Good morning, how are you?! This is my first article regarding technical analysis and it won't be the last, I will try in this article to set you on the right path and show you how enjoyable and easy analysis can be :) First: Support and resistance This is the first step in learning technical analysis, knowing what a support area means, how to discover it, and what a resistance area means.
The first time Bitcoin dropped $BTC to 100.372, it triggered a historical liquidation of Long positions.
The second time, Bitcoin rose from 100.372 to 110.530, leading to the liquidation of Short positions.
The third time, it dropped from 110.530 under the pretext of "the war," which is an untrue justification; the important part is that it dropped to 102.664 thousand dollars, resulting in the liquidation of nearly a billion dollars!
And now it is rising again...
All these are signals telling you that the market is not moved by news as the majority claim; the market is driven by liquidity and always moves for it.. It creates and builds it through the greed and avarice of traders.
It deceives you into thinking it will rise, so you open a Long position, then it drops and takes your liquidity. It deceives others into believing that this drop will lead to a collapse, so they open a Short position, and then it surprises them with a rise, liquidating them.
This process is called liquidity hunting. This is the only method available to the market maker, which will provide massive liquidity for Bitcoin's rise and the start of the altcoin season. Unfortunately, the majority will not benefit from the real rise.
It is still moving within a sideways range between 104,000 and 106,600.
Last night, the close was positive above the opening area of the New York Stock Exchange last week, and what I expect is a quick breakout above the 106,600 area towards the new historical high that we are waiting for.
❄️ Note: All the unpleasant global news that happened two days ago could not make Bitcoin drop below 100,000 .. this is a signal that you must pay attention to .. I will keep repeating it, we are still within a large upward trend and completely far from any negativity.
As long as Bitcoin does not close below 97,000 on a daily closing, we are in the market trying to take advantage of any upward opportunity 💙
Bitcoin $BTC has left a price gap at 105424, and historically most price gaps get filled.
However, there is one condition for this gap to be successfully filled, which is that the Chicago Exchange must be open, and this exchange starts its operations on Monday night - according to the time in most Arab capitals -
Targets in blue and stop loss in red (daily close)
However, I don't see this as the right time to enter alternative currencies in general.
Currency S reached a brand new bottom last night but quickly bounced back and reached the weekly opening price; therefore, I chose it as it is one of the fastest currencies to rebound.
❄️ Ethereum $ETH : Excellent as long as it is above 2410. If this currency is among your holdings, it is crucial that the number 2410 dollars is your immediate stop-loss. If it breaks this number, it will head straight to 2200 dollars.
❄️ Bitcoin: Still in an upward trend as long as it is above 100,000; however, the daily close was unfortunately not good. So I will rely on the lower candle closes. The important number 106,650 is the most important number for me and will be the first positive signal if I find that Bitcoin stabilizes above it.
......
Soon I will talk about excellent alternative currency models, but unfortunately, the timing for entry is not suitable yet.
I have canceled the second indicator because its effectiveness is very weak .. and I replaced it with a much better indicator that I will explain shortly.
So we have only two indicators:
❄️ The old indicator as it is: ITG Scalper
❄️ The new indicator: Support Resistance Channel I will explain it shortly.
The indicators are on a 15-minute timeframe as usual 💙
Good morning to you all 💙 The Others chart contains all alternative currencies except for the Top 10 currencies, as I see it!
An increase to 340.35 billion, God willing, it will not go beyond that channel set for it.. If it drops to 330 or 320 billion, it doesn't matter.
❄️ Note: I will focus on alternative currencies in the coming period, and therefore we will have a new section to follow my personal trades, and on alternative currencies in general so that the main channel does not get too crowded, and it will definitely be Spot only.
I will link it to the channel when I prepare it. You will not need to join.. everything I publish there will also be published here, so you won't need to join, don't distract yourself.