Hello dear traders, I continue now with the next lecture for the important levels on the Bitcoin. 1
So, except having the counter trend line in this strategy we will focus as well on the support and the 2
resistance. 3
And recently you can see what an important level we had at about 2950. 4
Let's make it just a round number to be easier. 5
So, you can see here the price stopped one time, second time, nearly a third time. 6
And then the price actually stopped at this level when it was dropping. 7
So, this is what we call support and resistance. 8
At first this level was resistance and then it was a very strong support. 9
So, the price bounced from that level and continued higher. 10
So, we can say that we have an important level when this level stops the price. 11
Simply said, once it resists the price to go higher and after that like with this example it actually 12
support the price and doesn't let it go lower. 13
And you can see a couple of important levels as well. 14
If you go lower on the chart as well as this level at nearly 750. 15
I will make it as well round. 16
I prefer to make it round, guys, because the round numbers are also psychological support and resistance. 17
So, you can see here the price didn't succeed to go over 750. 18
Then try it one more time. 19
Second time. 20
And then here it went up. 21
You can see even small retest and then another huge retest, and then continue higher. 22
So, this is what we call the important levels. 23
These are the support and the resistance levels. 24
And here one more level you can find at 460- one time, two, three, four times, five times here 25
breaks, 26
and then again works as support. 27
So, the support and the resistance levels are very important with the Bitcoin as well with the other 28
cryptos and we will use it in our trading system over here. 29
One more level I will zoom a little bit which was formed recently is this level over here you can see 30
the price here was with a high of 4463 and this one recent by just 31
3 days ago was 4604.99. 32
When you put the mouse on the opening of the bar you can see that time to open the high, the low, and the close 33
as well the volume. 34
But what we care in this case is the high. 35
So, this level would be exactly if I place it on 4465 and simply I will have gained a little bit of a roundish 36
number, 65. 37
So, I'm not going to go to point something and you can see this level one time, second time here the price 38
didn't succeed to closed below this level. 39
Here broke it, then bounced from the level of 2950. 40
And then again stopped at 4465. 41
And in the next lecture, guys, I will show you exactly with an example how we enter and what we have 42
in mind when we are entering into the trade. 43
Thank you, guys, for watching. 44
Bye.