So I just went long based on a new indicator that I am using: TSI, or true strength indicator. After doing some analysis over some time, I think this is something that that is quite underutilized in crypto but I think can be quite effective.
So this indicator just crossed over from a very low point to a buy signal. The ultimate thing to do is buy low and sell high.
The indicator is basically telling us that btc is very oversold and has just given us a buy signal.
the problem
At the same time on a non log chart btc is just hitting the downtrend that has been respected all year. As such my position is small, and I am ready to sell as soon as we bounce off it, which reduces risk.
next target
First I want btc to break thru the downtrend. If that happens I will go long further and add to my position.
If not I will sell my position. The first target I expect to hit is 7.7k or so for btc. Once we get closer I will refine this.
If we fall off resistance, I expect btc to not hold 6k, at which point I will likely short.
what is your thought?
What do think of the TSI indicator?
Good technical analysis! I think the TSI-Indicator is a good measurement for short term overbought / oversold market conditions. It also indicates good signals for momentum traders, but should be used only on that time horizon which is set in your settings of your indicator. For example you used (25, 13, 13) - I think therefore the expected prognosis horizon is not more than two weeks.
Bitcoin is due for a bigger price jump to overcome the oversold conditions. My targets are also around 7600 and 8200.
Good luck with trading everybody!
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As you are so confident I will buy a huge amount of BTC instantly to become rich!
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Haha, I didn't know - that I had so much influence on your investment decisions :-) lets be honest and say that markets are mostly acting irrational and technical indicators only should be used to increase your chances / odds of making good short term trades!
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Yes, I know that’s what most people say. However it seems to be quite accurate in the long term as well.
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Never really used the TSI indicator in my analysis (still in learning phase). Will definitely do some research on that.
Still thinking we will test $4.300 levels to be honest before we see a lasting breakthrough.
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BTC is on down trend for quite some time now and I expect this to last during summer months. I would short much earlier then at 6K. TSI indicator would work even better on stocks. That's only my opinion. Crypto is still too speculative area.
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Seems like a good tactic.
I will try exactly the same
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During periods of consolidation (which are always fulll of uncertainty and doubt) your indicator can bring some hope and light into the darkness!
But it's not sufficient for going all-in. As you are a awesome poker player, you know what I mean!
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Damn good time to buy BTC.
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World cup football photowork for you
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Sir, @knircky I will participate your graphics design contest.I can not find it. Please share link
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looks great @knircky.
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I prefer to look at the big picture and I don't trade. Is BTC still an excellent investment? Yes, of course. So I am simply a HODLer. The chart is seeking for it's bottom. Look at the daily reports of @famunger . But if you are spreading a little bit of hope now, I have nothing to say against it.
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I do to. I look at the big picture. I see a chance that the bottom is in around 6k and we are moving up now. Bot sure if this is the most likely outcome. But some idicators are pointing to a turnaround, which is what i am trading. It the price turns around then I will adjust
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Yes, longterm Bitcoin hodling is pretty much the best way to profit from the crypto boom without having to much headache from the high volatility. But that wasn't his question... What do you think of the TSI indicator?
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To be honest: I don't know this. There are so many indicators ....
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Still bearish but it still can go up a bit here, there is just no volume these days 😣
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Low Volume in a bearish-market could be considered as most investors already made their decisions. In combination with an overall oversold market condition + a technical support line around 6K that scenario looks pretty promising to me.
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@knircky has set 5.000 STEEM bounty on this post!
What is a bounty exactly?
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You create a bounty by sending any amount of sbd/steem to @steem-bounty together with a post-url in the memo.
How can I earn a bounty Users are then competing for the bounty by writing their answers to the post in comments that will achieve upvotes from the community and especially the bounty creator. The money of the bounty gets distributed to all top level comments of the post at the same time when the post is paid out (7 Days after it was written). How much everyone gets depends on the votes the comments received. The sender of the bounties votes are weighted higher so that she decideds where 80% of the bounty money goes and all other votes determine the rest.@steem-bounty does all of this for you automatically. You can use this service to automatically pay out a challenge, ask a hard question or simply to reward the people that interact with you.
Read more about how it works, even in different languages here.
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Congratulations to the following winner(s) of the bounty!
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One of the great features of the TSI is that unlike other oscillators, you can use it for identifying both the trend direction and the trend strength.
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The price of BTC has dropped again. But i dont think its time to buy Bitcoin, although i am sure that the price will rise over 20k again in the next 2 years. I think there a some coins with more potential.
For example Steem. I would invest in Steem and with this invest you have a good APR if you are curating well or delegate your SP in Bid Bots. I think the price of Steem will rise faster and higher (in %) than the bitcoin price.
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i think its good time to buy btc because if its too down value
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How it Work You can Check Here
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I think the TSI can help to predict the price movement but it's not better than other technical indicators like RSI or EMA.
I'm long term trader and i think it's hard to predict the long term movement with just technical indicators. The crypto market is difficult to predict and acts very irrational.
But indicators can help to find the right sell/buy levels for the short term.
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I think if you look at the volume , it does not suggest an uptrend. But bitcoin is so unpredictable. Anything can happen.
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TSI indicator does seem to provide a nice guide of possible selling point for reference. Nevertheless, we all agree the rise and fall depend a lot on the general buying mood of majority. If everyone is avoiding to buy, rising can be rather hard but it is true that Bitcoin has fallen so much already since last year December.
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Interesting. Have not heard of the TSI indicator before. From reading your comments section, it sounds like it has more value for crypto than say an RSI. Hard to see us falling much further from here even with the low volume.
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Ich sehe eine Möglichkeit, dass der Fonds rund 6k beträgt, und jetzt bewegen wir uns vorwärts, aber es reicht nicht, All-In zu gehen. Da Sie ein unglaublicher Pokerspieler sind, wissen Sie, was ich meine! Es scheint eine gute Taktik zu sein. Ich werde genau das gleiche versuchen
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I can't wait to see you to be a number 1 investor in the world. And you are number 1 in my mind. Thank you @knircky
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BTC is a store of value digital asset and once you understand its long term intrinsic value, you will never stop buying or acquiring it.
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TSI is a strong indicator used by bots; long term, so it's still valid a couple days later.
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2018-06-22 08:43 GMT : BTC at 6374 =>
It seems your indicator was wrong. But I'm not glad about this ....
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Yep
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Wait Till BTC is lower than 5000 this summer. Then buy and wait for uptrend in autumn.
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Hola @knircky! por ahora no se debe vender por panico hay que esperar, es momento de comprar no de vender, cariños y besos.
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Yes, I think so it is great chance to but Bitcoin because the price of Bitcoin will increase soon
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Thanks for this great analysis.
i've been thinking about buying some btc for a while and i guess i'll do it now ;)
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I am scaled into maximum position as of now but i think we will stay range bound between 6k to 7.5k for a long time.
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I think that when btc breaks the downtrend and reaches 7k7, I am confident that it will lead to steady growth. I predict that steem will rise to $ 4 or $ 5
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Take your money and invest in a good a spacesuit because Bitcoin is going to the moon! As mentioned on a post of yours a couple weeks ago, Bitcoin will more than likely stay in the 6000 to 8000 range for the time being. I'm a true believer in fundamental analysis over technical analysis. Past performance doesn't predict the future and most TA is useless, while some of it is luck.
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