THIS IS BINANCE/USDT. IT IS LESS THAN 1% DIFFERENT THAN OTHER EXCHANGES, BUT IT IS USDT NOT USD. DO NOT USE SPECIFIC LINES AS BASE-POINTS AND RATHER LOOK AT THE AREAS WITH ABOUT A .5% DIFFERENCE IN MOVEMENT AT THE BOTTOMS. OR USE THIS TO GAIN AN IDEA OF WHY IT IS MOVING. BTC MOVEMENT IS NOT RANDOM.
I’m no TA master or claim to be. I am a pattern finder and a self questioner.
If not shorting or longing, In my opinion, buying BTC for profit is worthless. It is much better to take BTC patterns/movements and apply them to other coins such as , ETH, BCC , BCN. I will put my other 95 charts up soon so people can reference and see how the cool patterns between the exchange.
On this chart the bottom line of the channel was put last night as a rough guess. The top part of the channel is simply the downtrend that was there before. I only say these before/after things to give everyone an idea hindsight bias – context. Because support lines and resistance don’t mean nearly as much if they are not respecting past data. What we want to know is, where are the current choices coming from and how heavily are these indicators being respected. Answering these questions gives us an idea when we see multiple indicators contradict one another.
ANYWAY Here is what I see on my btc chart. The green lines are buy areas. They were all put there well before and originate from the idea that if BTC wants to look good, a last chance retest at 6.8 would be amazing The 7450-7300 buys have been hit on the 23rd and 24th, and are no huge support indicators for me.
I am currently waiting for the channel to break or for BTC to break down. UPon that happening, I then want to see BTC CONFIRM on a support before i buy in. I often see little point to buy in something after it has broken up past a , but has not confirmed. Unless one is buying right when it hits it with a VERY short stop loss. But even that is risky.
Now that we’ve skipped the formalities, lets get to explaining the graph. I simply use 20/50/200 MA combined with fibs and lines. 200 MA generally is a resistance point, but is amazing buy indicator if it is then bought over and gives support. Similar to any .
There are two fibs. One from 3511-19820 and another from 6k-11747. I know that it went slightly higher, I do not care. What i want to do is; zoom in, see where the average price was near the top and bottom, then compare that lines to the data from it. If it looks good i use it. For a fib is worthless if the lines are not respected. Any indicator is worthless if it is not respected.
Ok onto the black and red trend-lines. The original starting point of the red trend-line cannot be seen on BINANCE, but on other exchanges it from data slightly before that 3k range. It is not a buy signal for me. I only have it there to see if it is worth anything over time.
The black one is simply the extension of the 6k drop compared to the extension of the 6.4k drop. It still means nothing to me until i can see some confirmation.
So PLEASE do not think that they are important at this time.
The chart should be self explanatory. I want people to be able to look at basic ta and make judgments. I believe that the more normal people that can understand basic ta, the better the whole scene will be.
Good luck and thanks for stopping by.