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!
