Price bounced from 1850.00 level and came back above MA100. RSI confirmed price reversal. We got a reversal signal and a new buy opportunity. MACD confirms upward movement and now we can talk about a renewal of the up trend. But there are 2 very important thing we have to take into consideration. The 1st one is the downtred line which can stop and reverse the market. If price can break this line and move higher, we'll have a confirmation for upward movement. But if price reverses from the downtrend line, probably we'll see downward movement to MA100 one more time. So, we should watch closely for price action near this important line. The 2nd thing is Segwit. This event makes the markets unpredictable and probably we'll see new lows within these weeks. That's why we must be careful with all trades. We can add new volume to our long trades buying on these levels. But we must buy small volume. If the markets drop to new lows, we'll get new trading opportunities for building our long positions in long term.
Sometimes you build RSI/DMI/MACD on 4h scale but sometimes on 24h scale. And on these scales they are different.
I'm just curious - how do you decide which scale to use?
I am so confused as to what action to take based on this info? Short? Btw I have no idea what platform to use to do this... new trader here :)
shadowforworld
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@R1ckyDelgado, not good time for buy without knowledge, just some lern and money be safe
DLavrov
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@R1ckyDelgado, use any crypto exchnage. Buy small volume and start learning the theory.
minhsondj
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Thank you very much!
nlmquan
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You saved my money bro (y)
aaryasumit
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I believe its forming negative head n shoulders at 50% fib resistance after exactly touching the longterm downtrend so we will see 61% support test if fails then it will go for new low...if bounces from 61% then sure it will break the downtrend
I'm just curious - how do you decide which scale to use?