Request Network (REQBTC) is showing multiple signals that are telling us that this retrace is over... Want to take a look at those with me?
Yes! ... Let's get started!
Request Network (REQBTC) Chart Analysis by Alan Masters
Here we have a very strong bullish wave for REQBTC that started after a low was hit on early September, needless to say, we caught this wave in full... See it here:
Now, after a strong move there is always a retrace, but how far can the retrace go?
Will it end when it hits the .382 Fib. retracement support? Or will it be at .618 or even .786 which is stronger?
It really depends on the altcoin, the market cycle, the strength of the wave that preceded it, and the signals coming from the charts to name a few...
The signals for REQBTC are telling me that this might be it, let's get to those now!
MA200 is a great and strong indicator for cryptocurrency/altcoins, especially when used on the daily timeframe. Here we can see that MA200 is being challenged on high volume. This signal is only confirmed after the daily candle closes.
The .618 Fib. retracement support has been activated.
Strong bounce with high volume and a break above the earlier mentioned resistances.
Uptrend confirmed (higher lows).
MACD bullish crossover.
Bullish STOCH and RSI.
We can find more bullish signals that's for sure, but that is not necessary... The goal is to have an idea of what will happen next so that we can prepare to take action.
Here the charts are telling me that REQBTC will now try and move up, so if I buy, I set up my sell orders on target (before-hand) and have a stop-loss in place in case the trade goes wrong.
So it doesn't matter what happens with the signals, if they are weak or strong, we are always ready and prepared regardless of where the prices go.
This is Alan Masters... I Love You! Happy New Year!