In my actions, I have only one goal, I want find the optimal point to open a long-term position. I’m using only the trend strategy and mixing it with indicators like MACD, Histogram and sometimes RSI.
Today I want to analyze several charts, 4H, 1D, 3D.
https://www.tradingview.com/x/Hh7IGoGT/[/ image]
Let's start with the fact that the general trend is bearish, you can find it in the 1wTF. If you look at the 3-day chart, here's what data we can get:
- The MACD indicator is trading below the center line - MACD line under the resistance of its signal line - RSI below 50, but it is already close to the oversold territory - The resistance from 7/30/100EMA
Pros:
- The support line from 200EMA ~ 6k $
Let's move on to the daily TF.
If you use only the RSI indicator, then be careful when you want to make a final decision about buying or selling your BTC, because it is always better to have several signals confirming each other instead of one.
The daily chart gives us the following data:
- The MACD indicator is trading below the center line - MACD line under the pressure of its signal line - The resistance from 7/30/100/200EMA
Pros:
- The indicator RSI is now trading in the oversold zone.
4 hour chart, does not differ.
https://www.tradingview.com/x/4lPJUWhi/[/ image]
- The MACD indicator is trading above the center line - The RSI indicator has already fallen two times in the oversold zone since the beginning of the week.
Pros:
- The MACD indicator crosses its signal line - The price crossed the resistance 7EMA line
Conclusion: If you are trading only bullish trend, I recommend to wait, the best option is to take a book to have a good time, only occasionally glancing at the price.
If you are intraday trader, there is a good opportunity to ride on a local uptrend which is now forming on the 4 hour chart. The entry points is from $6300 to $6400 with a stop $6150. The target is $6750, $6900.
Comment
⋅
Let's start with the fact that the general trend is bearish, you can find it in the 1wTF. If you look at the 3-day chart, here's what data we can get:
- The MACD indicator is trading below the center line - MACD line under the resistance of its signal line - RSI below 50, but is already close to the oversold territory - The resistance from 7/30/100EMA
Pros:
- The support line from 200EMA ~ 6k $
Let's move on to the daily TF.
If you use only the RSI indicator, then be careful when you want to make a final decision about buying or selling your BTC, because it is always better to have several signals confirming each other instead of one.
The daily chart gives us the following data:
- The MACD indicator is trading below the center line - MACD line under the pressure of its signal line - The resistance from 7/30/100/200EMA
Pros:
- The indicator RSI is now trading in the oversold zone.
4 hour chart, does not differ.
https://www.tradingview.com/x/4lPJUWhi/[/ image]
- The MACD indicator is trading above the center line - The RSI indicator has already fallen two times in the oversold zone since the beginning of the week.
Pros:
- The MACD indicator crosses its signal line - The price crossed the resistance 7EMA line
Conclusion: If you are trading only bullish trend, I recommend to wait, the best option is to take a book to have a good time, only occasionally glancing at the price.
If you are intraday trader, there is a good opportunity to ride on a local uptrend which is now forming on the 4 hour chart. The entry points is from $6300 to $6400 with a stop $6150. The target is $6750, $6900.
Comment
⋅
- The MACD indicator is trading above the center line - The RSI indicator has already fallen two times in the oversold zone since the beginning of the week.
Pros:
- The MACD indicator crosses its signal line - The price crossed the resistance 7EMA line
Conclusion: If you are trading only bullish trend, I recommend to wait, the best option is to take a book to have a good time, only occasionally glancing at the price.
If you are intraday trader, there is a good opportunity to ride on a local uptrend which is now forming on the 4 hour chart. The entry points is from $6300 to $6400 with a stop $6150. The target is $6750, $6900.