$TURBO I have now reached the yellow support zone, which has been tested multiple times at this key level. Everyone can come pick me up in this area. As for the short-term target, everyone can first 👀 look at the blue position. Overall risk-reward ratio is 1:3, worth doing. The password has already been shared, hurry up and pick me up 🚗
How to find key effective support and resistance levels? 🐂🍺
I see many teachers in the square using a line to draw support levels. When we see this line, we should actually understand it as a range during real trading operations.
How to learn to draw effective support and resistance levels?
Today, I will briefly talk about how to draw correct support and resistance levels. It is actually very simple, just 4 steps:
1. The more times it is touched, the better. 2. The price strongly reacts after touching this area. 3. It can be seen at a glance. 4. It has acted as both support and resistance.
The above 4 conditions do not need to be fully met to be called a key level, but the more conditions that are satisfied, the more effective it is.
Taking Ethereum as an example, this is the daily chart. From the chart, we can see that this yellow area (2730-2800) meets the above 4 conditions. Ethereum's recent trend has touched the yellow area multiple times, and after being suppressed, the price begins to pull back. The price reaction is also quite strong, and it can be seen at a glance. At the same time, this position is also a support-resistance switch position.
Ethereum has failed to break past this position several times over different timeframes, encountering resistance or support at this position. Therefore, we should pay attention to this position, as it may be a strong key area.
What details should we pay attention to when drawing key levels?
First, in the first step, we draw a line at the place where the candlestick touches the most.
The second step is to draw a line above and below this line. The purpose of drawing these two lines is to ensure that the more candlesticks touch them, the better.
Step 3 is to delete the line in the middle, which will give us the preliminary support area; if the support area is too large, we can adjust it according to the principle of 'the more times it is touched, the better; the body is more important than the shadow,' thus narrowing down the key area. This will form a key support area.
$Bitcoin Night Analysis - Pullback to Go Long (10.31)
There is a potential hidden risk at the daily level with KD indicator divergence. The KD indicator has peaked and is declining, while the price is rising. If the price lingers at a high level without a strong breakout in the coming days, it is likely to undergo a pullback to correct this divergence.
At the 4-hour level, Bitcoin is clearly within an upward channel. In the past few days, the price has been approaching the previous high and has started to retreat under the pressure of that high. Within this rising channel, the medium position support has been repeatedly validated, and this medium position is also the neck line of a W bottom. As long as the price does not break the medium position, a breakout above the previous high is highly probable.
Looking at the 1-hour level, the current price is in a descending channel correction. We are looking for long opportunities at the lower edge of the channel in the 71400-70900 range. This position also corresponds to the previous low at the hourly level and can serve as an entry point for a short-term long position.
In the 71400-70900 range, go long with a stop loss at 70400. The target is around 72400. $BTC
$SOL Review of SOL Yesterday's Short Position (10.30)
First, let me share some good news: the SOL short position is currently in a floating profit state. However, the downside is that the price is now approaching a short-term resistance level.
Yesterday, I advised everyone to gradually enter long positions in the 165-172 range. This morning, the price dipped to around 171.7, successfully allowing us to get on board. The current price is around 175, yielding a floating profit of 3 points.
Today, please closely monitor the 176.4 level. This is a trading dense area and also the position of the 60-day moving average resistance; please pay close attention tonight.
Today's Strategy: Long on Dips Today, let's talk about the relatively weak Ethereum. Bitcoin has already reached 72,000, while Ethereum is still around 2,600. It's definitely weaker than just a little bit.
First, let's take a look at the daily chart. Ethereum is in an upward channel, and the overall bullish trend has not been broken. The KD indicator is also diverging upwards, and the MACD is above the zero line, so the strategy remains to go long on dips.
Now let's look for short-term entry opportunities for long positions within the day. Looking at the 4-hour chart, the price is still running above the 60-day moving average, and the bulls are still in control. The range of 2,610-2,590 is also in a zone of high trading density, which can be used as an entry position for long trades. Trading is inherently about taking small risks for larger rewards, and it's essential to have a stop loss.
For short-term trading today, enter long at 2,610-2,590 with a stop loss of 30 points and a take profit of 26,800, 26,816, 37,08.
Bitcoin showed strong performance last night, breaking through the daily descending channel, so the probability of SOL following the breakout has significantly increased.
Referencing the 4-hour chart, we can clearly see SOL oscillating upwards along the ascending channel. The KD indicator shows some divergence, and there is an expectation of a price pullback. Therefore, look for support levels to enter long positions. The first support level is the pullback position of the previous V-shaped reversal around 172. The second support level is near the lower edge of the upper channel around 165.
Today, for SOL, enter long positions in batches within the 165-172 range, targeting 185, with a stop loss at 160.
$TURBO Bullish Underlying The upward structure remains intact, buy near 0.0089 Aggressive buy at the current price, the target is to see around 0.012 Stop loss just below the previous low
$BTC I had a floating profit of 900 points, but when I woke up, the order was gone. I saw that I was hit and lost 500 points. What did I experience from floating profit to loss? The more it rises, the more excited I am. I will take revenge again.
The daily chart for Bitcoin has closed with two small bullish candles for two consecutive days, and currently, the price is still at the upper position of the rising channel, which is a very good bullish performance. However, looking at the indicators, the strength of the rise has weakened compared to the previous wave of increases. The KD indicator is also approaching the overbought zone, so at this point, friends should not chase long positions anymore.
In reference to the 4-hour trend, the MACD divergence compared to the previous wave of upward momentum shows that the area or height of the volume bars is not as strong as the previous wave. The KD indicator has also reached the overbought zone, indicating a need for a pullback.
Intraday 68900-69200 Short 3% position Take profit 68000 $ETH $SOL
$BTC I will follow the trend and open a short position in this small position to test the position. I personally think that this wave of decline has not yet ended. Set a stop loss
$BTC $ETH $SOL is empty, wishing all the friends still in the game good luck, it's time for tea and chat, welcome friends to come and chat in my comments section 😁
Should you watch the market? Let's see if you exhibit any of these behaviors.
A couple of days ago, a student asked me, 'Teacher, should I watch the market?' I think this question is quite representative. Let's take some time today to discuss this issue. For those who ask whether to watch the market, I believe they must have the following three characteristics.
1. Fear of losing money, you might think that the situation is not good or the market is turning downward, so you hurry to run; and at this time, you also like to switch timeframes back and forth. Originally trading on a 1-hour or 4-hour timeframe, now switching to 15 minutes to find favorable information for yourself; including checking opinions in groups and analyses from some KOLs or big names. If their opinions contradict mine, I start to doubt whether I should run away, etc.