Quote from: cAPSLOCK on January 31, 2020, 06:09:54 PM

Quote from: BitcoinNewsMagazine on January 30, 2020, 10:19:25 PM

I find it odd that masterluc no longer posts on this forum. TBH I find Enky Nakamura, Josh Olszewicz and John Bollinger more useful to follow at present.

"FlibFlib" and "Dave the Wave" on Twitter also offer very good analysis.

Elliott Wave is not that useful for trading cryptos IMO. Too many alternate wave counts. You are better off just waiting for a strong trend, buying on a pullback and using your judgment as a trader on where to set your stop losses and when to take profits. During the last bull run Fibonacci extensions were quite useful in setting profit targets, as was the 3 day RSI. Spend some time learning point and figure charting rather than Elliott Wave you will be rewarded.

Really the simple indicators can be all you need in a strong bull market. Take a look at the weekly BTC/USD Bitstamp chart and put up 50 and 200 simple moving averages. Look at the last bull market. That was a strong bull run and just trading the moving averages you would have gone long at $300 and exited at $9000. Now few expected a blow off top at $19666 but if you also monitored the 3 day RSI you could have held your position until 3 day RSI was over 92 and got out close to the top. You had warning to exit on the following dead cat bounce. Experienced traders went short then.

Again just following weekly 3 day RSI when that indicator dropped below 23 in January 2015 that was a clear signal to start opening longs. Anyone who did has been well rewarded. That ended the bear market. We are currently in a bull market but sentiment right now is neutral. You should have already bought thousands of dollars ago. If you want to go long now just dollar cost average or watch the 3 day RSI and start buying when that indicator is oversold at 30.

Don't follow anyone blindly you will likely get burnt. Learn to analyze markets yourself and make your own trading decisions. Input from other technicians is useful but take responsibility for your own trades. Stay away from day trading because the pros who actually do it for a living will eat you for a light snack. Concentrate on longer time frames. If you are too lazy to do the work just buy and hold.