1 month ago
Through investigation of Bitcoin futures leverage, spot marketplace bid books, and intelligence trading levels, I created a acceptable of channels that person proved amazingly resilient implicit the past six months.
I’ve not time traded crypto since 2021, focusing alternatively connected dollar outgo averaging into Bitcoin daily. The removal of the affectional facet of trading allowed maine to absorption connected the information without projecting my idiosyncratic feelings into trades and analysis.
Looking solely astatine the 30-minute terms illustration for Bitcoin, I drew horizontal lines according to repeating adjacent prices to place wherever traders whitethorn beryllium looking to spot stop-losses. I past compared these levels to Coinglass’s liquidation levels to spot which aligned with precocious leverage. Finally, I reviewed the Binance spot marketplace order book to analyse wherever ample bargain and merchantability orders were placed extracurricular the existent mid-price.
Based connected this seemingly elemental analysis, I created 4 channels passim February and March to not foretell the marketplace but to place wherever we could expect enactment and resistance. Over the past six months, these channels person matched section bottom and tops aggregate times.
Bitcoin channels implicit the past six months (TradingView)Further, Bitcoin’s driblet to $49,000 lined up perfectly with the past enactment of my bottommost channel. I postulated that a autumn beneath this terms would unfastened up caller little terms discovery, opening up the anticipation of caller little prices. However, Bitcoin bounced disconnected the bottommost transmission earlier hitting absorption astatine the apical of the channel.
Bitcoin bottommost transmission (TradingView)Between Aug. 12 and Aug. 16, Bitcoin bounced disconnected the bottommost of the achromatic transmission earlier falling to the bottommost of the reddish channel, wherever it again recovered support.
Bitcoin bouncing disconnected apical of the achromatic transmission (TradingView)Currently, Bitcoin has shown strength, rebounding to the apical of the reddish area, which is the 2nd bottommost transmission successful the analysis. Bitcoin wicked supra the red, threatening to participate the achromatic earlier failing a retest of the apical of the transmission astatine $61k, perchance returning to the adjacent level astatine $60k.
Current Bitcoin terms enactment (TradingView)While I bash not judge successful trading utilizing method analysis, galore others do. As a result, I spot the worth successful identifying areas wherein different traders volition spot orders to estimation wherever to expect marketplace reversals. Ultimately, charting is lone a insignificant origin successful determining Bitcoin terms alongside regulation, geopolitical events, the economical climate, societal sentiment, and on-chain transactions.
I bash not assertion to beryllium capable to foretell Bitcoin prices daily. However, these channels person been highly influential successful determining however overmuch unit Bitcoin needs to walk definite terms levels, either up oregon down.
For instance, astatine present, sizeable Bitcoin FUD caused by institutions moving ample amounts of Bitcoin on-chain volition request sizeable societal sentiment unit to propulsion Bitcoin beneath $56.6k. Likewise, bullish sentiment caused by cutting rates oregon expanding marketplace liquidity would request to beryllium important to propulsion done $66.8k to interruption into the apical yellowish channel.
I station astir this investigation connected the on-chain societal media level Lens Protocol, along with caller SlateCast episodes, connected the official CryptoSlate account. None of this investigation should beryllium considered idiosyncratic fiscal advice; arsenic mentioned earlier, I bash not commercialized disconnected these levels myself. I judge successful buying Bitcoin regularly and consistently astatine immoderate terms it is connected that day.
The station Bitcoin transmission predictions align with marketplace movements implicit 6 months appeared archetypal connected CryptoSlate.
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