We can see that (XBT) has printed another on the hourly time frame, this time this one created a higher low compared to the last one. The is still lower than last two but it is growing.
This same hourly candle can be divided in two when we look at the 30 minutes chart. Here we can see this signal as “Bullish Engulfing”. Here is the chart:
When the candle closes this signal is confirmed. You can trade based on this signal, here is how it works:
1) You can trade aiming for the next resistance with the stop loss being a close below the low of the . A break and close below this level is your stop loss while your targets will be the resistance levels on top. In this case we are using Moving Average lines for targets but you can use Fib. proportions as well.
2) You can notice the and being as well. Price is now trading above EMA10 (green line) These are just simple signals but they can help you better identify a profitable trade.
There are many ways to find targets and support, but these MAs lines works great for and cryptocurrency trading in general.
Note: This is no trade advice. All of my trades are in my profile and they contain buy in, targets, stop loss and additional information necessary for trading. When you see this information lacking, this is either an educational article or simple analysis without the intention to trade.
Your support is truly appreciated.
Hit LIKE!
Namaste.
Published at Sun, 13 Jan 2019 12:54:44 +0000
