BTCUSD Bybit Chart Analysis for January 20th

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I will begin BTCUSD Bybit Chart Analysis for January 20th



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This is 30m candle chart for last Friday.

It rose hard and touched smile face line.
So I closed my long position and waited for the second chance.

There are some differences according to your entry position.
And the price went down back right before the CME exchange was closed.

After the price renewed its new high and then we are now facing correction.

The price went a little down below purple supporting line and drifting sideways.

As the price went down after continuous rise, we could not see any chances for Altcoins.

In case of Power Ledger, it went up about 8% on Saturday.
However, due to rise of Bitcoin, the strategy was invalidated.

But congratulations for those who made profits.

I only do the trading based on principle.
So yesterday I entered long position at the supporting line of 4H candle chart and made profits twice.

Also in today morning, I entered long position and keeping it until now.

As a whole we are on the red cloud, so we do not do short position today.

We wait for the right moment and then enter long position.

If you do it simple, you will not be hesitant.

For those who were confused about the drastic fall must have chased the long position or made loss on both sides.

However, for those who entered according to the trend path, would be now in profit.

Do not make it difficult, just make it simple.



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This is weekly candle chart.

We have new candle.

Like last week, the price went down a little to break the bottom line.

The daily candle chart is about to face Dead Cross according to today’s movement.

However, the weekly candle chart has more influence.

So I brought a strategy based on this.



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Today’s strategy.
It is 30m candle chart.

It is long position strategy.

It is not just a long position strategy, but it is oriented with the uptrend path.

If you get greedy for making profits both sides, you might be in trouble.
And it will make you tired of watching at the chart 24/7.

I also believe it is my duty to be very prudent as I am giving you the idea for once in a day.

Whom do you believe will be more worried between long position and short position?

If the price suddenly goes back up, those who entered short position would be in big trouble and hard to react.

Long and short position have different approaches.
Please remember this and I will also cope with the situation real time basis today.

I will enter long position right at the precise moment.

I brought 2 cases, which are the wave pattern for uptrend, and the other case of heavy downfall.

If the price goes down below the green parallel supporting line with an additional candle, please call it a day with no position.

Please check the price breaks out the green parallel resistance line. And if it does not make it, please watch the short position chance.

Also refer to the finger pointer bonus points too.

I’ve indicated CME Gap which is about $200.

I believe it would need sometime to go up as the daily candle chart’s bottom line is broken.

Please refer to the major indicated points.

If Bitcoin goes up and fills up the gap, continuing to move up to renew the new high, it will be able to absorb Altcoins(Altcoin going down and Bitcoin going up).

The idea is based on the chart position of major Altcoins.

So this is it for today.

Hope you do the good trading.

Thank you.



(Translation
Jae Ho Shin)