Bitcoin / TetherLong
Rapid Chart Analysis of BTCUSDT: The Reigning Candle Idea
I am currently developing an idea about the use of a candle with lowest or highest RSI peak within the 14 to 21 period. I call them the "Reigning Candles" . These candles can quickly determine key levels where price forms new higher highs or lower lows as soon as the price breaks these levels. In this case, the key level based on the reigning candle is 43430, a bearish candle. I placed a LIMIT BUY oder in this level to target 43920 level. This could happen if the price surpassed the 'bullish line'.
The 'bullish line' was derived from the RSI-14 period by connecting bullish or green candles with high RSI peaks (of over 70% at RSI-3 period). Likewise, the 'bearish line' was also drawn connecting candles with corresponding lowest RSI values of below 30%. Thus, forming a triangular pattern.
The theory here is once the RSI breaks the bullish line, it would be also likely that the price will also break the bullish line and then attempts to reach the target level.
/please DYOR/trade at your own risk
The 'bullish line' was derived from the RSI-14 period by connecting bullish or green candles with high RSI peaks (of over 70% at RSI-3 period). Likewise, the 'bearish line' was also drawn connecting candles with corresponding lowest RSI values of below 30%. Thus, forming a triangular pattern.
The theory here is once the RSI breaks the bullish line, it would be also likely that the price will also break the bullish line and then attempts to reach the target level.
/please DYOR/trade at your own risk
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.