Hello Hivers & LeoFinancers! Hello Splinterlandians and dCrops...ians?
I have studied a great deal of TA over the last decade and just recently I realized I have never shared it where it counts!
None of my IRL friends are appreciative (ok maybe like 4 are)... But seriously - I have a lot of experience and would love to share my observations on a platform where people would appreciate it...
What better platform to share my Crypto observations than a Crypto-based Social Media Platform... in a community dedicated to Finance!!
I believe this was a "DUH" moment in the making!!
With that being said I will slowly produce more detailed charts and possible predictions in the future... today though I wanted to share two charts
First - a "Basic" 1Y chart of Bitcoin along with some key levels...
Second - a "less Basic" chart with some of my favorite indicators (not all of them, however)
In the future I plan on covering more "How to read/understand basic TA and PA" as well as more charts with not just indicators but also the trendlines as well as my hypothesis on possible movement based not only on the TA but also upon where we are in the market cycle as well as any events in the near future that may affect the movement :)
Without further ado, here's the first chart: Bitcoin 1Y Chart
As you can see from the 3 Levels I have laid out the Price was around $17,000 just ONE YEAR AGO 😱 - HOW CHEAP WAS THAT??? I hope you loaded up Sub-$20k! After passing the Yellow Level, the price move up towards the Second Level which was the Resistance at roughly $31,500
We approached it in May but fell short, rallied and touched it several times throughout Jun/Jul but just didn't have the oomph to push through it... price dropped but the buyers rallied and in late October we absolutely BLEW PAST $30k, $31.5K and YEETED our way to a smidge over $34k in a single day, before settling in the high $33k for the close...
Here's look back at that day:
Bitcoin's price was most certainly in full Shake & Bake mode that day and screams of "IF YOU'RE NOT FIRST YOU'RE LAST" good be heard from trading floors across the globe... may not be 100% accurate
After breaking through the $31.5k resistance like it was made of tissue... the momentum continued right up to the $38kish Green Level of Resistance...
Bitcoin's Price Action paused at the Resistance as ETF rumors came and went... you can see this from the "coil" that formed after the big move up from $33k->$38k and then more ETF rumors (positive ones) and we were off to races again!!
Punched through $38k and headed for the $40k range... Once in the $40k range we quickly tested the $44,350 Resistance and... while I don't want to get my hopes up... if the daily close is > $44,350... there's a good chance we are going to YEET IT again 😄
I need to look back further than 1Y for these Levels and I'll publish that in a future article.
Here's a BONUS chart for you, the Zoom In on the "triple touch" and "hopeful" daily close that I just mentioned... I added the Pink Level to highlight the important Daily Close level and how we touched it 3 times aka "Triple Touch" before punching through it too - Bitcoin's momentum is SERIOUS right meow!!
That looks bullish to me... very bullish... 🐮
With that being said here's the same chart from above but with some of my favorite indicators added:
Volume: Why? Because Volume ALWAYS Precedes MOVEMENT!!
Bollinger Bands: I love the BBands because they help me keep track of the Range and paired with RSI help me check and see if something is truly overbought/oversold... (more on this indicator in later a post)
RSI: I use RSI coupled with PA to hunt down Bullish and Bearish Divergences and for other reasons (will cover RSI in a later post too)
Thank you for joining me, that's all I have today!! I hope you found it informative and I will do my best to post another one tomorrow!! Depending on whether or not I make a Splinterlands post, that may use my free writing time for the day... But I promise, I will definitely be back!!
This post and none of my other posts are financial advice. I am not telling someone to purchase/hold/sell or invest in any asset. What you do with your own money is up to you... my posts are just my observations and opinions!
If you liked it: please follow me and reblog for visibility!!
I appreciate the support and it definitely encourages me to share more of these along with my experience - an entire DECADE of it, in the Crypto world!
Please let me know what you think, any charts or topics you'd like to see and how I can improve in the comments below!
I look forward to reading them and if you decide to follow me, please say so in the comments so I can follow you back 😄
Cheers 🍻,
- CaptainDingus
