readCrypto

Bitcoin (BTC), Ethereum (ETH) - February 8

readCrypto Mod Updated   
BITMEX:XBTUSD.P   Bitcoin
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(XBTUSD 1W Chart) - Mid-Long-Term Perspective
Above the 27650.0-29350.0 section: An uptrend expected to continue.
(27650.0-33101.0 section: strong support section)

The 42084.0-47010.0 section is a support section for creating a new wave.

The 60SMA line and the MS-Signal indicator pass near the 45211.0-47010.0 section.

Therefore, it is expected to turn into a complete uptrend only when it rises above the 45211.0-47010.0 section.


(BTCUSDT 1W Chart: www.tradingview.com/x/5oAVHvRg/)
If you look at the volume indicator in the chart above, the volume is still on a downward trend.

Careful trading is required as volume is expected to occur at least 693.5K to accelerate the uptrend.



(XBTUSD 1D Chart)
Resistance section: 46695.0-49518.0

Support section: 26932.0-29755.5


Careful trading is required as it is expected to swing up and down near the 60 SMA line and the M-Signal line of the 1W chart to break above the uptrend channel formed by the uptrend line (2).


An important support zone for your current position is around point 40163.5.

Therefore, if it declines from the 40163.5 point, it may fall below the 32290.5 point, so a Stop Loss is required to preserve profit and loss.


If the price maintains above the 42084.0 point until around February 14th, it is expected that the price will rise towards the resistance zone of 46695.0-49518.0.

If it rises to the 46695.0-49518.0 section and closes, it is expected that a trend will form in the direction out of the 45211.0-50876.0 section.

So, if it falls below the 45211.0 point, a short-term Stop Loss is required.

A move above the 50876.0 point is expected to continue the strong uptrend.


In the CCI indicator, the CCI line is moving above the -100 point and above the EMA line.

Accordingly, it can be said that BTC is entering the sideways section of the downtrend.


The period of great volatility is around March 9th.

However, it is recommended to check the movement until around February 14th.

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(ETHUSDT 1W Chart)
Above 1728.74 point: Expected to create a new wave.

We need to see if we can move up along the uptrend line (2).

It is expected that the MS-Signal indicator will shake up and down in the 3343.06-3582.10 section, so careful trading is required.

To switch to an uptrend, it must rise above the 3343.06-3582.10 section.


(1D chart)
First resistance section: around 3375.08
Second resistance section: 4191.93-4464.22

Support section: 2285.94-2558.23


If the price holds above the 2910.0 point, I would expect a move to move above the 3375.08 point.


In the CCI-RC indicator, the CCI line declined from the EMA line and the +100 point from around December 2, 2021.

Since then, around February 7, the CCI line has attempted to rise above the -100 point and above the EMA line.

As the CCI line rises to the -100-+100 section, I think it is entering a sideways section from a downtrend.


The next volatility period is around February 15th.

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(XBTUSD 1M Chart) - Big Trend
All patterns and waves can be known when they are completed, so it is best to conduct a trade that matches your average unit price rather than a trade based on prediction.

Looking at the big picture, I think 4-5 waves are going on.


Depending on how you interpret section A, the wave may be different.
Likewise, you need to be more careful in your trading, because the parts that have not yet been created may have the same flow as section A.

The expected ascent section is near the 80574.0-83397.0 section.
This is an expected value considering the fluctuation range that has risen from the 1st section to the 2nd section.

There are two large resistance intervals to move up to the expected level.
The two large resistance sections are sections a and b.

If it fails to break through section a upward, I think it can represent the same flow as section A.


If it rises above the 72104.0 point with this rise, it is expected that it will not fall below the 26K-29K section (maximum 21K section) even if a bear market continues.

If the 38K section is touched, it is expected to lead to a sharp rise.

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We recommend that you trade with your average unit price.
This is because, if the price is below your average unit price, whether the price trend is in an upward trend or a downward trend, there is a high possibility that you will not be able to get a big profit due to the psychological burden.

The center of all trading starts with the average unit price at which 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, ultimately allowing the funds corresponding to the profits to be able to regenerate themselves.

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** All indicators are lagging indicators.
Therefore, it is important to be aware that the indicator moves accordingly with the movement of price and volume.
However, for convenience, we are talking in reverse for the interpretation of the indicator.
** The MRHAB-O and MRHAB-B indicators used in the chart are indicators of our channel that have not been released yet.
(Since it was not disclosed, you can use this chart without any restrictions by sharing this chart and copying and pasting the indicators.)
** The wRSI_SR indicator is an indicator created by adding settings and options to the existing Stochastic RSI indicator.
Therefore, the interpretation is the same as the traditional 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 disclosed by oh92. (Thanks for this.)
** Support or resistance is based on the closing price of the 1D chart.
** All descriptions are for reference only and do not guarantee a profit or loss in investment.

(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:
(Market Cap Chart)
- I think it is good that the rise in BTC dominance comes with the rise in BTC price.

The reason for this is that we believe that the BTC rise must lead the way to sustain a large uptrend.

Therefore, it is recommended to keep a close eye on the movement of BTC dominance.


- USDT dominance is best to keep going down.

The decline in USDT dominance is due to the increased likelihood that the coin market will continue its upward trend.


- The movement of USDT and the movement of USDC are different.

You can see that more money is coming into the coin market through USDC.

I think USDT and USDC show money movement.

Therefore, the uptrend should be maintained.

[Example of exchange chart setup]

(Binance)
www.tradingview.com/x/S94aDxa8

(Upbit)
www.tradingview.com/x/DF6cGh3G/
Disclaimer

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