readCrypto

Bitcoin (BTC) - August 16

readCrypto Mod Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
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(BTCUSDT 1W Chart)
The key is whether it can rise to the diagonal Fibonacci section.

- When the Stoch RSI indicator and the short-term CCI indicator are out of the overbought zone, it is necessary to check where support and resistance are found.


The interval 27033.35-29812.52 is the interval that determines the trend.

Therefore, if it rises to this section and falls without support, it is likely to show a downtrend.



(1D chart)
It is rising with higher highs and lower lows.

However, you need to be careful as the fluctuations are decreasing during the uptrend, which may cause large volatility that is different from before.


So, if it goes up with volatility, I would expect it to rise above 25700.

A prerequisite for this rise is to hold the price at or above the 23312.42-23810.98 range.


1st resistance: around 25K
2nd resistance: 27K-29K

1st support: 23312.42-23810.98
2nd support: 22579.68-22753.10


If it falls below the 22579.68-22753.10 section, it may turn into a downtrend, so you should think about countermeasures.

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** All descriptions are for reference only and do not guarantee a profit or loss in investment.

** The MRHAB-T indicator, which is inactive on the chart, contains indicators that indicate support and resistance points.

** Background color of Long/Short-S indicator: RSI oversold and overbought sections
** Background color of CCI-C indicator: When the short-term CCI line is below -100 and above +100, oversold and overbought sections are displayed.

** The OBV indicator was re-created by applying a formula to the DepthHouse Trading indicator, an indicator disclosed by oh92. (Thanks for this.)

(Short-term Stop Loss can be said to be a point where profit and loss can be preserved or additional entry can be made through split trading. It is a short-term investment perspective.)

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Comment:
(BTCUSDTPERP 1h Chart)
The key is whether the 23804.3-23937.5 section can support and rise.

If not, expect to touch around 23257.6.


However, if it is supported and rises in the 23257.6-23804.3 section, it is expected that it will lead to an upward break through 25459.8 as a pull back pattern.


If it falls below 23257.6 and finds resistance, there is a possibility that it will fall near the 21481-121826.1 section.


Therefore, the main position up to the section 23257.6-23804.3 is 'LONG'.
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