The key is whether there is support near the previous ATH
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(BNBUSDT 1D chart)
The HA-Low indicator is generated at 588.27 and is rising above the previous ATH.
Accordingly, the key is whether there is support near the previous ATH point of 692.90 and whether it can rise above 719.53.
If it falls below 677.22,
1st: 656.63
2nd: 582.63-616.76 (Fibonacci ratio 0.618(620.33))
You need to check whether there is support near the 1st and 2nd above.
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The fact that the HA-Low indicator was created means that it has broken out of the low range.
Therefore, if it falls below the 588.27 point, you need to be careful because there is a possibility that it will renew the low again.
If it falls from the HA-High indicator and meets the HA-Low indicator, you should consider that the previous wave has closed.
Also, if it rises from the HA-Low indicator and meets the HA-High indicator, it is the same.
The point to watch is whether it will move sideways in the HA-Low indicator ~ HA-High indicator range or break out and create a new wave.
In that sense, the key is whether it can rise and receive support near 719.53.
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Thank you for reading to the end.
I hope you have a successful trade.
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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 upward trend and faces a 1-year downward trend.
Accordingly, the upward trend 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, it is expected that prices below 44K-48K will not be seen 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.
It is up to you how to view and respond to this.
If the ATH is renewed, there are no support and resistance points, so the Fibonacci ratio can be appropriately utilized.
However, although the Fibonacci ratio is useful for chart analysis, it is ambiguous to use it as support and resistance.
The reason is that the user must directly select the important selection points required to generate 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 to use it for trading strategies.
1st: 44234.54
2nd: 61383.23
3rd: 89126.41
101875.70-106275.10 (when overshooting)
4th: 134018.28
151166.97-157451.83 (when overshooting)
5th: 178910.15
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