1. Price breaks the . DMI and confirms that it's not a false breakout. A candle is closed below the . Probably the market will move lower. But there is also the which must be broken.
2. We see a candle and it's a signal about possible bouncing. The , a reversal pattern and confirmation from and tell us about price reversal. Price bounces to the which is a resistance line now.
3. Candles are closed above this line but bulls don't show the power for pushing price higher. A candle and confirm price reversal and down movement.
4. After several hours we see a new attempt for breaking the resistance line. A candle and reversal give a signal that probably this won't be broken.
5. More attempts to pass the and nothing. also confirms price reversal.
6. Bulls try one more time to break the and nothing. At the same time market does not fall lower.
7. The 5th attempt to pass the and... we have a strong candle which is closed above the . It look like this time bulls have reached the target. But is bellow 20 and falling. May be it's false breakout?
You can see how many times the market could not break the . All these attempts could be good entry signals for short trades. But we have up trend conditions of higher time frame and because of this we did not see good down movement. With such technical tools you have ideas where price can be reversed. It gives you opportunity to think about entry levels and profit targets. Your also can do the same? Does it give you exact entry levels, levels for placing stop and profit orders? I don't think so.
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