We are going to be focusing on the chart signals for LSKBTC.
1) We have a Falling Wedge Pattern (blue). 2) In this same pattern we also have a broken downtrend line. You always have a downtrend line with the falling wedge. 3) Long-term higher low (Jan. 2021 - Feb. 2022). 4) Volume breakout. 5) Break above EMA10/EMA50. 6) Entire Cryptocurrency market going bullish. 7) MACD above zero. 8) RSI at 64. 9) Bullish divergence MACD & RSI (Feb.)
All these are bullish signals. There are no bearish signals currently on this chart.
More signals can be extracted from higher/lower timeframes as well as different charting systems.
We use a combination of signals rather than just one before making a call.
We look for at least 3-5 strong bullish signals, the rest we can ignore.
If we see mixed signals. If we have mixed feelings. If doubts creep in while reading a chart, we move on.
There are always more opportunities. So anything that causes doubt means that the chart setup isn't strong enough.
Even with 100 bullish signals and 100% certainty/confidence, we still map the bearish scenario, support levels and when trading use a MANUAL stop-loss.