Proof of Human Trading on BTCUSDT (Not Just ALGORITHMS)

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In this update I will share a fantastic opportunity to understand human trading behaviour. First I will share the four levels of resistance that I am looking at. The levels can be used for the coming weeks to understand key price levels of BTC. However, for actual price projections, don't plan too far ahead. Even though we are in a clean rising wedge, I drew only candles until 3, 4 days out. There is soo much news recently that impacts the price of BTC, that TA becomes less sustainable for price predictions.

Now, onto the levels:
Resistance Level 1: 6650
Resistance Level 2: 8150
Resistance Level 3: 9200
Resistance Level 4: 10500

Look at how BEAUTIFUL these numbers are. They are all incredibly round numbers, which match perfectly to the levels of support and resistance. Computer scripts don't come up with these round numbers, humans do. You can see human trading behaviour at work here, along with human psychology. This is exactly where humans would put their limit orders, or where they will put price alarms.

-- So, How Do I Beat Other Human Traders? --
Think carefully about where you put your limit orders. If the resistance is at 9200, don't put your limit order at 9201 right above a huge resistance. Be smart, and put it at 9199 or even a little bit lower. This reduces your profits only slightly, while greatly increasing the odds that your limit price will be hit.

This also works for buy orders, never put those on round price levels. Instead, look for non-round numbers slightly disadvantageous to the profit, but very positive for your hitrate.

If you learned something today, give me a thumbs up!

- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

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ملاحظة

Quick update on this one:
So far the price has exactly conformed to the expectation and the rising wedge is still completely intact:

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ملاحظة

The price still follows the rough trend estimate, but of course the further we go from our starting point the more difficult to estimate.

Upon closer inspection, I found another psychological resistance that I want to share with you. On the 20th of March the EXACT price of 6900 was hit. I added the resistance line to the chart.



For the price to continue its uptrend on how I imagined it to be, it will need to break through this newly found 6900 zone first. This is the line you would want to add on your charts. If we break through, we can expect a bullish continuation.

If it doesn't break through, we might see a strong bearish rejection, like on the 20th of March happened.

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ملاحظة

Last update on this one:

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ملاحظة

Pressed enter too soon. Wanted to give you all a last update on this idea.



We see that the predicted yellow price behaviour did not hold, so I'm closing this idea. However, the wedge did just get confirmed. The horizontal resistance level also just got confirmed. We can see the price struggling a lot around the 6650 level. Also, as soon as the price broke through the bottom support line, the price got a massive hit. Validating the breakout of the wedge.

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