Dropped to support lets see if it break or bounces

dropped to support lets see if it break or bounces

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how do you decide what is the support?

28k seems to be the support right now. It bounced twice from there.

so you just look at the points where is bounced earlier and draw a line trough those points to decide?

Important fib level this also

investopedia.com/articles/technical/061801.asp

Newfag here. I take it this is Head & Shoulders pattern?
What level does it drop to though typically? Down to the lowest wick of that one candle?

Kind of - although H&S more useful on longer timescales.

No typical level for it to drop to. Need to look at other potential supports - fib or trend to see where it might stop.

Yeah, usually if the price hits a certain point, TA will tell you where it's headed next.

Thanks. Are there certain rules on what tools to use, and patterns to see on which timescales?

Also, by fib do you mean Fibonacci Retracement?

so will it go up or down now. I am thinking about selling so I can increase my stack.

I'm a newb to TA so not the best person to give advice. I currently only use FIB and trend lines and also look for flags / patterns

Yes Fib = Fibonacci Retracement

The target fror a h&s who broke is the difference between the top and support that broke.
In that case that's from 4.10$ to 5.60$ so 1.50$ difference, down from the 4.10$ it means 2.60$.

It happens so fast in crypto I think you can reduce the timescale by a lot.

we have to wait and see whether it bounces off the 28\29k and trend support or break through.

Quickoly pushing up to $4.30 on bitfinex

ok, thanks for that, very helpful.

...

Thanks

just sold. waiting for a dip to rebuy

Q will be announced this week, so it wont dip for long

Sorry to bother again, but the shoulders aren't "perfectly" aligned like for instance, in that picture.
Where would you draw the line in that case, in an angle?

Also, is it correct to assume that it's in pullback currently and going to bounce off the line (resistance?) if it follows textbook?

sorry no dip, straight to moon without you :^)

noohhh FOMO is hitting me hard right now. Lucky I also got xlm, which I am not touching.

your chart was way too volatile, I took the pair with biggest volume, iota/usd on bitfinex so it's more accurate
you can see the fear when it crossed the line with the big red candle

now it's still risky, it's the perfect time for a bounce but if it doesn't keep up it'll certainly break again

I hope you are right, and it will break. Atleast the Koreans are no longer pumpin this shit like crazy.

Thanks

So TA would say to wait before doing anything.
If you want to gamble, or better, get a mood of the market reading what's happening online, then you can act know depending on your feeling.

TA only shows the fear and greed of people, and it's better to read Veeky Forums or reddit, or slacks etc before buying or selling.
It looks like people are still confident and many waited for a dip, so if whales don't go crazy it might go up again.

So this passed the test and bounced right? Back at 4.5

hello 20 minutes ago

>tfw slept through this without stop loss
feels good man

Just in time for the next dip, 31k here we come

Nah, If I ever learned something is that it's much better to never daytrade and just hodl.

this
I burned myself a few hours ago

I actually made some profits day trading, despite only doing it for a week.
But I was an emotional wreck most of the time, and there wasn't that much gained desu, I basically reinvested to get additional coins/tokens.

I'm trying to go about it more strategically now by learning some TA, and how to trade more mindfully rather than being controlled by emotions.

Also, I already assumed the money I put in already lost (bought ATH like fomoing retard). Now I just chill and wait for Q to happen then try to sell at peak and quit this coin.

dam should have sold at 4.60

whales are dumping now. I wouldn't worry too much though. HODLing this for the rest of December is going to make us alot of money

Daytrading only makes you overly stressed if it's large amounts

>TA

Just squint and look where the general line is going