i've been talking about margin buying/selling pressure levels a lot lately. why? because they're a simple and effective tool for predicting tops/bottoms and support/resistance levels. if you're trading crypto and you're ignoring these levels, you're putting yourself at a disadvantage.
just take a look at this simple example from bitcoin's recent volatile price action.
the levels are simple to calculate, and most traders probably at least have the 2x/3x levels in mind, but i published public scripts that will plot them on your chart for anyone who is interested. all you need to do is input the support/resistance level. would be better as a drawing tool (i.e. like fib extension, or something like that), but as far as i know there's no way for regular users to develop TV tools (please let me know if there is!).
shout out to CryptoStackers (youtube) for pointing out how well these levels work.
just take a look at this simple example from bitcoin's recent volatile price action.
the levels are simple to calculate, and most traders probably at least have the 2x/3x levels in mind, but i published public scripts that will plot them on your chart for anyone who is interested. all you need to do is input the support/resistance level. would be better as a drawing tool (i.e. like fib extension, or something like that), but as far as i know there's no way for regular users to develop TV tools (please let me know if there is!).
shout out to CryptoStackers (youtube) for pointing out how well these levels work.
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this probably goes without saying, but the long and short pressure levels work well in confluence (which is why i opted for the dotted lines for the short levels to differentiate the two). it's not a coincidence that levels will often align (roughly).
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surprised to see so much resistance around this $40k level? of course not! above this level is where 3x selling pressure picks up and 4x buying pressure drops off:
not sure if we're looking at an H&S or if this is a bullish channel forming.
not sure if we're looking at an H&S or if this is a bullish channel forming.
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wonder where we'll bounce?!
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FYI - new versions of the "Margin Buying Pressure Levels" and "Margin Selling Pressure Levels" scripts are now available. If you had previously starred/favorited the scripts, you'll need to do that again to pick up the latest version.
Enhancements/fixes:
(1) Added 7x level
(2) Added ability to turn levels on/off
(3) Added ability to customize level color
(4) Properly defaulting level values
Enhancements/fixes:
(1) Added 7x level
(2) Added ability to turn levels on/off
(3) Added ability to customize level color
(4) Properly defaulting level values
