Hi fellas,
I just started a long-trade on ADA/BTC.
My thought on the chart is that the current support-level, that was confirmed by the recent low, will hold and will NOT break.
If the support-level will hold I try to figure out with the using of the "Relative-Strength-Index"-Indicator.
If the yellow-labled RSI-support-level will NOT be undershot, then I SUPPOSE a up-trend. If not, then I SUPPOSE a down-trend.
In this case I use the RSI to get a sense how the flair of the market is. Due the RSI I get more confidence in my decisions.
My Stop-Loss is closely under the low of the year and the current support-level. This means, if the price will hit a newer low of the year 2018 I'm out because then I will expect a more heavy down-trend.
Cheers
OtenMoten
I just started a long-trade on ADA/BTC.
My thought on the chart is that the current support-level, that was confirmed by the recent low, will hold and will NOT break.
If the support-level will hold I try to figure out with the using of the "Relative-Strength-Index"-Indicator.
If the yellow-labled RSI-support-level will NOT be undershot, then I SUPPOSE a up-trend. If not, then I SUPPOSE a down-trend.
In this case I use the RSI to get a sense how the flair of the market is. Due the RSI I get more confidence in my decisions.
My Stop-Loss is closely under the low of the year and the current support-level. This means, if the price will hit a newer low of the year 2018 I'm out because then I will expect a more heavy down-trend.
Cheers
OtenMoten
Comment:
Additionally, I use the Fibonacci-Retracement-Tool. The two most important levels, the 38.20% level and the 62.80% level, according to the upper Resistance-Levels - perfectly!