Possibility of initialization of StochRSI indicator

5 days ago

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(ETHUSDT 1W chart)

ETH is currently located within the upper range of the HA-High indicator box on the 1M chart.

Accordingly, if it rises above the Fibonacci ratio of 0.786 (4188.95), it is likely to create a new rising wave from a long-term perspective.

The point of interest is whether it can renew the ATH.

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If it fails to rise and falls below the Fibonacci ratio of 0.707 (3887.58),
1st: 3438.16-3644.71
2nd: 3265.0-3321.30
It is necessary to check whether it is supported near the 1st and 2nd above.

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Currently, the StochRSI indicator has touched the 100 point, so the possibility of volatility is increasing.

Therefore, the point of observation is how to reset the StochRSI indicator.

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(ETHUSDT 1D chart)

The point of observation is in which direction it deviates from the Fibonacci ratio of 0.707 (3887.58) ~ 0.786 (4188.95).

The next volatility period for ETH is around December 16th.

Therefore, the key is whether the price can maintain and rise around the Fibonacci ratio 0.707 (3887.58) ~ 0.786 (4188.95) range until then.

If not, if it falls, it is expected to touch the M-Signal indicator on the 1D chart.

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Have a good time.
Thank you.

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- ​​Big picture
I used TradingView's INDEX chart to check the entire range of BTC.

(BTCUSD 12M chart)

Looking at the big picture, it seems to have been maintaining an upward trend following a pattern since 2015.

In other words, it is a pattern that maintains a 3-year bull market and faces a 1-year bear market.

Accordingly, the bull market is expected to continue until 2025.

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(LOG chart)

Looking at the LOG chart, you can see that the upward trend is decreasing.

Accordingly, the 46K-48K range is expected to be a very important support and resistance range from a long-term perspective.

Therefore, we expect that we will not see prices below 44K-48K in the future.

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The Fibonacci ratio on the left is the Fibonacci ratio of the uptrend that started in 2015.

In other words, it is the Fibonacci ratio of the first wave of the uptrend.

The Fibonacci ratio on the right is the Fibonacci ratio of the uptrend that started in 2019.

Therefore, it is expected that this Fibonacci ratio will be used until 2026.

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No matter what anyone says, the chart has already been created and is already moving.

How to view and respond to this is up to you.

When the ATH is updated, there are no support and resistance points, so the Fibonacci ratio can be used appropriately.

However, although the Fibonacci ratio is useful for chart analysis, it is ambiguous when used as support and resistance.

This is because the user must directly select the important selection points required to create Fibonacci.

Therefore, since it is expressed differently depending on how the user specifies the selection points, it can be useful for chart analysis, but it can be seen as ambiguous when used for trading strategies.

1st : 44234.54
2nd : 61383.23
3rd : 89126.41
101875.70-106275.10 (Overshooting)
4th : 134018.28
151166.97-157451.83 (Overshooting)
5th : 178910.15

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