BTC buy signal
So I just went long based on a new indicator that I am using: TSI, or true strength indicator. After doing some analysis over some time, I think this is something that that is quite underutilized in crypto but I think can be quite effective.
So this indicator just crossed over from a very low point to a buy signal. The ultimate thing to do is buy low and sell high.
The indicator is basically telling us that btc is very oversold and has just given us a buy signal.
the problem
At the same time on a non log chart btc is just hitting the downtrend that has been respected all year. As such my position is small, and I am ready to sell as soon as we bounce off it, which reduces risk.
next target
First I want btc to break thru the downtrend. If that happens I will go long further and add to my position.
If not I will sell my position. The first target I expect to hit is 7.7k or so for btc. Once we get closer I will refine this.
If we fall off resistance, I expect btc to not hold 6k, at which point I will likely short.
what is your thought?
What do think of the TSI indicator?
Good technical analysis! I think the TSI-Indicator is a good measurement for short term overbought / oversold market conditions. It also indicates good signals for momentum traders, but should be used only on that time horizon which is set in your settings of your indicator. For example you used (25, 13, 13) - I think therefore the expected prognosis horizon is not more than two weeks.
Bitcoin is due for a bigger price jump to overcome the oversold conditions. My targets are also around 7600 and 8200.
Good luck with trading everybody!
As you are so confident I will buy a huge amount of BTC instantly to become rich!
Haha, I didn't know - that I had so much influence on your investment decisions :-) lets be honest and say that markets are mostly acting irrational and technical indicators only should be used to increase your chances / odds of making good short term trades!
Yes, I know that’s what most people say. However it seems to be quite accurate in the long term as well.
Never really used the TSI indicator in my analysis (still in learning phase). Will definitely do some research on that.
Still thinking we will test $4.300 levels to be honest before we see a lasting breakthrough.
BTC is on down trend for quite some time now and I expect this to last during summer months. I would short much earlier then at 6K. TSI indicator would work even better on stocks. That's only my opinion. Crypto is still too speculative area.
Seems like a good tactic.
I will try exactly the same
During periods of consolidation (which are always fulll of uncertainty and doubt) your indicator can bring some hope and light into the darkness!
But it's not sufficient for going all-in. As you are a awesome poker player, you know what I mean!
Damn good time to buy BTC.
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I prefer to look at the big picture and I don't trade. Is BTC still an excellent investment? Yes, of course. So I am simply a HODLer. The chart is seeking for it's bottom. Look at the daily reports of @famunger . But if you are spreading a little bit of hope now, I have nothing to say against it.
I do to. I look at the big picture. I see a chance that the bottom is in around 6k and we are moving up now. Bot sure if this is the most likely outcome. But some idicators are pointing to a turnaround, which is what i am trading. It the price turns around then I will adjust
Yes, longterm Bitcoin hodling is pretty much the best way to profit from the crypto boom without having to much headache from the high volatility. But that wasn't his question... What do you think of the TSI indicator?
To be honest: I don't know this. There are so many indicators ....
Still bearish but it still can go up a bit here, there is just no volume these days 😣
Low Volume in a bearish-market could be considered as most investors already made their decisions. In combination with an overall oversold market condition + a technical support line around 6K that scenario looks pretty promising to me.
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