ETHEREUM - Easy to understand Chart
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The ULTIMATE entry levels to keep an eye on. This user-friendly chart helps you better understand the market conditions. This chart is long-term, and one can always refer to it as long as the volume metrics make sense or until I update it. I hope you ENJOY!
HONEYITSGONE back up in here. The wife and mother left me because their money was there one minute and then GONE the next. They were promised eternal wealth, but meh, and now they are angry when I hit them with HONEYITSGONE ! and left me.
I have been busy taking courses and hope to post more frequently. Unfortunately, I missed the sale on the premium account, so back to the pleb status. Let's dive right in.
Leave a like, comment, and follow if you enjoy and want more helpful ideas. I would greatly appreciate it!
This chart contains Data points, and I built ranges based on them. Note our May 2021 and November 2021 highs. After the tops form, we enter a downtrend phase (see MACD). During these downtrends, we see confirmation (red and Green highlight circles) take place on bullish(green highlight circle) and bearish(red highlight circle) volume. Uptrend confirmations on the MACD usually consist of temporary volume to fake out traders during a micro(short term) downtrend(see MACD red boxes green and red circle highlights). After forming a bottom, we have a High Volume Profile (Bull confirmation MACD) to the upside followed by a manipulative move to the downside (Bear confirmation MACD), Likely to flush out high liquidity traders ( See MACD red boxes horizontal lines green, purple and red). The data we compared suggests we are on a Macro uptrend, and dips are for buying. There are seven ranges displayed on this chart to represent the structures where bullish volume took place in the past. The RSI sits at oversold. The BB suggests a bottom formed about two weeks ago, and we are continuing this uptrend. However, we don't know where the price can stop before continuing forward, but we can pay more attention to the range levels.
Use these range levels for entry prices.
Resistance range(green) to break $4000 - $3775 for continuing ATH(all-time highs).
The current Range price needs to reclaim($2920- $ 3320 Purple range). Wait for a close inside with High Volume, then a retest of support before entering this range. We seem to have bottomed on an LTF( lower time frame) but note that volume is still weak and can see a further continuation to the downside.
Support Range 1 ($2655 - $2805) is the next leg to the downside if we fail to hold the purple range(rectangle). Building a long position in this area is Ideal.
Support range 2 ($2395 - $2600) is ideal for building a long position based on the volume profile on a macro level.
Crucial / Strong support ($1712 - $2040) Is an area of interest, and High volume profiles emerged in this range in the past. Ultimately this is the area we do not want to lose, or else we can confirm a bear trend.
The Catch Me support ranges are if you are lucky enough to fill bids.
Catch Me Range 1 ($1290 - 1517)
Catch Me Range 2 ($500 - $750)
When entering markets, I often like to purchase at the range lows(the lower prices of a range). If you don't understand how to approach the scenario, the DCA(Dollar Cost Average) strategy is phenomenal. DCA is when you spread your funds across all price levels and is the most effective because, ultimately, no one KNOWS where the price can go. For example, if the price falls or goes up to $10 or $100, using the DCA strategy will allow the investor to average in (buy at all or specific price levels).
Crypto is an emerging market and tends to have a strong macro during inflationary periods. The corrections are hefty, and one should avoid emotion and buy good cheap projects if possible.
I hope you enjoy this chart. Leave a like and follow for more content.
Best Wishes
HONEYITSGONE!
HONEYITSGONE back up in here. The wife and mother left me because their money was there one minute and then GONE the next. They were promised eternal wealth, but meh, and now they are angry when I hit them with HONEYITSGONE ! and left me.
I have been busy taking courses and hope to post more frequently. Unfortunately, I missed the sale on the premium account, so back to the pleb status. Let's dive right in.
Leave a like, comment, and follow if you enjoy and want more helpful ideas. I would greatly appreciate it!
This chart contains Data points, and I built ranges based on them. Note our May 2021 and November 2021 highs. After the tops form, we enter a downtrend phase (see MACD). During these downtrends, we see confirmation (red and Green highlight circles) take place on bullish(green highlight circle) and bearish(red highlight circle) volume. Uptrend confirmations on the MACD usually consist of temporary volume to fake out traders during a micro(short term) downtrend(see MACD red boxes green and red circle highlights). After forming a bottom, we have a High Volume Profile (Bull confirmation MACD) to the upside followed by a manipulative move to the downside (Bear confirmation MACD), Likely to flush out high liquidity traders ( See MACD red boxes horizontal lines green, purple and red). The data we compared suggests we are on a Macro uptrend, and dips are for buying. There are seven ranges displayed on this chart to represent the structures where bullish volume took place in the past. The RSI sits at oversold. The BB suggests a bottom formed about two weeks ago, and we are continuing this uptrend. However, we don't know where the price can stop before continuing forward, but we can pay more attention to the range levels.
Use these range levels for entry prices.
Resistance range(green) to break $4000 - $3775 for continuing ATH(all-time highs).
The current Range price needs to reclaim($2920- $ 3320 Purple range). Wait for a close inside with High Volume, then a retest of support before entering this range. We seem to have bottomed on an LTF( lower time frame) but note that volume is still weak and can see a further continuation to the downside.
Support Range 1 ($2655 - $2805) is the next leg to the downside if we fail to hold the purple range(rectangle). Building a long position in this area is Ideal.
Support range 2 ($2395 - $2600) is ideal for building a long position based on the volume profile on a macro level.
Crucial / Strong support ($1712 - $2040) Is an area of interest, and High volume profiles emerged in this range in the past. Ultimately this is the area we do not want to lose, or else we can confirm a bear trend.
The Catch Me support ranges are if you are lucky enough to fill bids.
Catch Me Range 1 ($1290 - 1517)
Catch Me Range 2 ($500 - $750)
When entering markets, I often like to purchase at the range lows(the lower prices of a range). If you don't understand how to approach the scenario, the DCA(Dollar Cost Average) strategy is phenomenal. DCA is when you spread your funds across all price levels and is the most effective because, ultimately, no one KNOWS where the price can go. For example, if the price falls or goes up to $10 or $100, using the DCA strategy will allow the investor to average in (buy at all or specific price levels).
Crypto is an emerging market and tends to have a strong macro during inflationary periods. The corrections are hefty, and one should avoid emotion and buy good cheap projects if possible.
I hope you enjoy this chart. Leave a like and follow for more content.
Best Wishes
HONEYITSGONE!
Note
An example of shorting the range highs( which is like selling my Ethereum) took a high leverage short position on Feb 8 @ $3215 and used an aggressive stop outside of the purple range @ $3346. half of the short position has been closed @ $2917 and I am waiting for confirmation on the MACD or a Strong profile in volume before cutting my position. Ultimately I was in the negative and thought I would be stopped but luckily we were rejected. I would cut any high leverage long positions as the Volume profile is light at this time 1:37 am. Best wishes follow for moreNote
I hope you're all doing well this morning. I got some bad news that my uncle had Covid-19 the past three weeks and had to go to the hospital today. Scary thinking about this because he's healthy but can't breathe. I wish you all health and happiness. Please don't take them for granted. Make sure to take profits if the opportunity presents itself. Raise/lower your stop to make a profit if you are trading to prevent risk(especially leverage). Make sure to find a good setup before entering a long or a short. Don't get euphoric and join on emotion. Know when to exit and enter your positions. Losses can get uglier because Chewbacca was confident the price would move higher or lower. Instead, the price action does the opposite, but you're so convinced by your bias that the price will go back into profit you begin to throw all rules out the window and lose discipline as a trader. The next thing you look at your wallet and UH-OH, your negative position becomes a catastrophe.
Now you went from 10% to sitting at a 50% loss and potentially counting or even facing liquidation if not already been. Have a plan, know how much % of your money you are willing to risk before entering, and use a stop loss. You can't always win. It's mathematically impossible, which is why you have to understand how to take a calculated loss and use consistent entries and ratios to result in compound interest. A little example. You enter a long position with $100 and are willing to risk(lose) 2%($2) to return(win) 10% ($10). The risk to reward is a 1:5(ratio), and if you enter at a good level, chances are on your side if the metrics are right. The idea here is that when losing 2%, you have more room for error, and it will take five inconsistencies which are still equivalent to one of your 10% return entries. The idea is consistency and discipline with a plan, execution, a proper risk/reward ratio, and a good setup; the probability is on your side—interest compounds based on your wins. For example, you return separate units of 10%, making a 20% return for two trades. You lose seven trades in a row for a total of 14%. Your ROE is still positive at 6%.
The idea is to stay consistent and compound interest. For example, you should calculate and place a stop loss to cut your position when the asset price you're trading drops 2% to avoid any further loss. You will get faked out by the market when using stop losses, but it's the safest bet. Losing money is not easy, and it takes discipline to move on. Trading is not accessible if you don't understand, don't be discouraged and learn more to help yourself out. End of the day, anything can go right or wrong.
Best wishes
Note
Cut half of the remaining short position to reduce risk and lowered stop for-profit @ $2915. Still waiting to see relative volume.
Note
Stopped short @ $2915 for profit. Unfortunately, the price is currently below stop loss. Ultimately, we could've gone much higher, which is why a stop is worthwhile. Stops don't always trigger, which is why it's essential to pay attention to a leverage position. Best wishesNote
Naming the ranges support and resistance are somewhat ironic because they both lay within but you don't pay me so who cares.Note
JAN 29 2022 MACD red highlight should be green and purple range should start @ $2915. None of this is investment advice just examples of how I approach.Note
Bids filled, Not a shook oneNote
Take Profit raise stop loss for profit if possible.Note
Looking for entries near low 2ks with a tight stop. Ultimately if we can't hold low, 2ks were going down to $1700, which is an area of interest. Remember to take profit and use stops if possible.Note
Click on the image to read.
Note
Take profitNote
Make sure to take profit here.
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