Hello everyone, I hope you're all doing well. Friday is just around the corner. This is my first post and I would like to dedicate it to something I enjoy doing, charting crypto! Do note this is my personal opinion and not a financial advice.
Marking out Daily and POC levels
$BTC daily chart
I use the Daily Close Levels as support/resistance levels. They're not always effective and should be used in confluence with other technical analysis.
The red lines (POC) are price points where the most trades happen. Expect volatility on POCs, bearish if price doesn't clear POC, bullish if it clears POC.
Try it out yourself:
Fixed Range Volume Profile to find the Point of Control (POC)
$BTC on the hourly chart
My chart is a lil messy, let me know if you have any questions
Elliott Wave and Fib tools
I use multiple technical analysis strategies and look for confluences to take trades. Starting from the impulse wave up from 38.5k (0.66 fib) to 42k bringing us to where we are now. Using Elliott Wave Theory, the price action of $BTC shows that we're in a price correction wave. This corrective wave seems to be an expanded flat with that's invalidated if it goes above $42,800.
It's not the best time to long now
Fib Retracement and Putting it Together
The fib tools levels for Elliott Wave is different from another TA strategy I use. I place a fib retracement for the whole move from the bottom at 38.5k to the top where we are now. $BTC is due for a correction to test previous levels of support as we have clearly hit a level of resistance. I have marked out a few levels I would be interested in to take a trade.
What are your thoughts? I would love to hear your opinions.
Are you bullish? Bearish? Either way, we're all here to make money. Have a great weekend ahead!
Hello, @juliusting! This is @jcrodriguez from @OCD team. We saw that you already posted your first post here in Hive! Congratulations and welcome! However, it would be awesome if you do an introduction post. As a sample of what an intro post is, you can refer to this intro post for reference:
Keeping Up With the Buzz - My Introduction to the Hive Community
There's no specific format on how you do your intro post, but there is some suggested content that we would love to see in your post. Information like who are you and where you're from, how did you discover Hive or who invited you, what types of content you want to see here and the types that you want to produce, and what are your expectations in this platform. There's no pressure on this. You can choose whatever information you would like to share.
If you are looking for tips and information as a Hive newbie, click here: newbie guide. They are easy to understand and useful for learning how the platform ecosystem works.
If you have questions or concerns, you can hop into OCD's Discord server and we'll gladly answer your questions.
We would love to know who invited you to the platform. Lovesniper will follow you and we are looking forward to your intro post!
Hope to see your next posts soon, enjoy and have fun.
hi @jcrodriguez . Thanks for the guides. I will write an introduction post soon :) Looking forward to be part of this community