readCrypto

Bitcoin (BTC) - August 18

readCrypto Mod Updated   
BINANCE:BTCUSDT   Bitcoin / TetherUS
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( BTCUSDT 1D Chart)
Primary resistance: around 25K
Secondary resistance: 27K-29K

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

If support is found in the 23312.42-23810.98 section, an attempt to rise above 25700.0 is expected to continue.


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


(1h chart)
** On the 1h chart, a sharp move is likely to occur, so a short-term response is recommended.

The important points are:
21475.02-21838.98,
22579.68-22753.10,
23312.42-23810.98,
24305.25,
25700.0


The 23312.42-23810.98 section is the 3rd support section to maintain an uptrend, so if it is supported, it is expected to have the strength to rise above 25700.0.


However, you need to be careful as you can temporarily touch around 22753.10.

At this point, if it fails to move above 23312.42 quickly, it could lead to further declines.

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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: (ETH.D 1W chart)
For ETH price to rise, a buy must be made.

For that to happen, ETH dominance needs to rise.

If ETH dominance is maintained above the 18.54-20.13 range, ETH price is expected to rise.

However, as it is approaching the high point, if it falls in the 18.54-20.13 section, the ETH price is expected to drop sharply, so you need to be careful.


(US 100 CFD (Nasdaq) 1D Chart)
The decline is at the critical point of 13473.5.

Since the Dadam, 12932.3-13473.5 section is a support and resistance section, it is expected that it will lead to a large rise if supported in this section.

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Some say that BTC price movement is tracking the US index chart, while others say that ETH price is driving BTC price.

In fact, I don't think it's possible to conclude which one is correct.


However, one important thing is that in the section where the current BTC price is located, BTC dominance and USDT dominance should rise as the BTC price rises.

If not, I believe that the movement of BTC will inevitably be swayed by several other conditions.


Therefore, ETH dominance and support in the Nasdaq100 index is an important factor.
Comment: Different people have different criteria for looking at waves, so your position choices may be different.

However, if the trend on the 1D chart shows an upward trend, the main position is 'LONG'.

Thus, in the downtrend of the pull back pattern, you can enter the 'SHORT' position with a short trade.


You can't say which one is better.

No matter which position you choose, your victory or defeat is only determined by your ability to respond.
Comment: (VRVP indicator provided by TradingView)
Separating support and resistance based on the distribution of trading volume allows for a more effective response.

As always, nothing is 100% accurate, so please use it as a reference for crafting your trading strategy.
Comment: (Trend seen as Bollinger Bands)
Setting Bollinger Bands (60) rather than Bollinger Bands (20) shows a trend.

These indicators can be used as a reference for making your own trading strategies.

Even if there are no indicators, it has no effect on making a trading strategy, but it is recommended to use it in the sense that it can provide objective data.

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