Bitcoin Forum

Hello does anybody have here experience with trading based on RSI or MACD or any other indicator(Which one?)
Iam considering to buy service what can send me a email when rsi crossing below 30 for example, does it worth it? Does anybody from you using it? What are your experience? thanks for answer

I don't use this yet but I've noticed tradingview have the option to give you an open ended alert (so it doesn't cancel like most of theirs do).

Look at history and see what happens when we cross the RSI, would you lose money? I think having a risk:reward of 4:1 on trades would likely still land you in profit but this is something you could experiment with. There are the times when the price only rises slightly though for the RSI to recover and it's also able to go below 0 or over 100...

Iam interested if somebody of you guys are using tradingview alerts, it cost 15euro/month to have it open ended, does it worth it? Have anyone already bought it?

Most of the time, indicator trading tends to fail, I learned it in the book called: "A Random Walk Down Wall Street", most of the time both technical analysis and fundamental analysis are not 100% safe for make more specific trading decisions using technical analysis with indicators, it is best to try to understand the market.

I have used RSI but to me it does not worth it. RSI or MACD are not strong enough to be relied upon for proper trading experience. This are indicators that most traders rely upon but they are not profiting enough to follow up with the bitcoin trend. Support and resistance indicators can help but they are difficult to understand. Although some understand RSI and MACD in analysing trade but not majority

How much does it cost? If you are really eager to buy that service, you can have a test if it will be helpful to you, although shouldn't be a priority especially if the cost is not that cheap. Then as soon as you are familiar with these indicators, then you can consider not using the service anymore.

Indicators are just to assist you on your future strategy, not a tool to give you profits.

You better not think about asking someone for help especially when you don't know about that person/group of people.
You can't find a reliable trading tool that could help you but at least, it helps you to create your own TA's. It can't be 100% right or probably it was wrong. No matter what we do, no matter what tools are we using, you can't make our trade into perfection. We definitely have sometimes to fail and lose. That is the reality in trading.

For checking Divergence and Convergence between different indicators, I have mostly used RSI compared to MACD. In terms of its usefulness, however, they are both great at determining whether it's overbought or oversold territory. I hope that you remember that it's always going to be speculation when it comes to trading. It's best to take care of your capital rather than your profits. I learned that the hard way.

Most of the time, we can't just rely on RSI alone especially if the trend is downtrend or uptrend because there's no overbought or oversold on these both trends. Anyway, indicators are very helpful for us to know when to enter or exit in the market, we really have to create strategies using multiple indicators to confirm the trend. To OP, i think you can just turn on your notification on Blockfolio especially if the market hits your target price but I'm not sure if they have function specifically on RSI alerts.

Not worth it. The Indicators do not guarantee that the market is going to move in a specific direction. They can guide you on your trading decisions but shouldn't be relied upon 100%

I agree with you. I have traded for a while and have realized the same. The book caught my eye, so I have already downloaded a PDF (https://dl.abcbourse.ir/dl/Library/book/B.Malkiel.A%20Random%20Walk%20Down%20Wall%20Street.pdf) I hope I will be a good read  :)

Dude, you can get that on TradingView for free. Dont waste money on that.

It might be more worthwhile to learn how to create your own trading tool on tradingview. I believe there are free sources out there that can teach you how to use tradingview and how to set it up, you can check Binance Academy on this. Also, RSI and the MACD can only tell you so much. You can probably check out Onchain analysis as well, this seems to be good to use in reading BTC charts. Just keep in mind that even the most experienced traders get stumped because of how unpredictable the crypto market is so it might be better to use your money on other things.

RSI and MACD can be used if you are investors and would like to make investments for medium or long term.

They are not good indicators if you are traders and would like to trade. Furthermore, below 30, which candle (5 minute, 15 minute, 30 minute, 1 hour, 4 hour) you use and connects it to RSI and RSI < 30?

I am guessing that you will intend to use 3 candles: 5 minute, 15 minute and 30 minute only as a trader. 1 hour and 4 hour are more likel matching with investors. If you are not too actively trading, you can manually use Trading view.

I rather monitor it all by myself so that i could learn more, I am studying RSI and EMA now and been doing this without alert I just reminded myself to go online and check my trades every 4Hrs if ever that I am busy at my work or sleeping. If I have a time I did not do anything for the day and just focusing reading my charts. I think no need to pay for trading view as well. Just do it on your own you need to manage your money wisely.

I’m exploring Tradingview for a while now but seriously? I didn’t know that they offer this kind of service like will notify you if the RSI goes below or above the limit.

Anyway, to OP RSI and MACD can be more useful if you use it at the same time and of course monitor also the price candles which is a big factor on every trading indicators. If you’re still not familiar with it, do some research first.

this is exactly what i want to use it for, 2h and 4h and 1d rsi crossing down 30 is enough to make long term investments.

Yes. Just like other trading tools, both RSI and MacD aren't built to be standalone tools. As a matter of fact, you get the most out of them when you combine them with other trading tools and strategies. You already mentioned S&R which are good tools to use with RSI and MacD. For instance, RSI reporting that a pair is oversold just when it just enters a support zone. That's more than enough reason to buy at that zone or maybe wait for further confirmation.

Indicators don't work when you rely on just a few. Don't forget there are specific indicators for very specific market conditions.

I don't think it will change the profitability in the long term, just relying on the technical analysis is useless for volatile markets especially for the crypto markets. It will work for a low timeframe but I doubt the RSI overbought zone will cause the dump on the market if the background trend is bullish. Try the signals based on technical analysis and you can share the results with us.

We as traders use the technical indicators as the main tool for measuring the strength of the trend and finding the best suitable entry/exit points. The support zone can be detected with checking overbought/oversold zones of RSI and the top points of MACD are indicators at the end of the market trend.

Most of the time TA invalidated because of too much volatile but of course we’re still trading and this is the general rules in the market, TA will work if you believe on it but if not then it will be hard for you to win in trading. RSI is also good for long term position especially if the market is on the sideways, I do mostly used this TA for my trade signal, its simple to use yet it can help you a lot to make the right decision. Just keep on monitoring the market manually and don’t just rely on any notifications alone.

I hope you enjoy reading, they talk a lot about everything that happens in the markets, it is incredible, but what you learn is totally applicable to the Bitcoin market. It will help you understand the market even more.

I guess that is not worth it because I use TabTrader to analyze the bitcoin market, and I only use tradingview for some time. I suggest you not pay for any services if you are a new trader because that is not worth it as I say. You can learn by yourself about using the indicator from free sources such as Youtube, articles, or even following an expert lesson.

When you can make a stable profit monthly and already have skills, perhaps you can use that services and pay the fee monthly to help you increase your skills. Before you can make money, it is better to use all the free material to learn, which is available on the internet.