readCrypto

Bitcoin (BTC) - May 17 (New Start-5)

BINANCE:BTCUSDT   Bitcoin / TetherUS
Good morning?
Dear traders, nice to meet you.

By "following" you can always get new information quickly.
Please also click "Like".
Have a good day.

-------------------------------------

( BTCUSDT 1W chart)

(1D chart)
It is expected to continue the upward trend by touching below 45135.66 point after the closing down at 48199.13 point.

We need to see if we can get support at 40586.96-45135.66 and climb along the uptrend line (2).

Careful trading is necessary as it is not possible to rule out a move that is supported at 45135.66 and climbs to the 48199.13-50736.52 section.

Of the many expected movements, I think the most dominant is the movement that touches the uptrend line (2) and moves upward.
Accordingly, in order to make a rapid rise, an upward trend is expected after touching the upward trend line (2) passing through the 38150.02 point.

However, you should also think about the upward trend above the 60886.07 point between around the 14th and 20th of May.

The new start period is until around May 20th.

------------------------------------

( XBTUSD 1W chart)
Contrary to what I thought, it is continuing to decline without rebounding.
It remains to be seen if it can move down to 40163.5-45211.0 to gain support and move up along the uptrend line (2).

If you get support and climb at 45211.0, you'll have to see if you can climb above 49876.5 points.
If it does not rise above the 49876.5 point, it is expected to decline again.

If you go down at 40163.5, you'll likely touch the 33101.0 point, which is an important point, so you need to trade carefully.

----------------------------------------------

( BTC Dominance ( BTC .D) 1W chart)

Despite the falling BTC price, BTC dominance is falling.

If the BTC price falls, the altcoins' price will inevitably fall.
Accordingly, it is necessary to keep an eye on the movement of the BTC price.

--------------------------------------------------

(USDT Dominance (USDT.D) 1W chart)
Despite the decline in BTC price, it is still falling at the 43.17 point.

Looking at the decline in BTC prices in the past, we have seen BTC dominance rise as the BTC price declines.

I think the current coin market is moving in a completely new pattern.

It seems that more people or institutional investors are trading than before.

There was a time when I was skeptical about investment because there was a sharp drop that made me worry about the collapse of the coin market.

It remains to be seen what kind of movement will lead the coin market in the future.


(USDT 1D chart)
If you look at the USDT chart, you can see that the candle is different from the charts of other coins.

There are exceptionally many gaps.
I see this gap increase as a new issue of USDT.

Conversely, I think that the fall of the gap has canceled the issue of USDT.
In other words, I think it means that it was converted into fiat currency.

--------------------------------------

It is advisable to trade at your average unit price.
This is because if the price flows below your average unit price, which was on an uptrend or downtrend, there is a high possibility that you will not be able to earn a large profit due to the psychological burden.

The center of every trade starts with the average unit price you start trading.
If you ignore this, you may be trading in the wrong direction.

Therefore, it is important to find a way to lower the average unit price and adjust the proportion of the investment, so that the money that ultimately corresponds to the profit can regenerate the profit.

-------------------------------------------------- -------------------------------------------

** All indicators are lagging indicators.
So, it's important to be aware that the indicator moves accordingly with the movement of price and volume .
Just for the sake of convenience, we are talking upside down for interpretation of the indicators.
** The wRSI_SR indicator is an indicator created by adding settings and options from the existing Stochastic RSI indicator.
Therefore, the interpretation is the same as the conventional stochastic RSI indicator. (K, D line -> R, S line)
** The OBV indicator was re-created by applying a formula to the DepthHouse Trading indicator, an indicator that oh92 disclosed. (Thank you for this.)
** Check support, resistance, and abbreviation points.
** Support or resistance is based on the closing price of the 1D chart.
** All explanations are for reference only and do not guarantee profit or loss on investment.

Explanation of abbreviations displayed on the chart
R: A point or section of resistance that requires a response to preserve profits
S-L: Stop Loss point or section
S: A point or segment that can be bought for profit generation as a support point or segment

(Short-term Stop Loss can be said to be a point where profits and losses can be preserved or additionally entered through installment transactions. It is a short-term investment perspective.)

GAP refers to the difference in prices that occurred when the stock market, CME , and BAKKT exchanges were closed because they do not trade 24 hours a day.
G1: Closing price when closed
G2: Market price at the time of opening
(Example) Gap (G1-G2)
Comment: (XBTUSD 1h chart)
(UTC) Check the movement before and after the time indicated on the chart.
It is showing a typical cascading decline.
Comment: The explanation of the USDT chart is omitted, so it is a supplementary explanation.
While BTC prices continue to decline, new USDT is being issued.
This seems to have the power to buy.

It is making me think that it may be continuing a slow downtrend due to the fight between the whales and the factions.

If there is a buy-in force in this downtrend, it is expected that the downtrend will turn rapidly into an uptrend.
Comment: (USDT 1D chart)
I think it is a chart that allows you to guess that funds are in and out of the coin market due to the issuance or abolition of USDT.
I think that it can be seen from the gap rising and the gap falling.

(USDT Dominance (USDT.D) 1D chart)
I think the money in the coin market allows you to guess what to buy or sell coins.

(BTC Dominance (BTC.D) 1D Chart)
I think it allows you to guess whether the funds are being used more for BTC or altcoins.

(ETH Dominance (ETH.D) 1D chart)
I think it has begun to influence the trend of the coin market as it rises above 14.26 points.
I think it is exerting some influence in the absolute influence of Beat.

-----------------------------------

I think the above 4 charts are charts that allow individual traders to check the movement of funds in the coin market.

Currently, I think the BTC price is continuing a cascading decline.
In this situation, it is showing a different movement from the previous trend.

With the big gap increase on May 11th, a lot of funds have entered the coin market, and I think that a lot of funds have entered the coin market as the gap increases several more times this holiday.

The incoming funds appear to be being used to buy BTC.
Also, I think BTC is being used to buy altcoins through the BTC market.

I think we can speculate as above as BTC dominance is moving sideways despite the falling BTC price.

Some are trying to buy BTC, and some are trying to buy altcoins.

Considering that ETH dominance is not falling well, I think that ETH is the most buying among altcoins.

Several major coins are also rising regardless of the BTC price.

We believe that an increase in ETH dominance is likely to lead to an increase in the ETH price.
Accordingly, if ETH dominance rises but ETH price declines, I think it gives you an opportunity to buy.


What is important to consider is who is pushing BTC down and who is depositing funds into the coin market.

We don't know anything specific about this.
However, I think there is a fight between those who try to lower them and those who try to increase them.

We believe that there is a possibility that there will be an increase between around the 14th and 20th of May, and the posting is continued.
I think the situation after around May 20 will depend on the location of the BTC price at this time.
Therefore, careful trading is required until around May 20th.

(BTCUSDT 1D chart)
It is expected that there will be a change in the BTC trend around June 1-14.

We hope that managing your money and holdings will give you an opportunity to get out of the downtrend.
OKEX Global Exchange Official Partner
(must join OKEX and trade to receive benefits.)
https://www.okex.com/join/1/1935768773


(Binance Referral - 10% fee discount)
https://www.binance.com/en/register?ref=TUQPUZJH

Comments

Great read. I'm expecting for it to lose support at 45100 support due to the volume shown in the 17:00 UTC-3 1hr chart dip. I'm a beginner in trading and still learning, is my belief well funded? Thanks
+2 Reply
readCrypto OpheliaDies
@OpheliaDies, Please understand it as the overall flow.
I'm not a charter, so the flow I'm showing isn't very accurate.
The point is that the cascading decline continues.
Thank you.
Reply
Recovery Buyers Incoming

Reply
Bazaar Make your last flight to the summit of 72,000 during these few days
And did 78/000

I repeat, the last uptrend will be bitcoin
Exit the market after that
And watch the unprecedented fall of Bitcoin below the $ 8000 channel

25 May - 5 June 2021

I will give a simple example, you will understand completely
Bitcoin, like a fighter, is refueled in the air to stay high (72 / 000-78 / 000), then it needs fuel again, it is forced to land on the runway (-8000). Always refueled

I hope you understand the simplest way
Reply
Thank you, nice and detailed outcomes as usual great content here 📈
Reply
Great explanation, thank you!
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar About Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter