GFonjungo

SWING TRADING CANDLESTICK PRICE ACTION WITH RSI, MACD PATTERNS

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The price action combined with RSI Oversold indicator gives a great entry point for a quick +5% profit target. Minimizing loss with a tight Stop loss of -0.47%. Rationale is if the market has dumped this much and oversold. Then upon recovery it should go up about +5% to test the upper exponential moving average resistance. There should be buying pressure in the oversold condition. If the price action starts going up then it has to be decisively up. If it starts to go down below the low of the oversold, then the decision has not been made to go higher thus a perfect reason to stop any further loss because the decision of the market is to go lower. Retain cash and look for another opportunity. Do not place your money on hope, or hope of recovery. Place your money on certainty of gain. +1,2,3,4,5% it doesn't matter.
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