Bitcoin (BTC) - May 7 (Let's Cross the Downtrend Line!) (1h)
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Bitcoin Halving has about 6 days left.
It is expected that there will be a trend this week to decorate the finale of Bitcoin Halving.
As we climbed near point 9317, the flow check ended.
If the closing price can only be generated at more than 9300 points, I think there is a possibility that it will actually rise.
However, I think it is good that the closing price is generated above the 9317 point because it is necessary to give the expected psychology in order to rise further.
It is time to rise above the downtrend line (1) and get support.
I don't think I have the time to be supported by the 9300 branch.
I think that supporting itself is likely to cause a decline.
Currently, there is a signal on the 1D chart that there were too many purchases with RSI 70 or higher.
If it falls below 8838.5, I think there is a possibility that it will turn into a downward trend.
And, if it falls below the uptrend line (5), I think it turned into a downtrend.
Supported at point 9317 and must rise above the downtrend line (1) today.
We need to make sure that this happens.
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Rather than deciding to which point it will rise, I hope now that we can decide at what point we should preserve our profits and losses and close the upward trend with good results.
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See support, resistance, and abbreviation points.
Support or resistance is based on the closing price on the 1D chart.
Description of abbreviations shown in chart
R: Resistance point or section, where a counter is needed to preserve revenue
S-L: Stop-Loss point or section
S: A point or section that can be purchased for profit generation as a support point or section
Dear Traders, Nice to meet you.
"Like" is a great power for me.
We will try to reciprocate with better information.
By "following" you can always get new information quickly.
Thank you for always supporting.
--------------------------------------
Bitcoin Halving has about 6 days left.
It is expected that there will be a trend this week to decorate the finale of Bitcoin Halving.
As we climbed near point 9317, the flow check ended.
If the closing price can only be generated at more than 9300 points, I think there is a possibility that it will actually rise.
However, I think it is good that the closing price is generated above the 9317 point because it is necessary to give the expected psychology in order to rise further.
It is time to rise above the downtrend line (1) and get support.
I don't think I have the time to be supported by the 9300 branch.
I think that supporting itself is likely to cause a decline.
Currently, there is a signal on the 1D chart that there were too many purchases with RSI 70 or higher.
If it falls below 8838.5, I think there is a possibility that it will turn into a downward trend.
And, if it falls below the uptrend line (5), I think it turned into a downtrend.
Supported at point 9317 and must rise above the downtrend line (1) today.
We need to make sure that this happens.
----------------------------------------
Rather than deciding to which point it will rise, I hope now that we can decide at what point we should preserve our profits and losses and close the upward trend with good results.
----------------------------------------
See support, resistance, and abbreviation points.
Support or resistance is based on the closing price on the 1D chart.
Description of abbreviations shown in chart
R: Resistance point or section, where a counter is needed to preserve revenue
S-L: Stop-Loss point or section
S: A point or section that can be purchased for profit generation as a support point or section
Not
Not
Not
Will it be able to rise to near 10K with an additional rise ...
Will it drop from 8724.5 to near 7335...
This is the expected flow.
Not
If it goes up like this, it's likely that Bitcoin Halving is coming to an end.
In order to ascend, it must fall below the 2.41 point.
Not
The fatigue level due to the sole rise of the BTC is high.
Whether you're trying to get the heat or ending the Bitcoin Halving rise is something you'll need to see in the future.
In this case, the important thing is to know where to get support and where to get resistance, so you can respond to future trends.
The BTC was supported near the uptrend line (1) (9004.5 points) and resisted at the downtrend line (2).
If so, I think you can check if you can continue to support the uptrend line (1) in the future.
It also resisted at the downtrend line (2).
If so, it is expected to be able to respond if you check the flow when it rose near the downtrend line (2).
I think it is necessary to check the flow of BTC dominance in order to reduce the fatigue of BTC price increase.
I think BTC dominance correlates with Alts prices.
If BTC dominance falls, Alts prices are likely to rise.
If the price of BTC can't rise any more and it's sideways and the price of Alts goes up as BTC dominance falls, Bitcoin's Halving rise will be finished in a few days.
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When I was studying chart analysis for the first time, I remember that the analysts said that the price was so high because of what they said, and studied a lot about it.
I think I was able to do some analysis because of the study, but I think that wasted a lot of time.
For the sake of ease of explanation above, we have just explained about BTC dominance, but the price of Alts does not rise or fall due to the rise and fall of BTC dominance.
BTC dominance rises and falls because Alts prices rise and fall.
The reason for this is that you have to focus on the price and volume of each coin.
The price and the amount of trading constitute the actual chart.
If you want to study technical analysis, I think you need to study more about how to set the support and resistance point or section according to price and volume.
Thank you.
Not
You have to watch it move in the direction of the arrow.
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