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 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?

[KryptoBull]

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.

I also often pull up the SonicR indicator for reference, but I didn't really notice the significant price action around the EMAs and bands. Now that you mention it, I'm paying a bit more attention and can probably use it to gauge the state of BTC and the broader market.

Currently, the BTC price is still above the Dragon, like you said, so at least we can feel a little more at ease. If BTC does fall out of the Dragon, I think traders using SonicR will likely act in unison, potentially causing the BTC price to drop even more sharply. I hope that I'll have enough time to take profit right before that happens!

[MrSpasybo]

I also often pull up the SonicR indicator for reference, but I didn't really notice the significant price action around the EMAs and bands. Now that you mention it, I'm paying a bit more attention and can probably use it to gauge the state of BTC and the broader market.

Currently, the BTC price is still above the Dragon, like you said, so at least we can feel a little more at ease. If BTC does fall out of the Dragon, I think traders using SonicR will likely act in unison, potentially causing the BTC price to drop even more sharply. I hope that I'll have enough time to take profit right before that happens!

I think if everyone were using Sonic-R, whales would rely on it to manipulate investor psychology, and we might have seen many false signals with Sonic-R. For now, things are still okay, and investors following this indicator are still seeing pretty good profits after buying BTC at a low price. I also shared this indicator with the community so everyone could easily use it and predict the market state.

No indicator is always right, but with the long-term price increase of BTC, almost every indicator will yield profits, especially an MA-based indicator like Sonic-R. Experience shows that sometimes Sonic-R also gives noisy signals, but the winning trades are enough to cover the small losses, while also generating a net profit for traders.