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Perlin Is Moving | More Growth Or Fall? | Tutorial

BINANCE:PERLBTC   Perlin / Bitcoin
Perlin ( PERLBTC ) made a move yesterday and managed to close above EMA10, which is a bullish signal... Today, a big rejection is in play as well as a big bear volume bar so we need to be careful as there can be additional fall.

A new All-Time Low ( ATL ) was hit recently, this will be the main support (bold red line).

Keeping it simple
  • 1) If the main support is broken PERLBTC will test the lower support levels.
  • 2) If the main support holds or isn't tested, then PERLBTC can consolidate (blue arrow) or move higher.

As you can see, there is no prediction here.
You can take action, buy/sell, based on what is happening rather than predicting where the price will go.

As for the chart signals
  • The MACD is bearish .
  • The RSI is weak, not strong enough.
  • A big red volume bar just showed up. The green volume on the bounce is below average so there isn't much strength on that small jump.
  • Bullish divergence is building up with both the MACD and RSI , but with all the bearish signals above this one isn't enough.

To trade, we must have a plan, what to do if prices go lower? What to do if prices go up?

Now, how you decide if a pair is good to trade before you go and find the support levels, the targets, and the stop-loss?

You use the chart signals. If the signals support the move that you are seeing then you can decide to trade or not.

I wouldn't trade Perlin ( PERLBTC ) right now, there are too many bearish signals and there are better-looking charts.

All the information shared here is for learning and entertainment purposes only...

THANKS A LOT FOR YOUR CONTINUED SUPPORT.

Namaste.
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