Hello everyone. Today I want to share with you my thoughts on bitcoin using TA and my custom free indicator - PrevHighLow Trend Indicator(PHLTI). PHLTI is for trend recognition, also it has filters for signals. Ok, hope you got it, let's dive into analysis.
1D:
PHLTI's MAs are both red, but the candle is close to slow MA's(stepline), which means that there is uncertainty in the market, so we need lower timeframes to be more precise.
Signals from indicators:
PHLTI->trend lines: SELL
PHLTI->RSI(with and without price src smoothing) = BUY
4H:
PLHTI telling to sell, but the price near enough local orange and global green support, so if you want some small sell profit, you can take sell, but I wouldn't, as it is too risky.
1H:
MCRB and MCRS = MACD+COG+RSI BUY and MACD+COG+RSI SELL
MRB and MRS = MACD+RSI BUY and MACD+RSI SELL
We see that price touched orange local support and then PHLTI gave multiple BUY signals, so consider rising of buying power.
Resume:
If I wanted take a trade, I would probably wait till price will go to the 23300-23200 zone, and then I would open BUY position. Also some cool things will happen to ETH in Sep-Oct, so stay tuned, I think I am right on my buy. You can you PHLTI MAs as support, resistance and SL levels when it is possible.
PHLTI: LINK IN THE COMMENTS
BONUS:
This is the end of my review, so I want to share with you easy as hell breakout strategy via PHLTI.
BUY and SELL examples are IN THE COMMENTS!
1D:
PHLTI's MAs are both red, but the candle is close to slow MA's(stepline), which means that there is uncertainty in the market, so we need lower timeframes to be more precise.
Signals from indicators:
PHLTI->trend lines: SELL
PHLTI->RSI(with and without price src smoothing) = BUY
4H:
PLHTI telling to sell, but the price near enough local orange and global green support, so if you want some small sell profit, you can take sell, but I wouldn't, as it is too risky.
1H:
MCRB and MCRS = MACD+COG+RSI BUY and MACD+COG+RSI SELL
MRB and MRS = MACD+RSI BUY and MACD+RSI SELL
We see that price touched orange local support and then PHLTI gave multiple BUY signals, so consider rising of buying power.
Resume:
If I wanted take a trade, I would probably wait till price will go to the 23300-23200 zone, and then I would open BUY position. Also some cool things will happen to ETH in Sep-Oct, so stay tuned, I think I am right on my buy. You can you PHLTI MAs as support, resistance and SL levels when it is possible.
PHLTI: LINK IN THE COMMENTS
BONUS:
This is the end of my review, so I want to share with you easy as hell breakout strategy via PHLTI.
BUY and SELL examples are IN THE COMMENTS!
