Geometry is geometry, and in crypto land this truth is even clearer. Don't fight the chart patterns.
Wait for the RSI to bottom out when the RSI shows bullish divergence or double bottom then enjoy the uptrend.
RobSean0x
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@harveybains146, You were right on the money here. Unfortunately there is no volume on this thing. Where is the easiest place to see RSI on shitcoins like link?
cryptohop
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finally some common sense.
ThanosTheBear
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This isn´t the stock market...
harveybains146
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Link is falling and this collapse being done in a stealth fashion. Deceiving the bargain hunters with graduated retracements only then to suddenly fall another leg down. It surprised every one when it nearly got £20. So it has a lot of power and this power to surprise is now appearing in the opposite direction.
rodbrett
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In crypto, the exact targets are rarely hit because every trader is following the same techincals(lack of fundamental indicators leads to self-fullfilling TA prophecies) so there's a lot of leapfrogging going on. If the TA is telling you the target is $8 on a short, it'll most likely be above it within even as much as a 10% margin of error. The same is true for the tops. If $11200 is the determined "rejection zone" for BTC, the price will get whacked 5-10% below that target because nobody wants to get caught in that first sudden red candle.
Scaling in long positions from $10 I think it's a reasonable long strategy(even if it drops below this price). The train tends to leave without you if you get too cheap on your bids. I've had plenty of orders that didn't get filled and watched the rocket blast off without me because I was certain that the charts were telling me that the price MUST reach this area before it can reverse a trend.
harveybains146
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@rodbrett, thank you for verbose comment. In this post $8 is not necessarily my hard target rather it is an approximate area like I'd said "about $8 usd".
I use TA indicators but I find that they are only useful in the short term. This is a medium range forecast something that TA can't do because they are only concerned with the local chart pattern in play. When link feel back to $16 I sensed that this Pullback was more than just a Pullback. I sold to cash. I was proven right as I watched link fall and fall again to $10.
The retracements keep coming only to be followed by another devastating leg down.
I have studied Elliot and more recently WD gann.
I now utilise chart geometry which utilises the idea that even randomness still coheres to higher sense of order. I don't know if link will hit $8 or even $7.
But I will be scanning for the bottom using RSI. I will wait for wave 1 or may even wait for elliot wave 3. Becuase this link is constantly collapsing.
In the next cycle it will have a glorious upward trajectory and it is for that reason I will I must remain cautious with my capital so that in the future i still have some bullets remaing to play with.
rodbrett
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@harveybains146, I agree, which is why I choose a conservative DCA strategy and not going all-in. That way, if this is the bottom, I'll be in profits, but if it is not, there's still dry powder in my own capital reserves.
Trading-Guru
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I had a very different view, although I think it is possible that the price drops to $8. Let's prepare to get ready for the next long position! Here are my targets:
Wait for the RSI to bottom out when the RSI shows bullish divergence or double bottom then enjoy the uptrend.