Expected Rising Point: Around 65920.71
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I'm publishing this in advance because I have a schedule.
The content below is the explanation part necessary for understanding the chart.
Therefore, you don't necessarily have to read it, but if you want to use my chart and indicator, you can refer to the explanation that I often give like this.
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Let's summarize the current chart content.
- Current important support area: 61099.25
- When rising
1st: 63118.62-64000.0
2nd: 65920.71-67614.25
The 1st and 2nd areas above correspond to the support and resistance areas.
Among these, the next important point after 61099.25 is 65920.71-67614.25.
- If it falls below 61099.25
1st: 57889.10-59053.55
2nd: 56150.01-56950.56
The 1st and 2nd areas above are support and resistance zones.
- If it moves according to the previous flow, it is expected that the trend will be determined again after rising to around 65920.71.
However, since the StochRSI indicator shows signs of entering the overbought zone, we need to check at what point it is supported when it falls from the overbought zone.
Therefore, we need to look at how the StochRSI indicator is initialized.
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No one actually knows what the future trend will be.
However, we can only guess based on the current movement and respond accordingly.
Therefore, it is necessary to objectively observe what kind of movement the chart is showing.
However, since the candlestick charts that we commonly see have volatility exposed as it is, it is likely that it will be difficult to analyze and interpret the chart.
Therefore, it is necessary to exclude elements such as fakes and sweeps from the movement of candles.
For that, I think the Renko chart is a good chart to use.
(Renko 1D chart)
I think you can know where the support and resistance points are and what the current trend is without me explaining it separately.
Let me explain a little more.
- If it falls below 56,000, a new downtrend is likely to form.
- Since it is currently moving sideways in the 56,000-70,000 range, it is likely that an uptrend will begin only if it rises above 70,000.
I have roughly explained the important areas in the current price position.
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You need to create a trading strategy based on whether there is support at the support and resistance points, but it is not easy to check whether there is support.
Therefore, to supplement this, we utilize the BW indicator and StochRSI indicator.
The BW indicator included in the TS-BW UP indicator is an indicator that comprehensively evaluates and displays the StochRSI, MACD, CCI, PVT, and superTrend indicators.
Therefore, when it is at the lowest point (0), it is judged that a low point section is being formed and we look for a place to buy.
To confirm this more quickly, we made the BW line drawn near the price candle.
On the other hand, when it is at the highest point (100), we judge that a high point section is being formed and we look for a place to sell.
Similar to the principle of the BW indicator, we utilize the StochRSI indicator.
In other words, when the StochRSI indicator rises in the oversold section, we look for a place to buy, and when it falls in the overbought section, we look for a place to sell.
I have talked a lot about how to utilize the StochRSI indicator before, so I would appreciate it if you could refer to the previous idea.
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(BTCUSDT 1D chart)
Actually, I don't need to draw a separate trend line on my chart.
However, many people look at the trend line and check the trend with the pattern according to it, so I just drew it.
When it is judged necessary to select a volatility period, a trend line is drawn.
Since BTC or ETH charts occupy a large portion of the coin market, we draw a trend line to select a volatility period and inform you.
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The trend is confirmed with the MS-Signal indicator.
The MS-Signal indicator consists of the M-Signal line and the S-Signal line.
Therefore, the current trend is determined based on the arrangement of the M-Signal lines on the 1M, 1W, and 1D charts.
If M-Signal on the 1D chart > M-Signal on the 1W chart > M-Signal on the 1M chart, it is considered to be in a full-blown uptrend.
If M-Signal on the 1D chart < M-Signal on the 1W chart < M-Signal on the 1M chart, it is considered to be in a full-blown downtrend.
Since M-Signal on the 1W chart > M-Signal on the 1D chart > M-Signal on the 1M chart, it can be interpreted that it is maintaining an uptrend in the long term, but is showing a downtrend in the short and medium term.
Therefore, whether this uptrend can be maintained by switching to M-Signal on the 1D chart > M-Signal on the 1W chart is an important issue from a trend perspective.
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If you have confirmed the trend, you should check what happens during the trading period and create a trading strategy accordingly.
Therefore, first, you need to find a trading period.
To do this, we utilize the HA-Low and HA-High indicators in the HA-MS indicator.
The HA-Low indicator is generated when it breaks out of the low range.
Therefore, if it falls below the HA-Low indicator, it is likely to show a stepwise downtrend, and if it receives support, it is a section where you can buy.
The HA-High indicator is generated when it breaks out of the high range.
Therefore, if it rises above the HA-High indicator, it is likely to show a stepwise uptrend, and if it receives resistance, it is a section where you can sell.
Therefore, the narrower the gap between the HA-Low and HA-High indicators, the higher the possibility of large volatility.
In other words, you can check convergence and divergence.
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If you have confirmed the trading period with the HA-Low and HA-High indicators, you need support and resistance points to create an actual trading strategy.
To do this, I used several auxiliary indicators to draw horizontal lines.
You can distinguish the strength of the support and resistance roles based on the length of these horizontal lines.
However, you need to draw support and resistance lines on the 1M, 1W, and 1D charts.
For now, I will only talk about the support and resistance lines on the 1D chart for explanation.
The points that are currently performing the strongest support and resistance roles on the chart are 69499.85, 68393.48, and 58697.01.
The next important points are 64179.08, 57889.10, and 56022.01.
You can create a trading strategy by selecting the support and resistance low points like this.
This is a chart that only shows the support and resistance points drawn on the 1M, 1W, and 1D charts.
There may be differences between the points explained above and the support and resistance points on the actual charts used.
The reason is that they were selected based on the importance of the support and resistance points.
The importance of the support and resistance points is in the order of 1M > 1W > 1D charts.
Therefore, if there are support and resistance lines on the 1W, 1D charts near the support and resistance lines drawn on the 1M chart, they are replaced with the support and resistance lines drawn on the 1M chart.
The BW line is drawn at the point where the arrow is pointing.
This BW line is a line drawn at the highest point (100), so it corresponds to the high point section.
However, since the StochRSI indicator has not yet clearly re-entered the overbought zone, it can be interpreted that additional increases are taking place.
Therefore, when the StochRSI indicator rises to the overbought zone and then tries to fall below the overbought zone, you should check whether it is supported near the BW line.
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If it rises above 61099.25,
1st: 63118.62-64000.0
2nd: 65920.71-67614.25
The 1st and 2nd areas above correspond to the support and resistance zones.
If you look at the increase after breaking through the Sell line above, it seems to have risen by about 8-9%.
Therefore, if it shows an increase this time as well, it is expected to touch around 65920.71.
The 65920.71 point is an important point as the HA-High indicator point on the 1W chart.
The 67614.25 point is an HA-High indicator point on the 1D chart.
Therefore, we can see that in order for the stepwise uptrend to begin, it must rise above 67614.25.
Before that, the 61099.25 point is an HA-High indicator point on the 1M chart, which is a section that must be supported in order for the stepwise uptrend to begin from a long-term perspective.
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Have a nice time.
Thank you.
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Nota
In order to utilize the HA-MS indicator on 1D charts and below, it is better to set it to the minimum rather than activating too many options.
Options to activate in the HA-MS indicator
- HA-High, HA-Low
- 5EMA in 1D chart, M-Signal in 1D, 1W, 1M chart
- MS-Signal
- If the chart does not display support and resistance points on the 1M, 1W, 1D chart, activate options 1, 2, 3, 4
The most important indicators among these are 5EMA and M-Signal on the 1D chart, and M-Signal on the 1W, 1M chart.
Therefore, you can trade depending on whether there is support or not in this indicator.
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The next most important indicators are MS-Signal, HA-Low, HA-High.
You can trade based on whether the HA-Low, HA-High indicators are supported.
You can refer to the HA-Low, HA-High indicators when trading based on whether the price is above or below the MS-Signal indicator.
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The 1, 2, 3, and 4 indicators show the volume profile section.
Therefore, they play the role of support and resistance.
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In addition, the BW line displayed near the price candle also plays the role of support and resistance.
The BW line is used together with the StochRSI indicator to determine whether the current location is in the low or high section.
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The stronger the role of support and resistance, the longer the horizontal line.
Nota
These are indicators that everyone has studied at least once while studying charts.
However, since it is difficult to apply in practice, most people do not use them.
We have supplemented these indicators to make them easier to interpret.
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The OBV indicator is a good indicator, but it is one of the indicators that is ambiguous to use in practice.
The core interpretation method of the OBV indicator is that when it is above the 0 point, the buying force increases, and when it is below the 0 point, the selling force increases.
One more thing to add here is that when the OBV is moving sideways, if there is a movement that breaks the sideways movement, there is a high possibility that a trend will be formed.
To this end, we have supplemented it to display the buying and selling period when the high or low line is broken.
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The DMI and ADX indicators are more complicated than the OBV indicator and are difficult to see.
The reason is that three lines are displayed.
We have supplemented this to make it easier to interpret.
When the ADX line rises, it means that the trend is strong.
At this time, it does not matter whether it is an upward trend or a downward trend.
The ADX line has been supplemented with colors to indicate whether the upward trend is strong or the downward trend is strong.
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Therefore, when the high and low lines of OBV converge and break through the high line and rise, if the ADX line shows a strong upward trend, it is likely to show an upward trend.
At this time, you should check whether the price is maintained above the BW line and the MS-Signal indicator.
Therefore, it is expected that it will reduce the worry about where to start trading.
Nota
If you study various indicators, you will find that they have something in common.
There is convergence and divergence for the indicator.
Therefore, if it moves away from the current price, it will show a movement to return to the original price.
However, due to various factors of traders, price trends occur and profits or losses are made accordingly.
To start a transaction, it starts based on whether there is support at the support and resistance points drawn on the 1M, 1W, and 1D charts.
You can determine the timing of the transaction by referring to the movement of indicators that suit you.
Trend lines are also indicators (chart tools).
Do not forget that they play the same role as the indicators mentioned above.
Nota
I've organized the indicators on the chart.
You can use them as ideas for next week.
Added BW line to HA-MS indicator.
Accordingly, I deleted or disabled less frequently used indicators.
Added DMI indicator to TS-BW indicator.
Newly added OBV indicator.
I will tell you how to use the indicators again when I publish the idea.
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You can see it with your eyes, but you can see that the newly added high and low lines of OBV are converging.
Therefore, volatility is expected to occur soon.
We need to see if it can go up along the OBV high line.
If it goes down, we need to see if it can go up with support near the BW line.
We need to see if the ADX indicator is showing an uptrend.
Many indicators are indicating a high possibility of going up.
We will have to watch how the StochRSI indicator resets because of this.
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