This post is a personal investment journal based on my own market study and observations. It is not financial advice or a recommendation to buy or sell any asset. All investment decisions and responsibilities belong to each individual investor, so please make careful decisions based on your own judgment and risk tolerance.
[Bitcoin, BTCUSDT.P]
This is the comprehensive Bitcoin chart. From the upper left in a Z-shaped order, the timeframes are the 15-minute, 30-minute, 1-hour, 4-hour, daily, and weekly charts.
On this first day of the weekly candle, Bitcoin is forming a bearish candle with a lower wick. Since last week’s candle closed bearish, this week’s candle is important. I need to see whether it turns back into a bullish candle and continues the upward flow, or whether it closes bearish for a second consecutive week and confirms that the trend has shifted downward.
Looking at the 4-hour chart, the SMA 200 appears to have changed from acting as support to acting as resistance. For now, it seems the trend may be turning downward. If I were to bet on upside, I would need to take a short profit and exit quickly. In general, it seems more reasonable to think with a bearish bias and trade accordingly.
Looking at the minute charts and the 1-hour chart, the market appears somewhat overheated in the short term. It declined throughout the day and is rebounding at night, but since the RSI is approaching the 70 area, I need to keep in mind that it could fall again.
[Ethereum, ETHUSDT.P]
This is the comprehensive Ethereum chart.
Looking at the 4-hour chart, the SMA 200 is still acting as support. This is different from Bitcoin. At least for Ethereum, the probability of moving upward seems relatively higher.
However, when looking at the 1-hour and 30-minute charts, price is facing resistance at the lowest moving average, so I do wonder whether it can really move higher.
Instead, it may be better to consider buying or selling when the RSI moves near overbought or oversold levels.