The RSI compression from December ATH still ends on Sunday/Monday.
Blue rectangles are downchannel breakouts (1 failed, 2 successful, 1 projected) Downchannels: 1/3 - White; 2/3 - Orange; 3/3 - Red Upchannels: 1/2 - Green; 2/2 - Blue Yellow horizontal lines: We have a situation Red Horizontal Lines: We have a PROBLEM
If you're getting sick of seeing this same chart... good. I'll keep posting it with only minor changes and add as we go along. My theory is that in observing the behavior of emergent phenomena we should only really compare the thing to itself. I went through countless iterations to get my channel drawing where I want it across the last 9 months and will keep this particular baby, whichever way things turn. We seem to be hovering just over the "we have a problem zone" - nauseating territory indeed.
The price action heading towards this weekend has been nausea-inducing on a level that would have Sartre calling us all more human for the experience. RSI has been on the low end all week. Market manipulators have been running amok between bot-jacking, burst-selling, and sell spoofing. Regulatory and market FUD have been consistent but not convergent, and a lack of influx in new money has caused most of the experienced volatility to be on a decreasing pool of liquidity - that part is a good thing. From an "ecologic" perspective, the cryptosphere is supporting too many parasitic shitcoins to flourish into the next phase of growth, which in turn will be based on the compounding expanse as early adopters utilize crypto more and the next wave of attention is brought along.
BUT - volume is increasing, MACD and RSI are both working their way up while this slide of price in the face of these factors. EVERYONE eventually WANTS someone TO tell them how to BUY BTC AT THE BOTTOM. EVERYONE eventually WANTS TO BUY BTC AT THE BOTTOM. EVERYONE eventually WANTS TO BUY BTC.
* NOT A PRO * DYOR * TAKE YOUR OWN ADVICE * Work the muck, and I'll see y'all come harvest time.
I don't want to buy BTC at the bottom. I don't need to buy at bottom or sell at top. I have leverage to trade with and also alt:BTC pairs (which are often easier to predict than BTC).
Najjar-Nidhal
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@mightytrader, How is that,plz help me to undrestand how to work with leverage Sir and thank u
mightytrader
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@Najjar-Nidhal, I use it on Kraken exchange. They tell you how in their help and support section of their site. Be very careful, though! It can destroy your account as much as it can increase it.
klanedroid
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@Najjar-Nidhal, Leveraged trading is borrowing money to place bets. Proceed with appropriate caution, and good luck.
Najjar-Nidhal
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@klanedroid, And what are its guarantees? Can I simply borrow?
klanedroid
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@Najjar-Nidhal, You can borrow in proportion with your deposits on the exchange, but not for free. The only guarantees with leveraged trading are (a) your purchasing power is increased, and (b) you'll pay interest on the borrowed funds. I would absolutely not encourage you to engage in leveraged trading -UNTIL- you learn about the ins and outs, rates and fees, and liquidation if your margin trades go south. The greater the potential reward, the greater the inherent risk.
Once you learn all about it, then try to follow the example set forth by @mightytrader and game the market from multiple directions and alt-BTC pairs.
Najjar-Nidhal
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@klanedroid, Thank youu very much!! I like ur patience and answer !
jpfortin
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How do you generate that RSI Strategy Report in TV? Thanks
klanedroid
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@jpfortin, Sorry for the tone of the post yesterday, I was frustrated and rushed. RSI Strategy is one of the built in options from the drop-down menu at the top of the chart. It's under Indicators>Built-Ins>RSI Strategy. It pops up on the top left of the chart once you've loaded it and you can click on the gear icon to adjust the settings to see what works best for a particular currency pair.
klanedroid
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@klanedroid, And then the strategy tester tab at the bottom will show the report of the strategy backtested across the price history.