Checking support and resistance around 31000 (pull back pattern)
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(BTCUSDT chart)
A break above 40674000 creates a close, and the first day is passing.
It is recommended to watch the flow for at least 1-3 days for this support and resistance check, and when it falls below 40077000, the support and resistance check at 40674000 will end.
Therefore, until the price drops below the 40077000 point, it is necessary to check whether there is support or resistance around 40674000.
A drop below 30462.66 ends the support and resistance check at 31000.0.
A reversal to the short-term downtrend is expected to begin with a decline below 29762.38.
Looking at the 1D chart,
The StochRSI indicator came out of the oversold zone, but failed to rise above 50 and is trying to decline again.
It is more important to check whether there is support or resistance at any point rather than thinking that this movement will now turn into a downtrend.
The reason is that a movement that is pushed back to some extent after breaking through an important point or section can rather be a buying opportunity.
So, if there is no resistance by falling below 30462.66, there is a good chance of further uptrend.
Therefore, if the StochRSI indicator exits the oversold zone and declines again in the steadiness zone (30-70), but does not re-enter the oversold zone, it will eventually show a larger uptrend.
It is helpful to understand these movements by looking at previous data.
Conversely, even if it emerges out of the overbought zone and rises again in the steadiness zone (30-70), if it fails to re-enter the overbought zone, it will eventually lead to a larger decline.
This phenomenon is often referred to as a pull back pattern.
During the volatility period around July 8-11, if it finds support near 31000.0 and rises, it will eventually move above 32259.90.
I mentioned above that a drop below 29762.38 would turn into a short-term downtrend.
However, since the section 28465.36-28923.63 is a volume profile section formed on the 1M chart, it is the first support section.
The 2nd support section is at 27496.02, which is the HA-High indicator point on the 1W chart.
If the decline continues, there is a possibility that the HA-Low indicator on the 1D chart will rise and be created, so it is important to check whether it is supported or resisted at that point.
This is to tell you what kind of basis you have for chart analysis.
To put it simply, I am also comfortable, but it is because I can never know why I think this way or what to consider when doing my own chart analysis while watching other people's chart analysis.
If you listen carefully to my explanation, you can see that holding support and resistance is the most important thing in the end.
Even if you draw a lot of indicators on the chart, you will eventually be able to create a trading strategy based on support and resistance in important support and resistance points or sections.
Considering your trading strategy, that is, the investment period, you should first check whether the chart you are currently viewing matches.
In this case, day trading is not applicable.
In day trading trading, the overall trend is meaningless because trading is conducted with the correlation between the increase in trading volume and the 5EMA on the 1D chart at the start of an uptrend.
Therefore, the investment period is not a consideration in day trading transactions.
However, in order to trade more than short-term trading, you must make sure that it fits within the investment period you think.
Having to consider the investment period means, in a way, that you have to first check how far the rise will be.
Looking at the current BTC chart, 32259.90 marks the start of the critical phase.
Therefore, if you buy near 31000.0, which is currently supported in a short-term trade, you can get a profit of about 4% until the 32259.90 point.
With these rates of return in mind, you can proceed with short-term trading if you believe that short-term trading is accessible.
However, if you feel that the 4% return rate is low or if you cannot respond quickly, it is not recommended to proceed with the transaction.
Through chart analysis, it is necessary to determine which point or section becomes an important point or section, and there must be a basis for forming that point or section.
This will allow you to make fewer corrections to price fluctuations when creating your trading strategy.
In order to trust the support and resistance points or sections you have drawn, you must have an objective basis.
I think that whether or not the objective basis can be created is the final stage of chart analysis.
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(BTCKRW chart)
The volatility period runs through June 30th.
During this period of volatility, we need to see if there is a move out of the 37821000-40674000 range.
A reversal to the downtrend is expected to begin when the price drops below 39049000.
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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 chart)
It is recommended to watch the flow for at least 1-3 days for this support and resistance check, and when it falls below 40077000, the support and resistance check at 40674000 will end.
Therefore, until the price drops below the 40077000 point, it is necessary to check whether there is support or resistance around 40674000.
A drop below 30462.66 ends the support and resistance check at 31000.0.
A reversal to the short-term downtrend is expected to begin with a decline below 29762.38.
Looking at the 1D chart,
The StochRSI indicator came out of the oversold zone, but failed to rise above 50 and is trying to decline again.
It is more important to check whether there is support or resistance at any point rather than thinking that this movement will now turn into a downtrend.
The reason is that a movement that is pushed back to some extent after breaking through an important point or section can rather be a buying opportunity.
So, if there is no resistance by falling below 30462.66, there is a good chance of further uptrend.
Therefore, if the StochRSI indicator exits the oversold zone and declines again in the steadiness zone (30-70), but does not re-enter the oversold zone, it will eventually show a larger uptrend.
It is helpful to understand these movements by looking at previous data.
Conversely, even if it emerges out of the overbought zone and rises again in the steadiness zone (30-70), if it fails to re-enter the overbought zone, it will eventually lead to a larger decline.
This phenomenon is often referred to as a pull back pattern.
During the volatility period around July 8-11, if it finds support near 31000.0 and rises, it will eventually move above 32259.90.
I mentioned above that a drop below 29762.38 would turn into a short-term downtrend.
However, since the section 28465.36-28923.63 is a volume profile section formed on the 1M chart, it is the first support section.
The 2nd support section is at 27496.02, which is the HA-High indicator point on the 1W chart.
If the decline continues, there is a possibility that the HA-Low indicator on the 1D chart will rise and be created, so it is important to check whether it is supported or resisted at that point.
This is to tell you what kind of basis you have for chart analysis.
To put it simply, I am also comfortable, but it is because I can never know why I think this way or what to consider when doing my own chart analysis while watching other people's chart analysis.
If you listen carefully to my explanation, you can see that holding support and resistance is the most important thing in the end.
Even if you draw a lot of indicators on the chart, you will eventually be able to create a trading strategy based on support and resistance in important support and resistance points or sections.
Considering your trading strategy, that is, the investment period, you should first check whether the chart you are currently viewing matches.
In this case, day trading is not applicable.
In day trading trading, the overall trend is meaningless because trading is conducted with the correlation between the increase in trading volume and the 5EMA on the 1D chart at the start of an uptrend.
Therefore, the investment period is not a consideration in day trading transactions.
However, in order to trade more than short-term trading, you must make sure that it fits within the investment period you think.
Having to consider the investment period means, in a way, that you have to first check how far the rise will be.
Looking at the current BTC chart, 32259.90 marks the start of the critical phase.
Therefore, if you buy near 31000.0, which is currently supported in a short-term trade, you can get a profit of about 4% until the 32259.90 point.
With these rates of return in mind, you can proceed with short-term trading if you believe that short-term trading is accessible.
However, if you feel that the 4% return rate is low or if you cannot respond quickly, it is not recommended to proceed with the transaction.
Through chart analysis, it is necessary to determine which point or section becomes an important point or section, and there must be a basis for forming that point or section.
This will allow you to make fewer corrections to price fluctuations when creating your trading strategy.
In order to trust the support and resistance points or sections you have drawn, you must have an objective basis.
I think that whether or not the objective basis can be created is the final stage of chart analysis.
------------------------------------------
(BTCKRW chart)
During this period of volatility, we need to see if there is a move out of the 37821000-40674000 range.
A reversal to the downtrend is expected to begin when the price drops below 39049000.
------------------------------
- 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:
(BTCUSDT 1D chart)
It is moving to touch the previous high at 31431.94.
(BTCUSDT 1W chart)
It is attempting to break above the upper Bollinger bands.
Accordingly, if you go below 31000.0, a sharp drop may occur, so you need to think about countermeasures.
If this is not the case and the price holds, I expect it to rise around the next previous high at 32259.90.
(BTCUSDT 1W chart)
Accordingly, if you go below 31000.0, a sharp drop may occur, so you need to think about countermeasures.
If this is not the case and the price holds, I expect it to rise around the next previous high at 32259.90.
Comment:
(USDT chart)
It appears to be walking sideways.
(USDC chart)
It shows an increase in the gap.
The key is whether the gap can rise as it is and maintain it by rising above the HA-Low indicator on the 1D chart.
If not, the downtrend is expected to continue.
(BTC.D chart)
BTC dominance is expected to rise to around 56.78-61.73.
Then, it is expected to select directionality again.
Accordingly, you should be cautious when trading altcoins.
This is because altcoins are more likely to move sideways or decline.
Therefore, it is recommended to increase the number of coins (tokens) corresponding to profits while continuing to trade altcoins from a short-term perspective or day trading. (When trying to buy altcoins in the mid- to long-term)
If you do not like this method, it is better to approach it as a split purchase with a small investment portion.
If you have approached day trading or short-term trading from the beginning, you can earn profits by selling in parts when the price rises.
(USDT.D chart)
It is the last day of the first volatility period for USDT.
It is necessary to check whether there is a movement out of the 6.85-7.27 section, which is currently an important section.
The volatility period that started this time is expected to last until around August 2, and whether there is a movement out of the 6.21-8.25 section is an important question.
Therefore, it can be seen that the current coin market has not yet moved out of the sideways section.
(USDC chart)
The key is whether the gap can rise as it is and maintain it by rising above the HA-Low indicator on the 1D chart.
If not, the downtrend is expected to continue.
(BTC.D chart)
Then, it is expected to select directionality again.
Accordingly, you should be cautious when trading altcoins.
This is because altcoins are more likely to move sideways or decline.
Therefore, it is recommended to increase the number of coins (tokens) corresponding to profits while continuing to trade altcoins from a short-term perspective or day trading. (When trying to buy altcoins in the mid- to long-term)
If you do not like this method, it is better to approach it as a split purchase with a small investment portion.
If you have approached day trading or short-term trading from the beginning, you can earn profits by selling in parts when the price rises.
(USDT.D chart)
It is necessary to check whether there is a movement out of the 6.85-7.27 section, which is currently an important section.
The volatility period that started this time is expected to last until around August 2, and whether there is a movement out of the 6.21-8.25 section is an important question.
Therefore, it can be seen that the current coin market has not yet moved out of the sideways section.
[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/
And, it seems that the HA-High indicator on the 1D chart will be created around 30462.66.
Accordingly, it can be said that the support and resistance confirmation work at the 31000.0 point has ended.
From now on, it is necessary to check whether it is supported or resisted near the HA-High indicator on the 1D chart.
Touching the HA-High indicator and falling means that there is a high possibility of falling to the vicinity of the HA-Low indicator.
Conversely, if the HA-High indicator touches and rises, it means that there is a high possibility of renewing the previous high.
If it touches the HA-Low indicator and rises, it means that it is likely to rise to the vicinity of HA-High.
Conversely, if it touches the HA-Low indicator and declines, it means that it is likely to break the previous low.
However, the fluctuation range is more severe when the HA-High indicator is touched than the HA-Low indicator.
Therefore, as the HA-High indicator on the 1D chart is touched, the possibility of large volatility is expected to increase.
Looking at the section where the HA-High indicator of the 1D chart was formed, it is the section of 29762.38-30495.92.
Therefore, from a short-term perspective, we should check whether there is support or resistance around 29762.38-30495.92.
If it falls below 29762.38,
1st : 28465.36-28923.63
2nd: 27496.02
You need to make sure that it is supported in the vicinity of the 1st and 2nd above.
Going through the volatility period around July 8-11 (up to July 7-12), we need to see if it can show direction.