BTCUSDT - First attempt at TA
Mis à jour
New to Technical Analysis and Crypto. I learned Basic Candle stick patterns, trend lines, points of support and resistance, higher highs, lower lows. Keeping things relatively simple to start off. Fundamentally I am bullish on crypto but happy to play a short if a break of trend is observed.
Looking back at some key moments recently it seems quite obvious now how things have played out. Whales driving the market with some fake out wicks forcing people to hit the Stop Losses then driving the drive the other way. Large Hammer shortly after both drops recently suggesting an upcoming upward trend
Going forward, currently seems to be on the up trend but with low volumes, just had a small break out for thinking we go higher from here and test upper support at 35k, break this and expect to go to next support levels. This could also just be another fake out wick, still heading to 35k just on a slower trajectory than drawn on here.
On other hand, break below the lower trend line and will be going back to 33800 level again then up to 35000 level, until we meet the end of this daily wedge (Black and Blue lines at top and bottom) when we find out if its up to 42 and onward or back to 32k and downward
Let me know you thoughts on if this makes sense and if there is any key indicators I am missing and can improve upon!
Stay safe out there Bears
Looking back at some key moments recently it seems quite obvious now how things have played out. Whales driving the market with some fake out wicks forcing people to hit the Stop Losses then driving the drive the other way. Large Hammer shortly after both drops recently suggesting an upcoming upward trend
Going forward, currently seems to be on the up trend but with low volumes, just had a small break out for thinking we go higher from here and test upper support at 35k, break this and expect to go to next support levels. This could also just be another fake out wick, still heading to 35k just on a slower trajectory than drawn on here.
On other hand, break below the lower trend line and will be going back to 33800 level again then up to 35000 level, until we meet the end of this daily wedge (Black and Blue lines at top and bottom) when we find out if its up to 42 and onward or back to 32k and downward
Let me know you thoughts on if this makes sense and if there is any key indicators I am missing and can improve upon!
Stay safe out there Bears
Commentaire
Played out pretty much as expected, price trended up attempting to break 35k resistance. Strong rejection after a short push above. This in broke the upward trend from higher highs and down went the price. Only a lower high achieved and downward trend continued hard after the higher low trend line broken down to 32,800. Appears to be strong support at this level, with higher high observed.
Re-test at 33,300 and if support is good - trend back up
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