Coin adoptions by marketplaces on Tor and other Darknets: Accordingly, new market adoptions of cryptocurrencies can take the prices of these coins to the moon.
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Although technical analysis is not that reliable on most cryptocurrencies, mainly due to low trading volumes, sometimes some signals can be very useful in picking up good entry and exit points for your trades.
In other words, I have been repeatedly buying low, holding for a few days and then selling GRC for profit. When viewing the charts for the purpose of applying technical analysis techniques, it is better to use Tradingview. You can view the chart of any coin traded on Poloniex on Tradingview.
I relied on some candlestick chart signals to find good entry points to buy in and exit points to sell off. Let me illustrate to you how I use technical analysis, by showing you my Synero AMP trades during the past few months. If you may notice, I have been buying low, then selling high since January, As such, price rose from 5, satoshis to 10, satoshis at the time of writing of this tutorial during the past 4 months. I also used technical analysis to find good entry and exit points.
The below chart shows several good candlestick chart signals. Also, long upwards candlestick shadows are good selling signals as they reflect strong resistance points. For using technical analysis and candlestick chart analysis for altcoin flipping, I recommend the following: Use Fibonacci retracements whenever possible. Plot your Fib retracements between the low and high on the 1 day chart along a period of months.
The resulting retracement levels will help you find good entry and exit points for your trades.
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To plot Fibonacci retracements on a chart on Tradingview. A group of options will pop up for you to choose from. Now, you have to use your mouse to click on two points on the chart, which will represent the high and low of your Fibonacci retracement.
I plotted the Fibonacci retracements between the low recorded on February 27 satoshis and the high recorded on April 2 satoshis. Fib retracement levels can point you to important resistance and support levels.
Usually a bullish rally will be hurdled when it faces a FIb retracement, as occurred on the BTSBTC chart when price reached the satoshi price mark which corresponded to the Look for candlestick chart signals such as hammers, shooting stars, bullish engulfing pattern, piercing pattern, bullish haramis, long upwards or downwards candlestick shadows and morning star. Investopedia contains a simple guide about these signals and others. Exploiting price variation across various exchanges: Like we explained in the previous tutorial, it is better to set up trading accounts at more than one cryptocurrency exchange.