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korazon

How to use RSI indicator in trading BTC/USD

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RSI is a good indicator because I can see if some currencie or coin is over sold or over buyed, and make decisions based in this indicator combined with other indicators.

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It is the first indicator that I have looked more deeply and used to more or less have an idea of whether the asset is overbought or oversold, I use it a lot with Bollinger Bands and if I had to create a Bot I would like at least these two indicators will be combined to execute any buy or sell.

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I am also trader. And I think indicators is not work in the crypto trading. Because I try indicators many time, But it is not work. So I think fundamental analyze is essential of cryto trading. But also you can use technical analyze. 

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I have been in this crypto for a short time, but in particular I do not use indicators for the reason that they carry out an operation in which more benefit can be obtained, I use alarms.

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12 hours ago, Dangasa said:

I am also trader. And I think indicators is not work in the crypto trading. Because I try indicators many time, But it is not work. So I think fundamental analyze is essential of cryto trading. But also you can use technical analyze. 

yes fundamental analysis is important just as its the most basic when things happen unexpected to a company you invest money with. price can suddenly shoot up or dumped hard when news comes up.

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I'm doing some trading but I cannot understand some of things that you're saying. But I'm really glad that I've joined this forum because there are a lot of things that I learn here about cryptocurrency! Also, somehow, this forum became a big help on my trading!

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Tutorials like these are one of the reasons cryptotalk.org is one of the best forum to belong, thanks for these great work @korazone

I have learnt alot. 

Edited by Froshk
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The RSI indicator is very informative and can be used in different settings but the main settings are the three points, starts, mid and 80 point. It all depends how much space you give to setup before the trading.

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29 minutes ago, abbie said:

there may be premium kind of indicators or free indicators but still one can't predict the trading of assets which might go up and down we should trade wisely by investing our little amount of capitals and it is a big ocean full of subject so I hope to learn about this indicators thoroughly

There might be something else to learn with the premium indicators. I myself are just using the free ones and even just using default setting of indicators. Hope you find the tutorial useful.

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There are many different types of indicators, there are bollinger band, RSI, OM, RMA and EMA and so many others, out of all, maybe because I am still a beginner, I see RSI so useful, very easy to understand and apply while trading. 

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2 hours ago, GanBin said:

There are many different types of indicators, there are bollinger band, RSI, OM, RMA and EMA and so many others, out of all, maybe because I am still a beginner, I see RSI so useful, very easy to understand and apply while trading. 

I think the relative strength index will be the best for beginners, like the Bollinger bands that comes with three lines can be very difficult for newbies to use. 

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On 11/11/2020 at 4:57 PM, korazon said:

There might be something else to learn with the premium indicators. I myself are just using the free ones and even just using default setting of indicators. Hope you find the tutorial useful.

I found your tutorial on RSI very useful, it was presented exactly as I wanted and helped me understand the indicator a lot better than other posts I have read about it. @korazon I would like an explanation though about the current RSI that I read in the weekly for BTC being 94. Isn't this extreme? Can it mean that Bitcoin will start dropping or can it go even higher?

Edited by yonkii

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That is completely new information for me as I am on learning level. I am very enjoying myself to be here to find every new information. This post is also completely new for me as I haven't any idea before it. I am very thankful to all seniors for sharing their great knowledge.

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On 2/23/2020 at 8:39 PM, korazon said:

This is the first tutorial I am creating here in the forum. And I hope people will eventually learn from this. I don't really claim to be an expert in trading but I have quite a good experience somehow I believe I can make money if I continue to trade so. Anyway so this is how to use the Relative Strength Index (RSI) in the charts you are using.

 

 

rsi14.png.c305ee256314df0ff26a8197eb3c4900.png

 

This is a chart in tradingview which I use to look at the market. Lets just focus for now in the RSI below this chart which in the rightside is where you can see numbers 20,40,60 and 80. Actually, this is 0-100. and you can see there are two broken lines(----) which is in the 70 and 30. The two broken lines indicate overbought and oversold, I'm sure you guys already understand what overbough and oversold as it is what it is.

 

I circled RED to the ones where the market hits the overbought level and oversold level to which if the market is in such condition, something must be decided. 

So when the RSI chart touches the 70 level, it means that BTC is now overbought and it may drop anytime soon. and This goes as well to the level 30 which indicates that BTC is oversold and traders might just starts to buy back the BTC they dumped.

 

By the way this is for the starters only but its already a good fighting chance for you to learn and start experimenting in trading. Would love to hear something you can share upon suing the RSI or what ever indicators you use along with it.

 

Update: Using Fibonacci in Trading

 

 

 

 

thank you for sharing yes i did learn  hope to hear from you more

 

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