BTC/USD Swing Trade Analysis - Starting to Recover
Hi everyone,
I have decided to focus on swing trading for now. It was my original goal and I've been too busy (+need to learn a lot more) to properly do Day Trading.
So here is my
BTCUSD analysis for today.
*Patterns:*
If what I am seeing is a channel (pink and then pink+blue) it is getting narrower. That means things are probably going to change.
There also seems to be a triangle (bright green) indicating a trend reversal.
Volume seems to agree. Higher volume means people are active on the market, unlike a couple of weeks ago (Feb 8-16) where everyone was sitting on the fence and the price barely budged. Even from Feb 16 to yesterday (before the major sell) lots of people were waiting to see what would happen (myself included). Now in the last 16 hours there seems to be a massive volume of trading, sginaling that many investors are returning to the market.
*Indicators:*
The MACD and RSI are showing a small signs of a potential recovery, but it will be a hard fight.
The tough recovery trend can be confirmed looking at the volume. After massive buying in the last 4 hours (almost as much as the selling at Feb 22 23:00 EST) the bulls are starting to move the MACD out of the red and into the pink. But it is still not enough to get the MACD out of the negative and the RSI into 40% (both strong indications of recovery).
*Conclusion:*
For the more adventurous investors, this is already a good time to buy, as there is an indication of recovery.
For a more conservative strategy, you can wait until the MACD has crossed the 0 line, as that will be a stronger indication that the price is on the way up again (but of course your gains will be less).
If this has helped you in any way, please leave a comment below. I'm a (fairly) beginner at this and any feedback is welcome!
*Disclaimer:*
None of this is financial or investment advice, just my opinion. Cryptocurrency investing is highly risky. You should make your own analysis before investing and only invest what you are comfortable losing.
I have decided to focus on swing trading for now. It was my original goal and I've been too busy (+need to learn a lot more) to properly do Day Trading.
So here is my
BTCUSD analysis for today.*Patterns:*
If what I am seeing is a channel (pink and then pink+blue) it is getting narrower. That means things are probably going to change.
There also seems to be a triangle (bright green) indicating a trend reversal.
Volume seems to agree. Higher volume means people are active on the market, unlike a couple of weeks ago (Feb 8-16) where everyone was sitting on the fence and the price barely budged. Even from Feb 16 to yesterday (before the major sell) lots of people were waiting to see what would happen (myself included). Now in the last 16 hours there seems to be a massive volume of trading, sginaling that many investors are returning to the market.
*Indicators:*
The MACD and RSI are showing a small signs of a potential recovery, but it will be a hard fight.
The tough recovery trend can be confirmed looking at the volume. After massive buying in the last 4 hours (almost as much as the selling at Feb 22 23:00 EST) the bulls are starting to move the MACD out of the red and into the pink. But it is still not enough to get the MACD out of the negative and the RSI into 40% (both strong indications of recovery).
*Conclusion:*
For the more adventurous investors, this is already a good time to buy, as there is an indication of recovery.
For a more conservative strategy, you can wait until the MACD has crossed the 0 line, as that will be a stronger indication that the price is on the way up again (but of course your gains will be less).
If this has helped you in any way, please leave a comment below. I'm a (fairly) beginner at this and any feedback is welcome!
*Disclaimer:*
None of this is financial or investment advice, just my opinion. Cryptocurrency investing is highly risky. You should make your own analysis before investing and only invest what you are comfortable losing.
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