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1.BCHUSDT volume analysis on the Binance Exchange.
2. Analysis of the long-term trend.
3. Analysis of the medium-term trend.
4. Analysis of the short-term trend
5. Japanese candlestick analysis.
6. Conclusions.
7.Statistics.
1. BCHUSDT volume analysis from the Binance Exchange.
In this analysis, we will use the data on horizontal trading volumes from the Binance Exchange on the daily charts. The analysis is based on the footprint-profile theory. According to it, the direction of the level with the highest traded volume during the day can indicate the possible direction of the trend. The level with the highest traded volume is the level where the maximum number of transactions was made. This is the level of major market players. Accordingly, if the maximum volume level moves higher, this indicates an uptrend. A downward movement indicates a downtrend. A chaotic movement signals that the market is trading sideways.
15.03.21 – The level of the maximum traded volume (POC – PointOfControl) – 529
16.03.21 – The level of the maximum traded volume (POC – PointOfControl) – 524
POC has moved down, the price is holding below the POC level. The market has entered the phase of correction, so you can both buy and sell.
2.Long-term trend analysis
A trend is your friend. Many traders know this saying but do not know how to use it. The answer is simple: trade only in the direction of the trend. This way, your trades will have more profit potential with less risk. The classic Dow Theory describes three main trends:
long-term;
medium-term;
short-term.
You need to analyze these trends before opening any trade. This is what we are going to do in the analysis below.
A long-term trend is a trend on the daily chart. Trades will be opened on the daily time frame and held for several days. The analysis of the daily trend is carried out with the help of the EMA(48), an exponential moving average with a period of 48. If the daily candlestick closes above the EMA (48), then we have an uptrend and we should open buy positions. If the daily candlestick closes below the EMA (48), then there is a downtrend and we should go short.
The price is holding at the EMA(48). The long-term trend is moving sideways, so you can both buy and sell.
3. Medium-term trend analysis
In our analysis, a medium-term trend will be the trend on the 4-hour chart (H4). The EMA(48), an exponential moving average with a period of 48, will also be used in this analysis. If the H4 candlestick closes above the EMA(48), then we have an uptrend and we should open buy positions.
The price is holding below the EMA(48). The medium-term trend is moving down, so you can open short positions.
4. Short-term trend analysis
A short-term trend that can also show an entry point into the market is considered a trend on the H1 time frame. Here, we will again use the EMA(48), an exponential moving average with a period of 48. If the H1 candlestick closes above the EMA(48), then there is an uptrend and you should open buy positions. If the H1 candlestick closes below the EMA(48), then there is a downtrend and you should go short.
The price is holding below the EMA(48). The medium-term trend is moving down, so you can open short positions. The long-term, medium-term, and short-term trends are moving in different directions.
5. Japanese candlestick analysis
The Japanese candlestick analysis is applied to the daily time frame. In this analysis, we will also analyze the daily candlestick.
The daily candlestick marked with black closed lower. Its low is located below the low of the previous candlestick. The candlestick pattern is called Hammer which is pointing to the upside. An uptrend is very likely.
6. Conclusion:
1.Volume analysis – BUY SELL.
2.Long-term trend – BUY SELL
3.Medium-term trend – SELL.
4.Short-term trend – SELL.
5.Japanese candlestick analysis – BUY.
Conclusion: On March17, 2021, you can both buy and sell.
7. Statistics
To analyze the effectiveness of this approach, we will keep the data on completed transactions. We prepare forecasts and open our trades on four major instruments: Bitcoin, Ethereum, Litecoin, and BCH/USD. Please, check other articles regarding this topic.
The gain for February and March is +12.21
Statement:
Currently, we do not open new positions due to the uncertain situation in the market. When opening new positions, you should place Stop Loss beyond the daily extremum points. Do not place Take Profit, as we will continue to move Stop Loss beyond the extremum points in the future sessions.
Since the trade is carried out on the daily charts, our recommendation remains relevant throughout the day.
Trade with the trend and you will gain profit!
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
