IF you saw this candle stick chart would buy sell or hold?

[beamin]

Im trying to learn to read the candle sticks sometimes I win sometimes I lose, I think I'm better then just random chance but also a bull market is helping me. What would you guys do in this scenario based on this candle stick screen shoot, what info can I learn from it?



EDIT the image wont load heres a direct link

https://ibb.co/y8y0jMw

[Jawhead999]

Im trying to learn to read the candle sticks sometimes I win sometimes I lose, I think I'm better then just random chance but also a bull market is helping me. What would you guys do in this scenario based on this candle stick screen shoot, what info can I learn from it?

Because candle stick aren't 100% will come true based on the real market, it only predict.

But I'd think it's better to learn candle stick, TA and FA rather than "just a random chance" because you didn't understand about the market and trading is pretty risky for beginner.

IMO based on the candle stick you provide above, I think the market are on down trend... possible it will dump more and then recover.

Regarding the images you're using "viewer links" not "BBCode" it's why the images won't load.

[beamin]

Im trying to learn to read the candle sticks sometimes I win sometimes I lose, I think I'm better then just random chance but also a bull market is helping me. What would you guys do in this scenario based on this candle stick screen shoot, what info can I learn from it?

Because candle stick aren't 100% will come true based on the real market, it only predict.

But I'd think it's better to learn candle stick, TA and FA rather than "just a random chance" because you didn't understand about the market and trading is pretty risky for beginner.

IMO based on the candle stick you provide above, I think the market are on down trend... possible it will dump more and then recover.

Would you also look at the depth chart? I still cant figure that out. It changes so fast going tall green shallow red then seconds later its reversed or short green tall red. I dont see many walls and if the walls provided useful info they are gone in minutes. Is the depth chart usesless on BTC because it trades so rapidly?

What realtion does the volume play into it. often when there is a big drop or rise there is a big volume bar under it, but not always.

What do you make of this same chart on the 6 hour candle?

https://ibb.co/zR90FTF

Like it will drop to the 36,000 because that was the start of this peak? When there are "bumps" in price like this dont they normally reset back down to the bottom of the bump then start heading back up again? I wondering if I should sell all of it now then rebuy when it goes down to 36000 or around there?

[cabron]

You wouldn't decide that quick when you don't have indicators supporting whatever you are thinking. If you think the price will drop terribly, you need to first check the real chart like the tradingview, not just the chart from exchange, and then also use the indicators you really know how to use. Once you verify that it may really drop, then you can sell. But right now, I may not really that quick to decide because I'm almost sure it's going to quickly bounce up.

[Nunoluck]

Actually I always trying to look at biggest time frame of candle chart so I can understand the pattern well. I am not a daytrader so I don't analyze too often. I think analyze candles in shorter time frame is very difficult that's why I prefer like to consider bitcoin as long term investment so trading risk can become smaller. If you want to do daytrading you should not only look at the chart but also look at all environment of the business, you should get all news update about the cryptocurrency that you trade so you can make decisions better. Cryptocurrency market is very depend on sentiments.

[Wexnident]

It might be better to understand the general movement of the market at times, so you can determine whether it would enter an uptrend or a downtrend. Ofc, there would be instances that your prediction would prove to be wrong, but that's a natural thing imo, and it'd rather instead be odd if you were always correct/wrong in reading the candles. Most of the time it's just random after all. Also try to see and find news about coins that you're investing in so you can see if the hype is building up or not, those could also be indicators of market movement.

[Poker Player]

The best strategy is to keep buying (DCA) no matter what candles or anything suggest. If you think you have enough bitcoin already just hold. You can sell partially when it reaches some milestones.

[gabbie2010]

From my technical analysis point of view its marubozu candlestick which indicated that the bears are temporarily in control of the market however because of using 15 minutes timeframe as a reference does not mean that the whole market is bearish you have to consider the higher time frame to have glimpse of the market trends, you may scalp with the candlestick take profits quickly bearing in mind that Bitcoin is overall market sentiment is very bullish the market is experiencing a minor or temporary pull back or correction.

[maydna]

Here you go:



I will buy some money to test the price. If the price is finally down for more, I will wait for a while and research to know what will happen to the market. But I won't risk my money to buy using big money because that situation will not be unpredicted, and the price can get down for more.

Related to the second image:



Buying for a small amount will not be a problem as we want to know where the price wants to move. The amount of money I will use to buy will depend on how much money I have. Perhaps, I will use only 10% of the total money that I have to buy back more if the price is down again.

[pooya87]

Looking only at 5 hours worth of chart is not enough in my opinion. A bigger picture is needed and also the current trend of the market is more important. For example during bear markets seeing a dip like that (~5%) is not something you would look at for entering, it is best to stay out and wait for either a bigger dip (to make profit on its reversal) or a sign of going back up to enter. But in a bull market things are different, any small dip could be a good chance of entering. Both of these assumes you are day trading not making an investment.
In this case a 5% drop to near the strong buy support is a good buy signal although a safer entry would be closer to $35k instead of $38k unless price stays above it for a longer time.

As an investor you shouldn't care about "bottom of the dip" and just buy in any dip but I guess you are day trading.

[beamin]

You wouldn't decide that quick when you don't have indicators supporting whatever you are thinking. If you think the price will drop terribly, you need to first check the real chart like the tradingview, not just the chart from exchange, and then also use the indicators you really know how to use. Once you verify that it may really drop, then you can sell. But right now, I may not really that quick to decide because I'm almost sure it's going to quickly bounce up.

Can you elaborate on tradingview and indicators?

Turns out I  should have bought, it was a temporary dip and went from 38k to 39.5k in four hours. I bought 2k at 39k and going to sell when this peak starts to drop.
EDIT: tried trading view its much more helpful. How much is the subscription?
Can you set up an API to trade through tradingview I like it much better CBPro, is it trust worthy?

[bitbollo]

it sounds like more a quick bet, since there are some important items that are missing.
what is the timeframe for your trade? what is the budget? what you want achieve?
in a short term both option could be valid to pocket some bucks from a price movement. otherwise the reply will be just buy and hold and not burn your profit trying to make trading with just some data on a screen...

[doctor877]

This was taken on a smaller time Frame that means you are scalping. You must have added some indicators to guide your process. At this point it should probably be hitting the lower Bollinger band and signal a buy. Just s guess because I only use small time Frame after analysis using big time frame and then check for entry point on small time frame.

[crwth]

It's definitely not enough to predict something with just candles. There are different ways you could read it but making formations of different candles doesn't make it anymore easier. It's going to be like looking at clouds and telling everyone what you think the shape of the cloud looks like but not everyone would see it the same as yours. That's why it's not enough and you need to have a non-biased technical indicator to help you improve and shape your prediction.

EMA's, MACD's, etc, could improve your chances of getting the right prediction to the direction of the market. You need to look at different timeframes as well, just like what pooya said, you need to have a look at the bigger picture to visualize and make a more accurate one.

Looking at the chart with just the candles, it's a bunch of lower lows that could indicate another breakthrough with the price action on the bear side. It doesn't have any more data that could make a more concrete analysis.

[maxreish]

You can also rely on the other tools to recheck and reconfirm a buying positions.

 Pair it with other indicators so you have a confirmations whether youre instinct of going  to buy or to sell. Since thats a smaller tf, candles will change drastically so you should have a fast entries if you have a sure thought of buying.

[btc_angela]

Depends on how you look at it, usually people look at the 4 hour candle and "see where the direction is." And I agree that this is just one indicators to look at at short time frame, so you need to work with other indicators as well.

For the image you posted, I would say it is a buy signal for me. But don't my financial advise though, as again, this candlestick pattern won't work, just saying.

[jossiel]

There are traps by looking at the candlesticks but it's also a nice indicator if you're watching the market closely. With the example graphic of OP, I'll not sell, it's no longer a good position to sell unless you're still at profit and you have a small percentage of loss and you only want to cut losses.

I'll buy and hold.

[New.in.trading]

Im trying to learn to read the candle sticks sometimes I win sometimes I lose, I think I'm better then just random chance but also a bull market is helping me. What would you guys do in this scenario based on this candle stick screen shoot, what info can I learn from it?



EDIT the image wont load heres a direct link

https://ibb.co/y8y0jMw

In my book of trades, in a downtrend like this, I wait for a pullback and sell the pullback, using the current low as TP (1). Selling right after a big candle like that cost me some money already. There are Price Actioin Traders saying "the buyers/sellser" are stepping in with these big candles. I checked back, and for me it makes no sense to jump in with such a candle. Usually price comes back to give you a better entry / make you suffer DD or even SLs.

So as far as I am concerned, for BTCUSD and other pairs, I tend to wait for the pullback as my experience showed me its better for my account. Might be different for each individual out there

[palle11]

This was taken on a smaller time Frame that means you are scalping. You must have added some indicators to guide your process. At this point it should probably be hitting the lower Bollinger band and signal a buy. Just s guess because I only use small time Frame after analysis using big time frame and then check for entry point on small time frame.

Don't always rely on Bollinger band to show a signal for buy or sell especially a small time frame as scalpers use. At such candle indicating bear, you also need to study other indicators , not only because the candle has gone towards the low of Bollinger band. A longer time frame is better than a short time.

[Mahanton]

This was taken on a smaller time Frame that means you are scalping. You must have added some indicators to guide your process. At this point it should probably be hitting the lower Bollinger band and signal a buy. Just s guess because I only use small time Frame after analysis using big time frame and then check for entry point on small time frame.

Don't always rely on Bollinger band to show a signal for buy or sell especially a small time frame as scalpers use. At such candle indicating bear, you also need to study other indicators , not only because the candle has gone towards the low of Bollinger band. A longer time frame is better than a short time.

When it comes to possible position neither buy or sell then I wont really just rely with BB's but also with some mix of EMA(Exponential Moving Average) and trying to look
for some bias between timeframes which do significantly talks neither on 6 hours or 15 minutes.Trying out some comparison then I would go to look for longer time frame.
Finding out possible support and resistance and trying to look those candle sticks indicators plus those averages.Basing off on the image then I would definitely
wait up until it hits a certain level on Fibonnaci before making some buys. Always remember: that crypto market can fuck up technical indicators from time to time
so its better not to fully depend on it.