The start of a new wave: 68447.9
2024-10-17


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(BTC.D 1M chart)

BTC dominance is rising above 58.

The point to watch is whether it can face resistance in the 55.01-62.47 range and fall.

If it rises above 62.47, a strange market where only BTC rises may be formed.

Most altcoins are expected to gradually move sideways or show a downward trend.

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(USDT.D 1M chart)

A decline in USDT dominance is likely to lead to a rise in the coin market.

However, as I mentioned in the explanation of BTC dominance, I think that most coins in the coin market will show an upward trend only when BTC dominance also declines along with USDT dominance.

If USDT dominance falls below 4.97, the coin market is expected to enter a bull market.

The point of interest is whether a market where only BTC rises or a bull market where altcoins also rise will be created.

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(BTCUSDT.P 1D chart)

- The 68447.9 point is the BW (100) point of the 1W chart,
- The 71363.0 point is the BW (100) point of the 1M chart,
- The 73127.6 point is the BW (100) point of the 1D chart.

Therefore, we should consider the above points as forming support and resistance points.

If the price rises above the downtrend line (2) and maintains, it is expected to create a new wave.

Therefore, whether there is support near 68447.9 is an important key point.

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The StochRSI indicator is approaching the highest point (100) and the slope is becoming gentle.

Accordingly, the pressure for a downtrend will increase over time.

In order to overcome this downward pressure and create a new upward wave, it is expected that it will be possible to show a sideways movement in the 68447.9-71363.0 range.

Therefore, the point of interest is how the StochRSI indicator performs the initialization process.

(The initialization process of the StochRSI indicator refers to moving from the overbought range to the oversold range, and also from the oversold range to the overbought range.)

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(1h chart)

The BW (100) point is formed at the 67800.5 point and is showing a downward trend.

The Mid (50) point is formed at the 67064.5 point.

Therefore, we need to check whether there is support near 67064.5-67349.7.

If it falls below 67064.5, it is likely to touch 5EMA on the 1D chart or around 65568.1-65922.3.

If it touches 5EMA on the 1D chart and M-Signal indicators on the 1D, 1W, and 1M charts, it is highly likely to cause volatility.

Therefore, caution is required when trading as there is a possibility of creating a new wave.

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The StochRSI indicator is showing signs of entering the oversold zone.

Accordingly, when it rises after entering the oversold zone, it is necessary to check at what point it is receiving support and resistance.

In that sense, whether there is support around 67064.5-67349.7 is important.

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If the StochRSI indicator enters the oversold zone while the BW indicator does not fall below the midpoint (50), it is likely to show a decline such as a pullback or price adjustment and rise again, so it is good to note.

The most ambiguous part in interpreting the BW indicator is when it is at the midpoint (50).

Therefore, when the BW indicator is at the midpoint (50), it is better to think about a response plan for the coin you are currently trading rather than conducting a new transaction.

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I placed a reservation order to liquidate a buy (LONG) position at the 68447.9 point, but it was not executed.

I think this is a part where you can see that the downtrend line (2) is an important trend line.

If you do not break through the trend line (2) strongly, it is expected that the breakout will fail.

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Have a good time.
Thank you.

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- ​​Big picture

It is expected that the real uptrend will start after rising above 29K.

The section expected to be touched in the next bull market is 81K-95K.

#BTCUSD 12M

1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (when overshooting)
4th: 134018.28
151166.97-157451.83 (when overshooting)
5th: 178910.15

These are the points where resistance is likely to be encountered in the future. We need to see if we can break through these points.

We need to see the movement when we touch this section because I think we can create a new trend in the overshooting section.

#BTCUSD 1M

If the major uptrend continues until 2025, it is expected to start by creating a pull back pattern after rising to around 57014.33.
1st: 43833.05
2nd: 32992.55

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