…here is your trade window on Bittrex based on the last 24 hours and the 30 minutes chart.
Entry points around 0.01605 and 0.01651
Exit points around 0.017 and 0.01758
This chart is what I call “trading by the book”.
The 30 minute candles basically bounce off the resistance lines (red and green) in perfect harmony and have been reliable for the last 24 hours. Such basic trading
The site hasn’t been maintained to well but the guy who own it is a buddy of mine and he usually also publishes his Forex “trading signals” every morning. Check out some of those for comparison since he does a good job in explaining.
Over the last year I’ve come to the believe though that certain indicators such as Fibonacci (the hardcore traders are gonna slaughter me for saying this) are rather “to technical” for altcoin trading.
I believe that altcoins can actually be traded with much simpler charting tools and indicators than BTC or Forex. Imho it’s being over complicated by many since most markets trade clear patterns either caused by the trading bots or often basic trading 101.
I know you and I are on the same quest for knowledge about trading. I found this site on forex trading. it has a “school” LordofTheInternet from HT turned me onto it a while ago and I just remembered I had book marked it. He told me that will give me the basics and I would have a better understanding. I am sure some of the knowledge would transition to crypto as far as reading graphs and understanding market behavior. Let me know if you find anything interesting.
Market going up would be a good thing. A lot of coins were bought around 0.011. From there the market went up to about 0.016-0.017 and moved into a sideways motion trading for a good days within the trading window I had charted in the OP.
So yeah, for all I care XPY can go up to whatever from here, much love.
Don’t get to excited though guys. Of we compare the chart above with today there has been very little movement. The previous resistance line around 0.01758 has been cracked and XPY might be trading for 0.018 on Bittrex right now but that’s just a change of less 0.005 BTC above the previous trading window.
I can’t say I’m just a day-trader trading market trends. Entering a market long-term or overnight isn’t my thing. I look for trading patterns in the current market of the coins to narrow down trading windows and just trade the margins with “a lot” of smaller orders throughout the day.
However, if you look at the 2nd image above you’ll find that XPY has really been moving sideways in a rather narrow channel since the 13th so it could breakout or dive any time.