Hi Riders, on the last issue, we focous on long term approach and DCA for $BTC and $NASDAQ, now i will focus on the trend on multiple timeframes so you can get familiarized with the pattern and identify opportunities on other coins by yourself.
Let´s start with the weekly chart.
Trend sill bearish: all indicators bearish, price below band
Oversold
Price way below band (room for a bounce)
Daily chart:
Trend Still bearish: all indicators bearish, price below band
Not Oversold: green area just dissapeard, potential bounce on the making.
Price way below band (room for a bounce)
4 Hour chart:
Trend neutral: price inside band.
If price stays above band for a few candles then we could see a much bigger bounce.
1 Hour chart:
Trend bullish: price above band, rider band gold, most indicators bullish.
So, how to use this information:
When a price is above band: longs have mor chances to succeed, when below shorts are more succesfull.
Choose coins: If BTC is above rider band, look for coins that are still below, those will tend to follow BTC fast if BTC holds. This is a very powerful technique, specially on the daily chart.