This post was intended to document my crypto studies experience with TradingView. Why so? Today's topic was, how do I know where BTC will topped at 8200 3 days before? Well, there involved with many years of trading experience, gut feeling(I know right! Traders are not supposed to use FEELING, but that's part of the psychology) and pattern recognition. So, let's get into it.
Herewith enclosed my BTC charting link, incase if you wanna take a look, feel free to hit it. As of now, it's still clean. But if you're in doubt, better give the link a scan first. If you're not comfortable, don't click it. I'm not responsible for any loss to you if the link were hacked or broken.
https://www.tradingview.com/chart/?symbol=BITSTAMP%3ABTCUSD
Here's my basic BTC chart. If you don't have an account, please do sign up. Do not worry also, I did not offer you referral link. Just do it at your own discretion.
Here's the conversation the other day on May 14, when I told my fellow crypto hodler it's best to cash out some and get ready to grind in when the time is right.
What the hell is a divergence?
Divergence in technical analysis may signal a major positive or negative price move. A positive divergence occurs when the price of an asset makes a new low while an indicator, such as money flow, starts to climb. Conversely, a negative divergence is when the price makes a new high but the indicator being analyzed makes a lower high.
According to investopedia.com
Let's get to the chart and hit the insert indicator button. Refer above screenshot for the ugly highlight.
I didn't say I'm always right
Here's what happen, I always look for possible breakout, bullish or bearish. If we wanted to get into, better get in the bottom. If we were to get out, better do it before it really turn. I got the first part almost perfect, but BTC price did hovering around 8300 area for about a day before it quickly took a dip. And the dip, go way below my prediction. I saw today's low was 6600? And the day is still young, the rebounce may be temporary, and could continue to go down further for the next few days.
Select one by one, 1 of them is a signal system based on the MACD moving averages cross over. And to add the visual histogram cross over is another big deal. Not only arrows we follow, reading the entire oscillators is utmost important as well.
Originally from TradingView
Once done setup, tadaa! There you have it. There's blue and red arrows on the chart showing when is possible buy and when is possible sells. I believe those are 2 bar shifted, in order to filter noisy signals. If you do not know, many of these traditional trading indicator are made out of AVERAGE price. And therefore, the signal can be VERY lagging. By having time shift will allow us, visual reader to see clearly on the cross over, also to CONFIRM the actual cross over is completed.
What? That's all?
Nope. Will have more. But the signal setup is about this much for today. We will come back with more technical trading sharing/discussion in future.
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