Trading is like riding waves. It's like the market is an organism. Every action will create a reaction which is by itself a action for the next reaction.
What does this mean to this chart?
First wave: Someone bought the bitcoin price up (action). Someone follow that trend to earn some profit and also buy (reaction). It's starts to scalable. And more reactions comming in to create new actions.
Exect the same is happening to the opposite. ppl taking profit, bagholder etc.
I guess the rest of my points you already know, so that I don't need to write them down.
Next point of this chart are the Fibonacci levels. With wave one we hit the 0.5. Same happend during the dontrend from wave one, also 0.5. But the interesting points is that also the secound move after wave one is creating a wave by hitting fib. level 0.764 which gives usually a good sell sign.
RSI show us the same.
But never trade by just have a look into one timeframe/TA.
What does this mean to this chart?
First wave: Someone bought the bitcoin price up (action). Someone follow that trend to earn some profit and also buy (reaction). It's starts to scalable. And more reactions comming in to create new actions.
Exect the same is happening to the opposite. ppl taking profit, bagholder etc.
I guess the rest of my points you already know, so that I don't need to write them down.
Next point of this chart are the Fibonacci levels. With wave one we hit the 0.5. Same happend during the dontrend from wave one, also 0.5. But the interesting points is that also the secound move after wave one is creating a wave by hitting fib. level 0.764 which gives usually a good sell sign.
RSI show us the same.
But never trade by just have a look into one timeframe/TA.
