readCrypto

Bitcoin (BTC) - May 6 (Variability Period-10)

BITMEX:XBTUSD.P   Bitcoin
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(XBTUSD 1D chart)
It remains to be seen if you can break above the 57577.5-59029.0 interval and get off the downtrend line.

If it falls, you need to make sure you get support at 55828.0-56641.5.
In particular, if it does not fall below the downtrend line, it is expected to lead to an uptrend.
At this point, you should watch to see if it rises along the uptrend line (3).

You should watch for movement within the uptrend lines (3) and (4).
Accordingly, it remains to be seen if there is a move above the 63442.0 point in the movement until around May 10th.

If it doesn't rise in the 60904.0-63442.0 range, it will eventually fall again.
So, you have to think about how to respond.

If it falls in the 48214.0-50752.0 range, Stop Loss is required to preserve profit and loss.
However, you need to trade carefully as you can touch and climb the 40600.0-45211.5 section.


(1h chart)
Check the movement before and after the time indicated on the chart.

It gained support and climbed in the support section of 52825.0-54962.5.

We have to see if we can get support at 56641.5 and climb above 59029.0.

If it falls, we have to see if it gets support at 55828.0.
In particular, we have to see if we can keep the price above the downtrend line.

On the CCI-RC indicator, we need to see if the CCI line can touch the EMA line and rise more than 100 points.
At this time, be aware of the volatility that occurs.


If it falls from the 51935.5 point, I think it is a good idea to start lowering the share of holdings by selling some coins.

This is because, as mentioned in the 1D chart description, there is a possibility to touch the 40600.0-45211.5 section.

Currently, the coin market is at a huge peak.
In this case, it is good to obtain profits from short-term transactions, but I think that there is a need to increase the number of coins by recovering the amount of the purchase principal and holding the coins corresponding to the profits rather than buying them again after 100% liquidation of major coins.

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(BTCUSDT 1D chart)
We need to see if we can break above the 57412.35-58968.31 segment.
If it falls, you need to make sure you get support in the range 55811.30-56789.21.

You should watch for movement within the uptrend channels of the uptrend lines (3) and (4).

If you can't continue the rise by breaking above the important section of 60.886.07-63423.46, it will eventually fall.
So, you have to think about how to respond.

If it falls in the 48199.13-50736.52 section, a Stop Loss is required to preserve profit and loss.
However, you can touch and climb the 40586.96-45135.66 section, so you need to think about how to respond.
This is because you have previously touched the 48199.13-50736.52 section, so there is a possibility that it will break down.

If it breaks above 60.886.07-63423.46 and continues its ascent, it is expected to re-orientate in the 78647.80-81185.19 section.

On the wRSI_SR indicator, the RS line fell at the 80 point, showing a short-term downtrend.
It remains to be seen if the RS line can turn into a short-term uptrend at point 50.

In the CCI-RC indicator, it remains to be seen if the CCI line can continue to rise, breaking above the EMA line and 100 points.
At this time, be aware of the volatility that occurs.

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(BTCKRW 1D chart)
We need to see if we can get support at 68567000 and get off the downtrend line (6).

If it falls, you need to make sure you get support in the 64246000-66007000 range.

If it falls in the 56052000-58981000 range, Stop Loss is required to preserve profit and loss.
Secondly, if you touch the 56052000-58981000 section, there is a possibility that it will break down.
Accordingly, it is possible to touch and climb the 47268000-51798000 section, so you need to think about how to respond.

An attempt was made to break the downtrend line by touching above the 70694000 point.
It remains to be seen if it could rise to the 70654000-73622000 range before the next volatility period, around May 10th.


The OBV on the volume indicator is turning green.
You have to watch the green increase.


(Upbit BTCKRW 1D chart)

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(BTC Dominance (BTC.D) 1D Chart)
We need to see if it can move down along the downtrend line (3).

If BTC dominance goes up, we have to see if it can get resistance in the 53.20-56.78 range.
In particular, we have to touch the downtrend line (1) and see if it can go down.

The next volatility period on the BTC Dominance chart is around May 9.
Therefore, I think that it is likely around May 9 that we can see the direction of BTC dominance.

We have to see if we can touch point 43.17, which was touched as a strange sign due to volatility around May 15th.

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(USDT Dominance (USDT.D) 1D chart)
The volatility around May 5th (May 4th-May 6th) will keep an eye out for movements that deviate from the 2.088-2.473 range.
In particular, it remains to be seen if it can fall below the downtrend line (3).

It remains to be seen if it can fall below the important uptrend line (1).
Therefore, if it falls below the uptrend line (1), the coin market is expected to continue an uptrend.

However, if it rises above 2.842 points, I think the coin market is highly likely to turn into a downtrend.

It remains to be seen if it can decline from the 2.088 point and move to the 1.266-1.654 range.

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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.

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** 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: Cigar at the time of opening
(Example) Gap (G1-G2)

[Example of exchange chart setup]

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

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

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