Bitcoin (BTC) analysis and commentary next week

1W chart of the BTC/USDT pair on Binance Futures, screenshot of TradingView on the evening of April 9, 2023

Thus, for 3 consecutive weeks we have seen the W candlestick in the form of an indecision Doji. Price still closed above the EMA, just below the strong supply of 30,000-32,000. It is really difficult to know the next direction of BTC. However, I personally do not choose to buy at this time for 2 main reasons:

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Bitcoin (BTC) analysis and commentary next week

1W chart of the BTC/USDT pair on Binance Futures, screenshot of TradingView on the evening of April 2, 2023

Continuing is a sideway weekly candle in doji form. Buyers tried to push the price up to test the supply zone of 30,000 - 32,000 USD but continued to fail. The sellers pushed the price down to retest the EMA 89 and the price also bounced up quickly, so it can be seen that BTC is going sideways.

1. Ways to use support and resistance

Price zones at support/resistance can be used by you to:

Search for entry points

Look for take profit points

Set stop loss

2. Specific usage

To use support/resistance effectively, first, you need to identify the trend and follow the trend. You can take the time to review the article about identifying trends in trading here.

If the trend tells us whether to go long or short, support and resistance will help us find important price zones to enter/exit the market. school.

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1. What are support and resistance?

Support: is the price area where the market expects the price to increase when it touches it. At support, buying force tends to be greater than selling force.

Review last week's trading plan

Last week, when the weekly candle had less than a few hours left to close, it jumped more than 3,000 USD in price and withdrew, making all the predictions in my plan no longer accurate. BTC has increased very strongly this week, but there has been no major correction yet and therefore, I do not have a plan for you to follow.

Bitcoin (BTC) analysis and commentary next week

1W chart of the BTC/USDT pair on Binance Futures, screenshot of TradingView on the evening of March 19, 2023

Why are trends important?

“Trend is your friend” is a famous saying among traders for a long time, expressing the importance of correctly identifying the trend for a successful trade.

Essentially, when you put money into a trade order, you are betting on the victory of the buyer (Long) and the seller (Short). If the general trend is an uptrend (like the recent Crypto Bull run), you may not need to analyze and buy any altcoin to win, which shows the strength of the trend.

Basic structure of a candle

A candlestick chart is a chart made up of many candles, in which each candle represents a period (time cycle). For example: If you open a 4-hour candlestick chart, each candle has a duration of 4 hours, on a 1D chart, each candle is 1 day...

Note: My chart is set to white candlesticks, black candlesticks, and black candle wicks. You can customize the colors, so this is not important. According to common convention, bullish candles will be green, and bearish candles will be red.