Forwarded from Watcher Guru
(1/2)I thought about resistance levels today and another way to make it tangible. I came up with a dog kennel theory:
Think of it as if you were a dog, caged in a kennel and you want to break out.
You literally chew on the bars of the cage to break out of it (BTC breaking out of this red $67.400 level)
Of course, it hurts as shit (I mean chewing on metal is not very pleasant)
So you chew a day and at some point your whole mouth hurts, maybe even a teeth or two fall out.
At this point you hit $67.400 but you need to stop. You literally are exhausted from the pain.
So you take a break to heal up (price dips).
Now you still have the cage around you and how dedicated are you to keep trying?
Turns our you are and after some rest you go at it again and chew as hard as you can. You make some progress but you gotta take a break again: some more teeth break or fall out.
You see that you make progress so you are very motivated (dip is lower than previously)
Think of it as if you were a dog, caged in a kennel and you want to break out.
You literally chew on the bars of the cage to break out of it (BTC breaking out of this red $67.400 level)
Of course, it hurts as shit (I mean chewing on metal is not very pleasant)
So you chew a day and at some point your whole mouth hurts, maybe even a teeth or two fall out.
At this point you hit $67.400 but you need to stop. You literally are exhausted from the pain.
So you take a break to heal up (price dips).
Now you still have the cage around you and how dedicated are you to keep trying?
Turns our you are and after some rest you go at it again and chew as hard as you can. You make some progress but you gotta take a break again: some more teeth break or fall out.
You see that you make progress so you are very motivated (dip is lower than previously)
❤1
(2/2)
Now you get excited and repeat the process over and over again. Progress keeps you motivated and eventually you break the bars, one after another.
Now we have 3 options:
1 (green): you chew through the bars and eventually escape (break the $67.400 level. (Ascending triangle, bullish breakout)
2. (blue):you chew through the bars but you lose so many teeth in the process that you literally have to give up before you make it (break down of the ascending triangle)
3. (red) you chew through the bars and right when you finally make it and want to escape, your owner notices you and beats the shit out of you and puts you into a new cage. You need a long time to recover (bull trap fakeout)
This might sound pretty stupid but TA is more than just drawing lines. You draw lines and interpret them and this helps you a lot to understand the price action and draw conclusions on the upcoming trend.
I hope this degenerate explanation helps. Understand the charts, where are you and what trend follows from that.
Now you get excited and repeat the process over and over again. Progress keeps you motivated and eventually you break the bars, one after another.
Now we have 3 options:
1 (green): you chew through the bars and eventually escape (break the $67.400 level. (Ascending triangle, bullish breakout)
2. (blue):you chew through the bars but you lose so many teeth in the process that you literally have to give up before you make it (break down of the ascending triangle)
3. (red) you chew through the bars and right when you finally make it and want to escape, your owner notices you and beats the shit out of you and puts you into a new cage. You need a long time to recover (bull trap fakeout)
This might sound pretty stupid but TA is more than just drawing lines. You draw lines and interpret them and this helps you a lot to understand the price action and draw conclusions on the upcoming trend.
I hope this degenerate explanation helps. Understand the charts, where are you and what trend follows from that.
DiveInDefi
(2/2) Now you get excited and repeat the process over and over again. Progress keeps you motivated and eventually you break the bars, one after another. Now we have 3 options: 1 (green): you chew through the bars and eventually escape (break the $67.400…
With coin it is literally the case 2 right now: bears have tried to push coin down this $200~~ support range but seems like they gritted their teeth.
DiveInDefi
$PSP also on resistance, pierced it alread. Expecting a next leg up here as well.
Some that have been longer here know that I am fundamentally bullish on aggregators.
$PSP has performed super bad as they had an exploit. They reimbursed ppl that have been affected but of course this killed the vibe. I am long-term into this and just hope they survive.
I DCAed here a bit.
$PSP has performed super bad as they had an exploit. They reimbursed ppl that have been affected but of course this killed the vibe. I am long-term into this and just hope they survive.
I DCAed here a bit.
DiveInDefi
69k next
69k is the real test and most important resistance to fully flip bullish
Forwarded from Binance Futures Liquidations
🔴 #ETHUSD_240628 Liquidated Long: $142K at $3470.14
Forwarded from Binance Futures Liquidations
🟢 #BTC Liquidated Short: $136K at $69910.40
Capo literally making money longing and ppl have been bearish as hell for the past weeks. Unreal
Forwarded from CryptoCapo TG
ETH update
Nice move, trying to break the $3,300 resistance.
Nice move, trying to break the $3,300 resistance.