Hey Traders so today I want to take a look at Bitcoin and show you why you don't need indicators imo. The reason you don't need indicators is because the best indicators of all is price!
Did we miss this move? No I don't think we did as the uptrend is now really starting to pick up speed.
If we look at the chart we can cleary see here Bitcoin in Strong Uptrend confirmed with my favorite 1,2,3 Bar Trend Line. So we know that the momentum is on the buy side.
How to we trade the uptrend?
Very simple wait for a pullback to the trendline. So another way is alot of times the market will retrace 50% of it's last big candle. So if you look at May 19 there was a huge Bullish Hammer Candle on the charts! Measure 50% of that with the Fibonacci tool and then boom you are set place your pending buy order when it hits it and put your stop underneath the low of that candle or a place where you think the market will not go back.
Don't chase the market let it come to your buyzone.
However if your bearish wait until market breaks through support!
Always use Risk Management! (just in case your wrong in your analysis)
Hope This Helps Your Trading
Clifford
Did we miss this move? No I don't think we did as the uptrend is now really starting to pick up speed.
If we look at the chart we can cleary see here Bitcoin in Strong Uptrend confirmed with my favorite 1,2,3 Bar Trend Line. So we know that the momentum is on the buy side.
How to we trade the uptrend?
Very simple wait for a pullback to the trendline. So another way is alot of times the market will retrace 50% of it's last big candle. So if you look at May 19 there was a huge Bullish Hammer Candle on the charts! Measure 50% of that with the Fibonacci tool and then boom you are set place your pending buy order when it hits it and put your stop underneath the low of that candle or a place where you think the market will not go back.
Don't chase the market let it come to your buyzone.
However if your bearish wait until market breaks through support!
Always use Risk Management! (just in case your wrong in your analysis)
Hope This Helps Your Trading
Clifford
Note
Closer look at 3 bar trendline
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.