Hi Fam 👋 Learning to read Candlesticks? Here's your quick cheat sheet 📈:
- Upper Shadow: Shows how high the price went before it got pushed down. ⬇️
- Lower Shadow: Indicates how low the price dropped before it bounced back up. ⬆️
- Real Body: The difference between the opening and closing price 🔄.
If the body is red, the price closed lower than it opened. If it's green, it closed higher.🚦Long shadows mean lots of price rejection; short ones mean less movement.
1. Double Top: This pattern looks like two peaks at about the same price level. It's a signal that the price might startà dropping.
2. Support Zone: These are the levels where the price tends to bounce back up instead of dropping further.
3. Breakout: When the price breaks through a support zone and keeps falling, that's a breakout.
4. Retest: Often, the price will come back up to check if the broken support zone can now act as resistance. If it holds and the price starts to fall again, that's our sign to consider selling.
Remember, the key to breakout trading is to wait for confirmation, like a retest that doesn't break through. That's when we make our move.✔️
📌 Hi Fam, Let's break down some key Momentum Indicators we use in trading:
1. MACD (Moving Average Convergence Divergence): This one shows us the relationship between two moving averages of price. When the MACD crosses above its signal line, it's a bullish signal, and when it crosses below, it's bearish.
2. Stochastic Oscillator: This compares a closing price to its price range over a specific period. It helps us identify overbought or oversold conditions. Above 80 might be overbought, below 20 could be oversold.
3. RSI (Relative Strength Index): Measures the speed and change of price movements. An RSI above 70 is considered overbought, while an RSI below 30 is considered oversold.
1. Identify the Tops: Spot two peaks at the same level, known as a Double Top. 2. Watch the Neckline: This is our support line. If the price drops below it and comes back up but doesn't cross it, pay attention. 3. Look for a Bearish Candle: A big red candle after the price touches the neckline again means sellers are in control. 4. Sell Signal: When you see the big red candle, that's our cue to consider a sell, as it suggests the price could keep dropping.
Last week, investment products related to digital assets, like Bitcoin, received a significant boost with new investments totaling $708 million. 🟢
This increase has brought the total investment in these products to $1.6 billion for the year so far. Additionally, the total value of these digital assets under management worldwide has reached a remarkable $53 billion. 📈
This shows a growing interest and confidence in digital assets among investors.🔥🚀
Crypto will make you live poor, while you're rich in dollars.
Crypto traders are the only traders that are always looking for more money to invest.
No one has hope like crypto traders... They will tell you it's just a dip, it will rise again.
Crypto traders hardly sleep at night.
Finally, crypto traders don't easily fall into depression after heartbreaks. You want to break a heart that has been rugged, dipped and battered with dumps? It's too late.
With these few points of mine, hope I've convinced you to become a crypto trader/investor.
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1. Double Top: This pattern looks like two peaks at about the same price level. It's a signal that the price might startà dropping.
2. Support Zone: These are the levels where the price tends to bounce back up instead of dropping further.
3. Breakout: When the price breaks through a support zone and keeps falling, that's a breakout.
4. Retest: Often, the price will come back up to check if the broken support zone can now act as resistance. If it holds and the price starts to fall again, that's our sign to consider selling.
Remember, the key to breakout trading is to wait for confirmation, like a retest that doesn't break through. That's when we make our move.✔️
👋 Just a quick rundown on the Engulfing Candlestick Patterns from our infographic 🕯 👇
- Bullish Engulfing: A small red candle followed by a large green one suggests a trend reversal to the upside. We want the next candle to close higher for confirmation.🔼
- Bearish Engulfing: A small green candle followed by a large red one signals a possible downturn. If the following candle closes lower, that confirms it.🔽
Keep these patterns in mind when planning trades! 🧠💵
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Chromia (CHR) has released its roadmap, focused on the release of Chromia Mainnet 1.0
Chromia, an open-source public blockchain, has introduced its roadmap that is currently focusing on the release of Chromia Mainnet 1.0. The mainnet launch is scheduled for 2024 and will mark the final stop on the project's ‘Road to Mainnet’ phase and the beginning of a longer journey in which Chromia’s tech will continue to evolve while its ecosystem grows.
Decentralized exchange PancakeSwap $CAKE has burned over 8.8M $CAKE tokens (3.7% of circulating supply) worth around $21M. Most burned $CAKE were from trading fees (AMM V2), trading fees (AMM V3) and others. Currently, PancakeSwap has over $1.44B in total liquidity locked. After the announcement, the price of $CAKE increased by 3%. Current price is $2.41. Fully diluted market cap is $1.78B.
Monitoring of vested tokens and future unlock events is an important step to make more cautious and, in the end, better trading decisions. Let’s take a look at this and some other biggest unlocks coming in the next 7 days, including $GMT, $ENS , $MYRIA, $HFT , $CTT, $GAL and $VEGA according to Cryptorank
Pros: Snag a better entry point, adhering to the "buy low, sell high" principle. Cons: The anticipated pullback might not happen, causing a missed opportunity.
Breakout:
Pros: You're more likely to catch significant price moves and trends. Cons: Risk of 'false breakouts' where the price doesn't continue in the expected direction.
Choose your approach wisely based on the market context and your risk tolerance.