The price is going to move downward for short term. RSI reverses in the overbought zone and it confirms price reversal. The support zone is formed by the uptrend line and 40.50 and 38 levels. This zone is a good place for buying. Long trades must be opened based on a confirmed reversal signal. If the market drops below 38.00 level, we'll see further downward movement to 30.00 support level. It will be a new buy opportunity. As this market has good potential for upward movement in long run, we can open long trades without stop orders. Just the main thing is, you must not use marging trading.
@atoj, reversal signals are confirmed by candles and candlestick patterns, RSI, Stochastic, MACD histogram...
cryptomaffia
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@DLavrov, D, what are your thoughts on the heikin ashi candle pattern for spotting trends?
Kennfucius
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Hi my friend, I would love to know what you think:
edspiner
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@DLavrov Any chance this can be elliott waves pattern now?
zakgottlieb
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NEO seems to have found support around $45-46. Do you still see it going to ~$40?
Shinhunter
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spot on dammit. nice work
lionos
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so why are u assuming that it will pullback to the trend line ..?! ..is that because she did it before ..? was there a pattern that dictate this ..?! ..
as for RSI my believe is: [in the early days people thought math will solve any problem, so they created a plethora of more misleading then helping oscillators and averages; however, nowadays people are more focused on chart studies then these sine waves.]-- note: i also check these oscillators before placing my orders but i dont trust them for a decision.
- also my believe is that the red line on the chart is more like a moving average that happens to be straight, but not a trend line. for chartists a trend line has certain attributes (by virtue of which it is considered as such) and by sticking to theses attributes the line gives them the expected outcome and reward.
-- dont ask me about theses attributes now .. because am still researching and reading about it.
[note: this is my first time to write such a long post ... i dont know .. i just find myself a lot talkative this morning here....so dont consider this talk directed to you ... these are just thoughts going inside me and i just pick your chart rather then others by chance]
- you know - my friend- because it is "money", many people jumped into the field of technical analysis and they brought their misunderstanding with them to the subject. they have no scientific interest in the subject , they are only interested in money ..that's why they can not learn it "not interested!"..that's why many people may place lots of trades but have no stomach to read couple of pages.
- am just here trying to encourage myself , you and others to always keep learning and always have critical approach to what u learn.
- look at this moto: "the trend is your friend" ... it is a myth ... because we know that almost 90% of the time the market is in a consolidation-state .. not in a trending-state. they should teach people facts not myths so they are better equipped to deal with reality.
anyhow let me continue .. am currently watching this man talking technical analysis: i like it when he said that an attribute of a triangle is 1- alternation .. and when i looked up at different chart -here- , i found that the triangles people draw failed because they didn't satisfy that "alternation requirement. am actually trying to see if that is a mandatory requirement of even other shapes (patterns) like "channels"
Especially when they coincide with mine.
Yesterday I bought NEO at $ 36 and I sold at $ 56.
55% profit in 1 day. \O/
Today I will transfer you some BTC as a way of thanking and supporting your work.
Thank you very much! You are awesome!