SR618

BTCUSD stop chasing indicators!

Long
BITFINEX:BTCUSD   Bitcoin
Cryptos trade so technical, so you really don't need anything special or any secret indicators. I regularly look at other traders post on TradingView and other places and find that so many traders go from one indicator to another. There is no consistency in their trading style or any lesson for the viewer. Maybe I'm wrong. . . Maybe I am just to old or not smart enough. But if you get frustrated with your trading maybe the best thing you could do is limit the number of indicators on your chart and which ever indicator you choose stick with it and learn its subtle indicators. For example on most of my charting platforms I use RSI. Typically traders with say when RSI is above 70 or lesser than 30 it is over bought or oversold. However, I tend to use RSI as confirmation of a strong trend that I don't want to fade. I may only fade the the trend if it has been continuing on for a long period of time and running into a major support or resistance with a strong reversal candle and capitulation volume. . .

For a month some many have pointed to their fancy indicators suggesting that BTC would fall back to support. However, if they just look at the price and volume action and the most common moving averages they would of realized that there really wasn't any sign of weakness and that $6000 was most likely going to be hit.

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