Tracking BTC price with the Sonic-R indicator

[MrSpasybo]

In this topic, I'll share how I use the Sonic-R indicator to track and assess BTC price movements. I'm not giving investment advice, and I can't be responsible for other people's investment outcomes. I'm also just learning technical analysis myself, I'm not a pro-trader!

The Sonic-R indicator is quite well-known in technical analysis. EMA34 & EMA89 are often suggested for various behaviors like crossovers, resistance, and support, but I usually only use the Dragon EMA34W to analyze BTC price and make assessments. So far, from 2022 to the present, the Dragon has performed quite well.

BTC price broke above the Dragon in early 2023, which could be seen as a reversal signal for BTC price, and investors could have bought BTC at under $30K.

From that point until now, BTC price has never fallen below the Dragon, it has been very well supported whenever it drops back to the Dragon. The Fibonacci number 34 has really come into play as the EMA34W is acting as a dynamic support line for BTC.

Currently, BTC has just bounced off the Dragon, and I believe this comes with a strong upward price wave. I'm still waiting for BTC at $150K-170K, however, I won't hesitate to take partial profits in my crypto holdings as soon as BTC falls below the Dragon. I think this is a simple and easily spotted signal right on TradingView.

Are you using Sonic-R, and do you have any experiences you'd like to share about using this indicator for trading in the crypto market?