If you are brave enough you could by by 9000 and sell and make 2x the profits.
Nxture_Boi
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@Ivor_Drazic It would be possible to sell at 9000 and make so much more profit, but I’d have to get confirmation from either two moving averages crossover, or another indicator
Nxture_Boi
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@Ivor_Drazic thanks for that advice though. You could also sell at 9000
Mark2410
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Hi there,
What do you mean by break out?
Nxture_Boi
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@Mark2410, by “breakout” I mean that it could get out of the trend lines. This could happen when price goes back up to retest resistance, and then rejects the resistance by going down
Or
It could go out of the trend lines around the time when markets open.
Do you get it now?
Mark2410
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@Nxture_Boi, I think so
sorry i am new to this so trying to understand the terminology.
So if it retests the resistance band at 9000 and bounces back then it will go down?
Nxture_Boi
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@Mark2410 yes, precisely. This is the easiest Technical Analysis to understand. You don’t have to have any indicators for this, unless you need an indicator for confirmation
@Nxture_Boi, Thank you for the encouragement... appreciate it.
How do you determine the size of the resistance or support band?
Nxture_Boi
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@Mark2410 there’s no fixed size of those bands. It’s basically based on the price range. So the support and resistance that I would draw would slightly differ from yours, because we see the charts differently. So there’s no actual determination of the size