(Key) Support and Resistance Points and Basis
2024-10-07


(Key) If you set support and resistance points, you should consider the basis for it

-------------------------

Hello, traders.

If you "Follow", you can always get new information quickly.

Please click "Boost" as well.
Have a nice day today.

-------------------------------------


The 61099.25-61759.99 section is an important support and resistance section.

However, I think it is in an ambiguous position to proceed with trading.

The reason is that it is near the section where the M-Signal indicators of the 1W and 1D charts converge.

In this case, since the fluctuation range is likely to be large, when you proceed with trading, you may proceed with trading in the wrong direction.

Therefore, you should check whether there is an upward or downward movement in the 61099.25-61759.99 section, and then proceed with the transaction depending on whether there is support or resistance when the 61099.25-61759.99 section shows support and resistance.

-
It is currently rising in the 61099.25-61759.99 section and has touched the 62856.30 point.

Therefore, it can be seen that there was an upward movement in the 61099.25-61759.99 section.

Now, you can proceed with the transaction by checking whether there is support in the 61099.25-61759.99 section.

While you are doing this check, it may rise like this.

However, it is recommended to proceed with the check because it is rare for it to rise at once.

-
The StochRSI indicator is currently showing signs of moving out of the oversold section.

Therefore, it is necessary to check whether the state of StochRSI > StochRSI EMA can be created when a new candle is created.

This is because the StochRSI indicator often rises in the oversold zone and then fails to maintain the state of StochRSI > StochRSI EMA and falls.

Whether the state of StochRSI > StochRSI EMA can be maintained can be known to some extent by checking the movement at the support and resistance points of the 1M, 1W, and 1D charts drawn on the chart.

In addition, you can refer to the movement of BW, DMI, and OBV to help determine whether there is support and resistance.

-
The 62856.30-65918.80 section is the section that indicates the box section of the HA-High indicator on the 1D chart.

Therefore, it can be said to be the section to check whether there is support and resistance at the HA-High indicator (64748.70) point on the 1D chart.

Therefore, a box section can be formed within the 62856.30-65918.80 section, and depending on which direction it deviates from this section, a trend can be formed.

Therefore, if it is supported near 62856.30 and rises,
1st: HA-High indicator point
2nd: HA-High indicator box top point
You can check whether there is support near the 1st and 2nd above and respond accordingly.

-----------------------------------------------------------

I publish ideas in a different way than people who publish ideas on TradingView.

That is, I explain how to create a trading strategy for actual trading with a chart based on price movements.

Therefore, there are often cases where the content predicting the immediate movement is not expressed clearly.

The reason is that I explain the importance of the current price position in various ways.

I think that by explaining why that point is important, you will also be able to know how to evaluate the importance of the support and resistance points you have drawn.

I think that these settings are very important factors in conducting a transaction.

Even if you mark support and resistance points on the chart, if you cannot properly explain why that point is important, that point may be useless when conducting an actual transaction.

-
If you have defined the basis for the importance of the support and resistance points you have drawn, you can create a trading strategy and conduct a transaction even if that point is incorrect.

This is because you can create an actual trading method for buying and selling in the 3. Trading method and profit realization method section of the trading strategy.

It is most important that the transaction ends successfully, but it is more important to what extent the transaction is conducted according to the trading strategy you have set.

If the movement is somewhat in line with your trading strategy, you can create a trading strategy again and conduct a transaction even if the transaction fails.

However, if you do not, it will be difficult to conduct the next transaction and you may even feel afraid.

-
Continuity is important in trading.

Whether you are conducting an actual transaction or doing preliminary work to conduct a transaction, I think that as long as you have the will to start trading, the continuity of trading is maintained.

To do this, you should check the chart at least twice a day.

Otherwise, you should think that there is no continuity in trading.

This is because checking the movement of the real-time chart is a very important information gathering activity.

Therefore, if you do not have much time to look at the real-time chart, mark the support and resistance points on the 1M, 1W, and 1D charts in advance as much as possible and set the minimum StochRSI indicator.

This way, you can save time looking at the movement of the real-time chart.

-
It is more important to complete the trading strategy according to it than to check whether my chart analysis is correct or not.

This is because we need to quickly check the support and resistance points in the chart analysis and trade according to the trend at that point to make a profit.

Therefore, there is no need to be happy or sad that your chart analysis was correct.

It is better to make an effort to create a trading strategy at that time.

-
The general setting value of the StochRSI indicator is set to 14, 7, 3, 3 (RSI, Stoch, K, D).

In other words, you can change Stoch from 14 to 7.

The good thing about this setting is that the StochRSI indicator's wave comes out almost in line with the price movement.

Therefore, you can see a faster movement than the basic StochRSI indicator setting value of 14, 14, 3, 3.

The other indicators included in the chart you are currently viewing are modified formulas, so you should not use the indicators included in this chart.

You can set the DMI+OBV indicator according to the explanation.
-
Have a good time.
Thank you.

--------------------------------------------------

- ​​Big picture

It is expected that the full-scale uptrend will start when it rises above 29K.

The next expected range to touch is 81K-95K.

#BTCUSD 12M

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

These are points that are likely to receive resistance in the future.
We need to check if these points can be broken upward.

We need to check the movement when this range is touched because it is thought that a new trend can be created in the overshooting range.

#BTCUSD 1M

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

-----------------
