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How To BEST Read Cryptocurrency Charts - YouTube
Channel: BitBoy Crypto
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reading prize charts is an essential
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skill in crypto trading whether it's day
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trading
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swing trading scalp trading or stamp
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trading for your collection if you're
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into that kind of thing
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you had a stamp collection
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crypto is known as a high volatility
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asset
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which makes its price fluctuate
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unpredictably in a wide range
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which is the reason you can make money
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on it in the first place
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so it's crucial to know how to read
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crypto charts properly
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especially for beginner traders who wish
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to start making fortunes
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from this gold mine so today we're going
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to talk about cryptocharts
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and explain to you what all those lines
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numbers and odd shapes are
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let's get it
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welcome to bitboy crypto the hardest
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working channel in all of cryptocurrency
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if you're new hit that subscribe button
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check the description for links you can
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use to connect with me
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in the bit squad all right guys no more
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waiting
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here we go on the adventure to discover
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the secrecy of cryptocharts
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so hop on the bus as you guys may know
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if you follow this series reading charts
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is a basic technique of technical
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analysis
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in which traders will rely on historic
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statistics and metrics
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to analyze market movements looking at
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all these confusing lines and shapes
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seems daunting at first
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but don't worry it's not that difficult
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to digest if you know where to start
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and i'm here to show you every tip that
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works cryptocharts can be displayed with
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various time frames
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depending on your intention you can
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choose to sort out a graph for 15
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minutes
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one hour 24 hours the whole week or
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all the existence of a project it also
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reflects
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your trading style day traders often
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concentrate on short periods
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so they can extract the best shots
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within the same day
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swing traders may want to look at a
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longer duration
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for example a couple of days or a week
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to detect price moves
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while long-term investors may look at
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periods of months or years
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there are different ways to visualize
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cryptocharts so you should get familiar
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with that
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price can be displayed in a simple line
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which merely
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describes price changes during the
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selected time
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line charts are divided into two types
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logarithmic scale
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and linear or aka a rhythmic scale
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the linear scale represents price
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changes in absolute values
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while the log scale draws the reversal
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in percentages
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sometimes these two lines look a lot
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alike the only difference
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is the vertical scale price in linear
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charts is chopped off equally
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while in log charts the price scale is
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divided by percentage changes
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you should be able to tell which one
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you're looking at
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log charts often set the default view as
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it better reflects the trend and
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amplitude of the total price
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you can also look at below these charts
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for the volume indicator which presents
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how much crypto has been traded in that
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period
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combined with a price chart volume
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indicators can help build
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the most vivid picture over the market
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if you notice both the price and the
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volume are increasing
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it may simply imply people are rushing
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to buy and the rally
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is possibly continuing on the other hand
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if the price goes up
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but cannot accelerate the purchasing
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power means traders are still skeptical
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of a bubble
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another chart that you might have heard
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quite often
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is candlestick pattern sound familiar
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we've already talked about it at least a
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dozen times in these previous videos
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now let's do a recap in case you weren't
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paying attention candlestick charts
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provide much more informative data
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not only price moves and volumes but
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also include the opening and closing
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price
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the highest and lowest level in one
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session it's so popular to see
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candlestick dashboards
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with subsequent columns full in green
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and red that may remind you green
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illustrates an uptrend while red
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is for a downtrend there are different
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types of candlesticks
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but in this video i'm going to
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re-emphasize the most
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common patterns you will see while
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trading the bull market has two typical
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candlesticks
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which are the hammer and the reverse
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hammer they are specified by green color
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whereas in the hammer the thick column
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lines on the top
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the tail below resembling an uptrend
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following after a downtrend
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the reverse hammer has the thick column
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hung at the bottom
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indicating a more stable uptrend
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throughout the session
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conversely there are hanging mans and
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shooting star candlestick patterns
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which symbol the bearish market the
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hanging man with the red thick column on
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the top of the line
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giving a signal about a recession after
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a bull while the shooting star has the
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red
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at the bottom warning about a mainstream
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downtrend
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movement you can look at a market depth
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chart to get a picture
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of the supply and demand of the current
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market in this chart the green area
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indicates the number of coins and buy
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orders at that moment
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while the red area shows the sell amount
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at that current price
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the connecting point between the two
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sides is the current market price
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you can move your mouse anywhere to take
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a closer look at the specified price
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and sold or bought amount you cannot
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merely view the line chart or
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candlestick chart in a single day
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so i'm going to present you some extra
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techniques and indicators
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to help you capture the trend over a set
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period
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two basic indicators you might hear
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often are support and resistance
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the support line is used to point out
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the bottom of a downtrend
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in which the plunge is expected to
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bounce back and push the price back
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up on the other hand the resistance line
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refers to a level on the top
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where an uptrend may defer technically
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the support
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line indicates the lowest price so
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traders can buy the dip
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and resistance is the highest price in a
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bull market for doing that
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after that an inverted trend will take
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place
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making the market balanced again next we
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will have moving averages while the
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simple moving averages are pretty
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appropriate for showing the trending
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lines by connecting different averages
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in market price
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i'll give you an advanced variant of
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that which is called moving averages
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convergence divergence the macd
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main line is generated from the
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subtraction of two of the 12-day
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and 26-day exponential moving averages
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or emas
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plus there is a signal line from a 9 day
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ema
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each macd creates a historiogram based
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on the difference between the two emas
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i have to admit it sounds quite complex
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but hang on
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you just need to understand that a
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positive macd line above the zero lines
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refers to an uptrend otherwise
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it's in a downside and when the macd
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line is above the signal line
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it often indicates the entry point the
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opposite situation
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might suggest the time to exit guys are
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you still with me
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where did everybody go the lecture is
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not over yet oh
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you're still here thank you you've
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already completed about 99
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of this journey don't give up as you
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have with all the other objectives
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you've ever set for yourself
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just finish the last 10 this next
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indicator
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also uses the simple moving average and
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it's called bollinger bands
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just as the name suggests the bollinger
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bands add an upper and lower band
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factoring by the standard deviations
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around the moving average
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the moving average line moves closer to
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the upper band it typifies an
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overbought market state the other
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situation indicates an oversold state
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the wider the bands the more volatile
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the coins and the wider their
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of swing now for the last indicator i
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want to mention the relative strength
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index or rsi
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this specifies market momentum via
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overbought and oversold states
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which are illustrated by two lines
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across the chart
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usually assigned from default values 70
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percent
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were overbought and 30 oversold
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in theory when rsi line crosses the
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upper or lower line it blows a whistle
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does the market buying or selling orders
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are too much
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then the trend is probably going to
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rebound and push the price back to the
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balance level
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hence when you see the market is in an
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overbought state
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the rsi goes below 70. it is the signal
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to sell on the opposite when the market
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is oversold the rsi exceeds 30
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it's time to buy as i promised i've made
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this video truly informative
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don't grumble or resent me as i know
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this was a lot of information
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take your time and digest all the tips
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you'll be amazed at just how helpful
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they are
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when you truly begin to make the best
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out of these charts
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but now it's your turn which indicators
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do you find most efficient
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for analyzing crypto prices what other
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types of charts
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do you find useful when trading let me
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know what you think down below in the
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comments section
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hope you enjoyed this video if you did
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please make sure to smash the like
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button and hit subscribe
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to become a member of the bit squad
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thank you so much for watching have a
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blessed day
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big boy out
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[Music]
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you
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