Bearish divergence present I'm gonna try to double trade this long soon and then short top!!! But if long dont work im more focused on the short so if it doesnt act right i will short. I dont think this will lead to massive selling just a decent trade! ive seen far more obvious and and greater divergences over past for down move from 3k to 1.8k then from 5 to 3 so i would think we are in for correction which leads to greater divergence wave up correction more divergence then crazy dump! little ahead of my self but this of course depends on regulation news and who tweets what tomorrow!!! I think other than that chart explains exactly what i think and see!
I'm not trading on bitfinex because they hate americans (that's a joke but it does bring a tear to my eye) but they have best vol on btc currently and if I see it on my exchange and not there I would not really consider that divergence valid. Checked most major exchanges one Chinese one Korean had japanese up at one point but cant say for certain they had it but seen no red flags as well as coinbase kraken bitmex bitfinex all showing divergence.
If previous peak of rsi is broken I would be very carful shorting i would think momentum has changed and the divergence is broken so may wanna consider holding the long!
Looking for a group of people or even a few people to go on a journey with me. I recently became a full time trader in crypto and dont have much in network or social exposure to not only talk with on a day to day basis but also to help teach each other. I didnt really expect to be a full time trader at this point but in my opinion and my situation it was now or never. Recently lost my job and was trading crypto very seriously since april. I spent approx 40-80 hours a week learning, reading and analysising charts. I wanted to have a larger account and be more financially stable before taking this kinda pressure on but i also know that sometimes you gotta just go for it! I had two choices to either continue to look for a new job and eventually get one and go back to part time trading which is much harder becuase when your not available you miss a lot of what is going on as well as you tend to chase or get emotionally upset becuase your right but becuase of timeing your wrong. So i took the step and am fully commeted to trading full time. I also wanna find another market to trade because in the long run this market wont always be this good and if im doing this for income i always have to be a step ahead.
A few things ive learned about trading so far.
Timing is far more important than being right. Good entries and exits can be far more profitable than just being on the right side of a trade. your opinion doesnt matter but you also have to use common sense when it comes to making decisions. Majority of times you have to go against what everyone else is doing and everywhere you look for help is gonna say your wrong. A plan is far more important than making money. A strategy is very important!
If you would like to link up or connect looking to start a telegram group, facebook group or whatever work for the majority to be able to connect help each other and learn. Even simple feed back on charts helps me and lets me know there are people out there like me.
Thanks again
AJ Smith
Donations always greatly appreciated and really help me as i take this journey as a full time trader. Always willing to help anyone with any trading ideas or ?s. i dont expect anything so dont feel i need something from you in order for up to talk or for me to help in anyway i can!!! i learn a lot from just helping others! :) Eth 0x5aaEE6AcbF21357F9Fe0672C5eAbA4196aA99651 Btc 49a99f6d-ea4b-4b94-82ae-0eb2e3928998
I have learned hard time that RSI or stochastic RSI on crypto market can be an auxiliary indicator at best.
Market can be overbought and still in a shape to make a new high.
Still, stochastic RSI is a great tool to get the most optimal moment to make an entry into market on smaller timeframe.
Thank you for your input and have a good luck!
Playj
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@dgutkowsky, thanks man yeah a lot of times the moves arent as big as predicted buy in my experience i really only play divergence for most part and of course crazy super vol break outs ltc xmr neo zec if im aware during the 10 min 200 percent rally lol so far it worked out went near new highs then dumped. but I continue to watch rsi levels if highs or lows are broken esp on smaller time scales or trend in a certain direction you know when to get out I really trend rsi a lot
Playj
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One thing i wanted to note with the green line horizontal resistance which seems to have a lot of touches over time. I do think we have to break that high for a decent pop but I think that will lead to an even better entry on a short because ppl will rush to buy driving price far higher than it should go allowing for just what i think is an great setup and maybe the best ive personally been in tuned with over past week. Been a rough week for me personally coming off last week to two weeks ago just being amazing shorting on the way down to 3k
Market can be overbought and still in a shape to make a new high.
Still, stochastic RSI is a great tool to get the most optimal moment to make an entry into market on smaller timeframe.
Thank you for your input and have a good luck!