Does anyone feel comfortable enough to take a look at this chart and help me. I saw on Cryptobase scanner that CRB cracked its base so I went to Pet's base tool and had a look. It doen't show all of the data Coinigy does and I would not have classify this as a base as cryptobase scanner did. But Pete's base tool showed a strong previous base and I went ahead and marked a few more as it appeared on Coinigy. Now based on what I determined to be new bases I also set up alerts. Please have a look at this chart https://www.coinigy.com/s/i/5a5b147fc2e68/ and let me know if I am correct in my thinking or if I am just totally lost and need to reassess my new skill set.
You are viewing a single comment's thread from:
Hey there, hope I can help. I would say as per luc says in this video that you may be too zoomed in to be trading safely, try zooming out to two months so you can get a full story of the chart. I went ahead and marked my own bases and there aren't many with large bounces for CRB. Despite this, what you've marked is clearly a base. However trading so zoomed in means a couple things (a) you may tempted to buy AS SOON as the price falls below the base (which means it could drop further and you risk breaking even at best), (b) you won't see the story of the chart from the past two months and wether previous bases have been respected - in fact the price has been slowly grinding up and hasn't had any base cracks in two months. Further, if the price continues to grind down like it is, (without a big panic drop) - it won't be as likely to bounce up to the base, as the coin holders wont be as surprised of the price drop and buyers wont be as keen to snap up a bargain. There is also a base at around the 0.000090 mark, however due to the reasons just mentioned, this isn't a base you want to trade off due to the lack of panic as it past that point.
I'd say (that even though luc defines a base from the bounce) that there is clear support for the price at the 0.0005 mark as it was tested multiple times in the first week of this year without cracking. So if it were to grind all the way down to there and then DROP that would be the base you'd want to trade off . Hope that helps!
Other traders feel free to critique this critique. Can't wait to join that slack room!
TL:DR that's the current base, but zoom out to two months view, and that base will ONLY stay true if there's a large panic drop below it, as opposed to the price grinding down - otherwise trade off the 0.0005 mark.
https://www.coinigy.com/s/i/5a5cb9a8946ad/
Niq
I did keep my charts at the 1h and zoom out to about the 1 month mark but also find it difficult to effectively read the bounces. I did not trade on that one but was trying to figure out If I at least had something going right. I did get in on an ETH today. Here is the chart https://www.coinigy.com/s/i/5a5cc2b4a382d/ let me know what you think.
Really dumb question, i watche the video and I have coingy, how can I use Petes scanner? where do I locate it? Willing to donate if I can use the tool....
There is a link just under the video but here it is https://qft.hodloo.com/ also
thanks so much! Do you know how often Pete updates the bases?
I just refresh the page and it does update, but the charts are not up to the minute. They lag by a few hours from what I see. But the base set on the chart is a good one for you to use I believe