Hey Steemians,
Here is my first post sharing my trade on the ALT coin Request Network (REQ)
I use a combination of Support/Resistance levels and Supply/Demand zones to establish my entry and exit points.
The levels are always determined by price discovery in the past.
The orange horizontal lines you see on the chart are those levels.
The orange ones will always be the levels on the Hourly chart.
As a general rule if price is above the horizontal lines then that line will be a support level, and if it is below the line then that line/level will be resistance.
For example if price is above and it is coming down and approaching a horizontal line, then it should find some support and bounce up from that price level.
I will mostly 60 minute (hourly) and 5 minute charts and occasionally daily charts.
Based on the time frame of the charts the levels will be at different prices, that is why I will color code them.
Daily will be Red
Hourly will be Orange
5 minute will be Blue
Here is the same chart zoomed out more.
This is the my technical analysis on REQ/BTC.
This is a good high probability buy zone , however today Bitcoin (BTC) is down, and on BTC down days the ALT coins don't do too well. That being said there is always some diamonds in the rough and I believe this may be one of them. BTC down days reduce the probabilities of long (buy) position success on ALTs but this trade should still have a high probability of success.
I will also post a chart of BTC today.
Please let me know your thoughts (agree/disagree, liked the post/chart).
Any feedback would be great positive or negative.
Also if you would like me to post a chart of a specific Altcoin or currency then please post the name in the comments below and I will make a post of the chart of that currency/coin with my analysis.
Thanks for reading,
Crypto Rob
DISCLAIMER:
This content is my opinion and is for informational purposes only.
Always do your own research and analysis.
It should not be considered financial or investment advice.
It is not advice or recommendation to buy or sell anything .
(and all that means is that I'm just some crazy dude on the internet that you shouldn't listen to :) lol )