readCrypto

Bitcoin (BTC) - July 20 (Volatile Period July 20-24)

BITMEX:XBTUSD.P   Bitcoin
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(XBTUSD 1W Chart)
If the price is maintained above the 27650.0-29350.0 range, it is expected that the uptrend will continue.

In particular, it remains to be seen if the price can sustain above the 33101.0 point.

In the CCI-RC indicator, the CCI line is falling below the +100 point. (www.tradingview.com/x/wyXRGXDB/)
As a result, it is out of the highs section.
You should see a flow rising above the 33101.0 point.


During this period of volatility (July 20-24), one thing to watch out for is the increase in volume.
As the trading volume increases, I think that the price must rise or fall to get out of the tedious movement that has been going on until now.


(1D chart)
The section 28515.5-31536.5 is the section that determines the new direction.
Accordingly, if it rises in the 28515.5-31536.5 section, it is expected to create an upward trend.

We see the maximum decline in the 27K range, so a sharp rise is expected when the 27071 point is touched.

If the trading volume explodes and falls to the 28515.5 point, there is a possibility of touching the 20632.5-22473.0 zone.

However, it is expected that it will be difficult to touch the 20K-22K range with the movements shown so far.


Looking at the OBV in the volume indicator, it was only showing red before June 30.

However, in July, the green color of OBV started to appear intermittently.

We believe this move is most likely a harbinger of a transition from a sell-to-buy trend.

Therefore, if the price declines to the maximum of 27K, it is expected that there will be a sharp rise along with price defense caused by a lot of buying.


On the wRSI_SR indicator, it remains to be seen whether the RS line breaks above the 20 point and above the SR line and rises to build a short term uptrend.


It remains to be seen whether the CCI line rises above the -100 point on the CCI-RC indicator and can break above the EMA line.
In particular, it remains to be seen if the uptrend can continue along the uptrend line. (www.tradingview.com/x/h7dalcbi/)

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(BTCUSDT 1W Chart)
If the price is maintained above the 28130.0-29300.0 range, it is expected that the uptrend will continue.

In particular, it remains to be seen if it can move above the 35286.51 point and turn into a short-term uptrend.

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(BTCUSDTPERP 1D Chart)
It remains to be seen if any movement to break out of the consolidation that started on May 19 emerges between this period of volatility (July 20-24).

The section 28344.79-31292.61 is the section that determines the new direction.
Accordingly, if it touches 28344.79-31292.61 and moves up, we expect a sharp uptrend.

If it declines from the 28344.79 point, we expect a surge in the 27K range.

I think this move will be a good opportunity to show a new uptrend.

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(BTCKRW 1W chart)
If the price holds above the 31500000-35545000 range, we expect the uptrend to continue.

In particular, it remains to be seen if the price can sustain above the 39331000 point.

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(BTC Dominance (BTC.D) 1D Chart)
I think it should either rise to the 47.64-48.81 section and either go sideways or find resistance at the 50.86 point.

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(USDT Dominance (USDT.D) 1D Chart)
If the USDT dominance declines, the price of BTC will rise, and the price of altcoins is likely to rise as well.

By touching point 5.003, you are located at an important junction.

It is important to see if USDT dominance can decline during this period of volatility.

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(USDT 1D Chart)
It is still falling along the downtrend line.
We need to see support and see if we can move higher at 61.765B.

It is important to see if USDT can turn into an uptrend during this period of volatility.

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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 it is in an uptrend or in a downtrend, there is a high possibility that you will not be able to get a big profit due to 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 regenerate themselves.

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** All indicators are lagging indicators.
Therefore, it is important to be aware that the indicator moves accordingly as price and volume move.
However, for the sake of convenience, we are talking about the indicators in reverse.
** 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.)
** See support, resistance, and abbreviation points.
** 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.

Explanation of abbreviations shown in charts
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 section where you can buy to make a profit as a support point or section.

(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.)

GAP refers to the difference in prices that occurred when the stock market, CME, and BAKKT exchanges were closed because they are not traded 24 hours a day.
G1 : Closing price when closed
G2: Opening price
(Example) Gap (G1-G2)

[Example of exchange chart setup]

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

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