Bitcoin: Key Support & Resistance Zones (2nd & 3rd Cycle)
After a few weeks of watching numerous YouTube videos of how to draw support & resistance (S & R) zones and learning why they are arguably the most important part of technical analysis, I have spent the last 8 days making this chart. My main takeaway is: drawing S & R zones + being a perfectionist = migraine, the other is special fried rice. (Dad jokes are funny when you've been adjusting lines for a gazillion hours). While finding these S & R zones, I noticed myself constantly saying "wow" out loud, I guess I never imagined they'd be so...wowy?
Here is the latest video from my new favourite learning TA channel, they have quite a few on the subject: youtube.com/watch?v=KLb49In8Ywk
About the Chart
This is the Bitcoin daily chart of the last two market cycles, I will post these two cycles separately below in the update section so you can get a closer look at the detail. On the chart I have drawn all the key S & R zones throughout this period. I am sure you all know how support & resistance zones work and if you don't, just look up those two words in an English dictionary and you will see the light.
I aim to not give my opinion, but rather hopefully show data in a clear way so that the viewer can draw their own conclusions. So what are your thoughts and opinions? Fire them down below in the comments section...because you don't have a choice, there is no other place to leave them and of course, inform me of any errors I have made or improvements that can be made to the chart.
Here is the latest video from my new favourite learning TA channel, they have quite a few on the subject: youtube.com/watch?v=KLb49In8Ywk
About the Chart
This is the Bitcoin daily chart of the last two market cycles, I will post these two cycles separately below in the update section so you can get a closer look at the detail. On the chart I have drawn all the key S & R zones throughout this period. I am sure you all know how support & resistance zones work and if you don't, just look up those two words in an English dictionary and you will see the light.
I aim to not give my opinion, but rather hopefully show data in a clear way so that the viewer can draw their own conclusions. So what are your thoughts and opinions? Fire them down below in the comments section...because you don't have a choice, there is no other place to leave them and of course, inform me of any errors I have made or improvements that can be made to the chart.
Nota
A closer look at Bitcoin's 2nd market cycle's S & R zones: Nota
A closer look at Bitcoin's 3rd market cycle's S & R zones (the start of the bull run was cut out to allow a clearer view at what matters most now):Nota
Update:+ Removed upper current bear market down trendline as invalid.
Nota
*updated - last/current market cycle:Nota
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.