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Can anyone see how bullish BTC is? +General info on my charts for BITSTAMP:BTCUSD by Jack-Strainer

first lets talk about the chart and PA

Bulls

we are still in the support of the channel we broke in. we fell to the support at 38k (that was the previous channel we were in) and were fighting to stay back in, we have time and we have buying presser so no need to worry lets wait for a weekly close back above 48k and just wait…..

the red strait lines on the left chart are the long term trend lines from the beginning of bitcoin’s existence and it collided perfectly with the support @ 38k with a swift push up…. looking good for a good weekly close

(I do not touch these lines ever, all I ever do is add new support lines from my blockchain data. {you can check out my other similar Btc possets for clearance})

the bulls are hoping to test the 65k resistance…. just wait patiently

Bears

we need to stay under 46k, close the weekly then maybe go up for a last touch around 46k-48k then drop back to the last channel: top @ 38k – bottom @ 31k

the strongest BTC has ever been @ 34k –great exit

weekly never closed under 31k support — great exit

General information about my Charts (: (finally right)

My BTC posts are the most important thing on this channel!

I’ve dedicated years to a wearied ass way to analyze the BTC market and I truly believe I partlyfully understand this way of market analyzation, but obviously as a human I make big mistakes (also I try updating the charts so check for updates in the comments) this is why I post both bullish and bearish posts. the full intentions of my BTC posts are about the {supports and resistances} and {weekly closes} (both collide amazingly).

I’m creating an in-depth deep dive into all of the logistics of how I analyze and I’m putting it all together into one doc so this post will not go into any specifics about anything. ill just give general info on how bitcoin reacts to the lines I place (I don’t place these, I get them from blockchain data and place them on the chart).

there are multiple lines |&| colors but I group them up as such ( i am not placing these groups in the order they should be in)

Group 1: xxxx – Green Dots xxxx – Green Dash

Group 3: xxxx – White Dash xxxx – Red line

Group 5: xxxx – Red Dash xxxx – Purple Dots

Group 7: xxxx – Orange Dash xxxx – Yellow Dash

Group 2: xxxx – Green line xxxx – Light orange Dash

Group 4: xxxx – Pink Dots xxxx – Purple Dash

Group 6: xxxx – Orange Dots xxxx – Pink Dash

all of the classified info will be on the official doc and the groups will be organized as it should.

So these groups are the strength of each line of resistance &/or support, these groups can become greater with time depending on the volatility of BTC meaning we will keep needing more colors and more line types.

once the data is printed on the blockchain, I place it in a group then on the chart (I place it on the exact candle it was formed on) and it paints a beautiful pic if looked at correctly. it shows where the support/resistance is being placed in real time.

|Live Data 1W| Aug 2020 (1.1)

Purple dots line ( Group 5), it was made on the first green candle (meaning we have this info before all this plays out)

|Live Data 1D| Aug 2020 (1.15)

at times groups take control and its rare to see a not so common line come up in a flow of common strait lines (just in this example)

|All data together 1W| Aug 2020 (1.2)

the all data collected pics don’t usually show the green or red lines bc they over flow the charts

|All data together 1D| Aug 2020 (1.25)

We can see here that there was resistances at the top we didn’t see before bc we just had live data

I will analyze in the 1D & 1W

1st Week, close Aug 3 – Aug 10
1D: (1.2)we can see there are two resistances at 11.9k & 12k (these were printed back in 2018) so seeing another purple dots resistance being printed (1.1) at 11.9k again should get you out of your long and maybe think about shorting. We fell the very next day strait to the bottom of the channel + support line @ 10.8k……… the weekly closed above the support purple dotted line to close bullish .
1W: weekly created it then dumped to the support @ 11.1k (bottom of the new channel) and closed above it

2nd Week, close Aug 17
1D: started the week with a dump then we jumped and touched the past resistance made in 2018 (1.25) @ 12.5k then dumped and closed the weekly under the purple dots on the live chart (1.1 or 1.15) making it bearish again and the week before it cancels.
1W: same^^ but weekly is closed and steady above the ichimoku cloud so obviously were supposed to jump bc weekly created support on the cloud??? no ser, weekly closed under the purple dotted line we fall now… unless that current week closed above 12k again.

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-Here we see the weekly close under the line it just closed above; there are multiple ways how a weekly candle reacts to a line. one way is when a weekly closes above a resistance making it support then the next week cancels it with a close under it.

(I’m explaining here that there are bear/bull traps and you have to have confirmation and more confirmation).

lets say its Aug 10 2020 ( we have 500k contracts to buy )
the weekly just closed above the new purple line ( meaning were bullish & there’s a chance of breaking the channel )
we buy 150k contracts @ 11.9k and have 150k more @ 11.2k (11.2k is the bottom of the channel)

Aug 11 comes by and I’m in 300k and have 200k left so I add 200k @ 10.8k (top of last channel)

Aug 17 comes and we take off 100k of profit @ 12.5k ( bc its past resistance) and we hold the 200k long

Aug 24 closes the weekly and it closed under 11.9k so its bearish again
– our entrance would be around the circle drawn, now we decide do we get out right now or wait for a new weekly touch of 11.9k line then get out and wait for another weekly close above the purple line or short.

Sep 1st comes by and gave the chance if I hoddeld to get out at resistance + more profit

anddddddd Sep 3rd comes by and destroys everyone

This is how I’m playing it but I do get caught up in the twitter drama and everything witch is horrible but I’m fixing that slowly

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3rd week we bounce around and touch the bottom of the generated channel

4th week we touch 11.9k again and dumped, we can see in the (1.15) chart that the daily closed above the purple dotted line before the big fall back to 10k. that close above the line wasn’t bullish because the weekly wasn’t closed above it to began with so nobody should have been bullish then, we should have waited for a weekly close above 12k or do nothing unless your bearish then short.

this is just one example of what I’m trying to extract from my brain, i will update more

thanks for reading and good luck trading

this is not financial advice

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