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We recently saw the fear & greed index being referenced when BTC was at 40k, no only by swallows but other traders aswell indicating it as a signal price could go down. We saw the opposite happened so my question is, Should it even be a factor in deciding where the market is going to go since it's so unreliable and based on very circumstantial and raw data?
SwallowPremium
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@tekke88, Thanks for the question. The Fear & Greed Index is just an overview of the overall market state (psychological). Although it is not 100% bulletproof, it is a good confirmation to add up to. So we'd say it it should be considered and not ignored, as the more confirmations you get on the market status, the better your odds are against the market :)
fpGORO
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When prices are approaching support or resistance, is there a way to know will it be rejection or continuation from that S/R level? Are there any clues? Thank you very much.
mirdasorig
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@fpGORO, Well you have to watch price action. Sometimes it can bounce, sometimes hard reject. Find Ripester on twitr he does amazing charts and exyctly this type of analysis.
@fpGORO, Agreeing with Mirdasorig (that price action is the key). Keeping an eye on candle movement, where prices close, how big or small the wicks are, etc. Sometimes we also like to use RSI or Bollinger bands to determine if markets are in an overbought zone, which would mean any approached resistance would be stronger than a regular one.
Also, it depends on the timeframe as well:) 1D support is much stronger than 1H support. So there are many ways to determine whether the resistance or support will hold or not, but it is more of a game of probabilities.
fpGORO
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@SwallowPremium, what about volume at this levels, can it help somehow?
SwallowPremium
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@fpGORO, not using it so much (so I can't give a proper suggestion on that), but we like to use the Liquidation Heatmap, which can predict if it will push further or not.
mirdasorig
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Is there any "best" aproach for risk? I m pretty good now at "entering" the trade but I have tendecy to add money (and fuck it up) or close my winning trade too early. I ve seen some traders reducing the risk (closing partially) or trading around the core ( tends to be my approach). I know the saying close your losers quickly, but I tend to average down and sometimes it works gr8 sometimes not. Or it really depends on "traders" style? (I do not trade full time.)