This Week’s Summary
Overview of BTC (Practical examples of long-term and short-term TA and short-term trading)
Overview of ETH
Overview of the US100
This Week’s Summary
Continuing from last week’s article, my view on the market as a whole is I don’t want to feel forced to take a position except in an easy-to-understand situation because there is no clear indication of where to place a position as I have my suspicions. An easy-to-understand situation is one I will explain below in this week’s article in the BTC’s hourly chart.
In any case, with this feeling, it is highly likely a market reversal over a long-time axis will require a ranging market for several years. It should be remembered the market environment has a high probability of a temporary rise even if it is about to reverse in the short time.
Overview of BTC
This week’s BTC move was in the range, around $20,000, as mentioned in last week’s article.
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 is BTC cannot be used solely to make any judgments. It is important to observe each element in a complex manner and make a comprehensive judgment.
Since monetary easing has ended and funds are being withdrawn from the market, it is not necessary to rush to build a buy position over a long period of time. We are in the phase to protect funds, not a phase to be on the attack.
↓ BTCUSD weekly candlestick chart
For the time being, this week’s weekly chart is likely to be confirmed by the positive line. However, I think it is unlikely we will reverse from here. This week, the monthly foot of this month will be confirmed by a hidden line, so I would like to see exactly where the candlestick closes.
In last week’s article, I mentioned, “Next week, we expect to set a range in this price range, that is, around $20,000.” However, I think this month and next month will be in this price range for as well for a while.
On the other hand, if price breaks below this range, it is important to note only the white box in the figure below has an area where you may want to take a long position. In other words, it can be said it is not necessary to aim for the construction of a long position because it is in a state of not having much support.
Whether it reverses upwards or continues to fall, some horizontal axis adjustment is required, and the ranging market should continue until then.
↓ BTCUSD 1-hour candlestick chart