Here is the MFI indicator I posted from earlier last week. I am still following it pretty closely for entry/exits on day trades (mainly 4hr time frame). The weekly indicator still looks maxed out (oversold) with a slight downtrend (short call from last week).. which indicates further downside. Side note: It looks like a classic double top formation to the naked eye, which is also another indicator of lower prices to come. I would be surprised to see anything above previous highs (8.4k) any time soon.
I do not have enough data collected in regards to MFI over the major bitcoin market trends.. I plan to look at patterns specific to 2011, 2015, and 2017 to analyze if this will be a good trading tool for reference.
Answers to questions: I have my MFI settings to "10" because quicker trades can be assessed on this time frame (others commonly used are 14 and 50.) You can check out the 4hr, daily, and weekly charts for whatever time frame you are looking to make substantial trades with..
I continue to stand by my initial analysis to buy in the 4-6k range. This chance is beginning to slim. (it dipped into the 6k area briefy, did we miss it?) recommending to hold bitcoin.. keep accumulating
I do not have enough data collected in regards to MFI over the major bitcoin market trends.. I plan to look at patterns specific to 2011, 2015, and 2017 to analyze if this will be a good trading tool for reference.
Answers to questions: I have my MFI settings to "10" because quicker trades can be assessed on this time frame (others commonly used are 14 and 50.) You can check out the 4hr, daily, and weekly charts for whatever time frame you are looking to make substantial trades with..
I continue to stand by my initial analysis to buy in the 4-6k range. This chance is beginning to slim. (it dipped into the 6k area briefy, did we miss it?) recommending to hold bitcoin.. keep accumulating