BTC DIARY CORRECTION
Good morning, follow BTC analysis and a possible trade for the next few hours.
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Comment if you are interested in knowing more about timeframes, the indicators I use and even other indicators that I have programmed and that have helped me a lot, I can write explaining them.
Twitter: @Jack74541196
Indicators Used
• RSI
• Light RSI
• VPRP
• Averages of 12 and 26 periods
• Graphic pattern
Current scenario
BTC is now looking for a rising bottom on the daily chart, this usually occurs when the 1h chart goes oversold on the RSI. One factor can harm this trade, BTC has already hit 1h on short and I exit quickly, this can cause our orders not to be executed, on the positive side, below the buy zone there is strong support which makes us more comfortable to place our orders and a clear STOP LOSS point.
The news about the war between Russia and Ukraine has been losing strength in the market, affecting less and less, as expected. SPY500USD looked for a correction on the 1h chart (5 min oversold) and held at 42700, which is excellent, probably on SPY we will have a GAP at the opening followed by a rally.
Conclusion
Using VPRP we map the price ranges where BTC will find support and resistance (red and green box) and within this range we can find the highest resistance prices (red line). Knowing that the daily chart has had a big rally and now needs to correct, let's use the RSI lvls to find the price range on the 1h chart that corresponds to this correction (yellow box). Finally, we use the Fib Retracement, to see where the 0.65 line (gold line) is, a great buy indicator.
The Fib retraceally coincides with the entry of the RSI lvls at 1h, which in turn has a strong resistance zone at the most extreme values. The price came looking for the 0.5 of the Fib Retracement, in its first decline, which indicates a probable pattern of equilibrium in lesser timeframes and when analyzing the 5m an ascending wedge was found, an exhaustion pattern that usually breaks down, being able to boost the price down towards our buy zone. Finally, the 12 and 26 emus merged at 4h forming a strong resistance increasing the need for BTC to form an ascending bottom on the daily to have strength and break them.
I will divide my capital into 5 parts and distribute it in the range of 36400 to 35500 (strong psychological number) and have my STOP LOSS at 34198, just below the last strong resistance.
How to get out.
I execute my exits in parts, when I reach the first resistance zone, I leave with part of the profits and update my STOP LOSS at each bottom formed in lower timeframes. This guarantees profit and security in unstable times like these.
If you are enjoying the analysis and have questions and suggestions, leave a comment below, like and subscribe, also follow me on Twitter.
Comment if you are interested in knowing more about timeframes, the indicators I use and even other indicators that I have programmed and that have helped me a lot, I can write explaining them.
Twitter: @Jack74541196
Indicators Used
• RSI
• Light RSI
• VPRP
• Averages of 12 and 26 periods
• Graphic pattern
Current scenario
BTC is now looking for a rising bottom on the daily chart, this usually occurs when the 1h chart goes oversold on the RSI. One factor can harm this trade, BTC has already hit 1h on short and I exit quickly, this can cause our orders not to be executed, on the positive side, below the buy zone there is strong support which makes us more comfortable to place our orders and a clear STOP LOSS point.
The news about the war between Russia and Ukraine has been losing strength in the market, affecting less and less, as expected. SPY500USD looked for a correction on the 1h chart (5 min oversold) and held at 42700, which is excellent, probably on SPY we will have a GAP at the opening followed by a rally.
Conclusion
Using VPRP we map the price ranges where BTC will find support and resistance (red and green box) and within this range we can find the highest resistance prices (red line). Knowing that the daily chart has had a big rally and now needs to correct, let's use the RSI lvls to find the price range on the 1h chart that corresponds to this correction (yellow box). Finally, we use the Fib Retracement, to see where the 0.65 line (gold line) is, a great buy indicator.
The Fib retraceally coincides with the entry of the RSI lvls at 1h, which in turn has a strong resistance zone at the most extreme values. The price came looking for the 0.5 of the Fib Retracement, in its first decline, which indicates a probable pattern of equilibrium in lesser timeframes and when analyzing the 5m an ascending wedge was found, an exhaustion pattern that usually breaks down, being able to boost the price down towards our buy zone. Finally, the 12 and 26 emus merged at 4h forming a strong resistance increasing the need for BTC to form an ascending bottom on the daily to have strength and break them.
I will divide my capital into 5 parts and distribute it in the range of 36400 to 35500 (strong psychological number) and have my STOP LOSS at 34198, just below the last strong resistance.
How to get out.
I execute my exits in parts, when I reach the first resistance zone, I leave with part of the profits and update my STOP LOSS at each bottom formed in lower timeframes. This guarantees profit and security in unstable times like these.
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