Table of Contents
Overview of BTC (long-term / short-term TA / short-term trading)
Overview of ETH
Overview of US100
Overview of BTC
At this stage, I would like approach the market with a positive outlook forecast this month, but I need to determine carefully.
It is necessary to continue to watch the movements of BTC, ETH, and the US100 and respond flexibly to the market environment. It can be said the difficulty of the current market price cannot be determined by judging BTC alone. It is important to observe each element in a complex manner and make a comprehensive determination.
↓ BTCUSD monthly candlestick chart
June starts this week.
In the previous article I mentioned,
“Think about the candle bar for June. As with last week, my policy is to take a long position with the lower wick of the shadow line in May only if the initial movement of the candle bar is down. It is the basic idea of candlesticks. Of course, it may be a positive line without a lower wick, but I think the possibility is extremely low, especially at the monthly level. It is the past on the left side of the above figure. It is clear if you look at the monthly chart of the month.” Accordingly, the current situation is working as expected.
Since the initial movement is down once, I would like to have a long position once with the wick tip of the previous month as my back or with a slight break in the low price.
↓ BTCUSD weekly candlestick chart
At the weekly level, it is highly likely the market is ranging.
Specifically, it is assumed the range market is specified as the lower limit of the range = the latest low price of $26,000 and the upper limit of the range = the latest high price of $33,000. Perhaps it should be good to go around with this range assumption for a while. I also want to remember the basis of a ranging market is to buy at the lower limit and sell at the upper limit. I want to take the opposite position, so-called ‘Tsukkomi’ position, so it will not be consumed.
Short-term trading
In the short term, the link with the US index has become less correlated.
Although the US100 showed a rise, BTC did not show a lift, probably due to the decline in ETH.
However, when the US stock index shows a sharp decline, I think BTC will be entangled, so it is better to refrain from holding a long position if this occurs.
Overview of ETH
↓ ETHUSD Daily Candlestick Chart
Regarding ETH last week I mentioned,
“Since it is stopped at the white box once, there is a possibility of making a positive line next week or next month. At least it seems there is a plunge short from this position, so even if it is a hidden line, I see it being shaken up once in the short term.”
As mentioned, it showed a transient rise in the short term. However, it started to fall again at the milestone price range of $2,000. After this, I would like to see if it will move to try another box below, or if it can be reversed at the current price range. In any case, the lower price is considered to be limited, so I would like to aim to build a long position.
Overview of US100
There isn’t much to write about this week, so please refer to last week’s article for the support areas you are aware of.