24.01.22 CryptoCat trading signals and diary

By SirK133 | CryptoCat | 24 Jan 2022


This is the cryptocurrency market outlook, based on my magical cocktail of purely technical indicators. This entails, that bullish or bearish signals given in this series do not portray my sentiment towards any particular project. And by any means this is no advice, financial or otherwise.


The system consists of: 
- 3 indicators, handpicked from literally hundreds I've tested. Each offers different sensitivity, each of them quite accurate by itself, together meant to produce an highly accurate signal for entry and an early warning for open trades,
- 3 groups of moving averages - a battle-tested combination from forex markets, for the purpose of getting a bigger picture of the market. They indicate how cautiously I will approach signals from indicators,
- H4 timeframe - I would prefer daily, but I write my posts "in the evening" meaning usually around 20:00 UTC (that's still kinda late in my timezone), I need closed candles or I risk that indicator will change value after I post and before closing of the daily candle. I don't need to get rich tomorrow, I prefer trading with less noise. Crypto being volatile as it is on lower timeframes is subject to random pumps and overreactions of the market that easily throw technical indicators off track - that is costly when using leverage.


 

BTC
Well you might not believe it, but indicators show some bullish strength - when BTC climbed from $34k to $36k one indicator flipped. It was short-lived, but now as price reaches for $37k 2 of the indicators show buy signals. So... amidst bearish waterfall I will bravely risk minimal position on this trade and see where it goes.
BTC long position.

ETH
The "fake" signal appeared, but for now no buy signals - one indicator is close to flipping, but its way to little to take the risk. 
No trades taken.

BNB
Even before "fake" signal one of the indicators turned bullish, and to my surprise this is the most "stable" one. For now it is the only one showing bullish signal but one other is close to flipping. i won't take the trade ona a "close to flipping" sign, but this might be a mistake. 
No trades taken.

ADA
Ada is also close to having one indicator bullish, but the rest wont budge for now. 
No trades taken.

LINK
Chainlink looks weakest of this bunch, even the most "eager" of indicators still has some way to go here.
No trades taken. 

As all averages show more or less a bearish market I'm not very comfortable taking long positions. Still, 2 indicators on BTC flipping more or less at the same time is something I trade as a rule, even if with small position and tight stoploss. Daily candle on BTC looks to be a pinbar - a candle with small body located at one side and a large shadow on the other. This is a well know reversal signal so let's hope it works this time. Taking trades against the trend and after such onslaught on the market is psychically taxing, but that's what the rules are for.

Have a nice day,
CryptoCat.

 
All tips go to cat treats and catnip :) 
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This is not a financial advice – I’m no financial adviser, nor is this a legal advice – although I’m a lawyer. This is no advice at all, seriously, don’t take advice from random cats – the Internet is full of them! DYOR!

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SirK133
SirK133

Lawyer, analyst, crypto enthusiast, gamer, poet. I am interested in everything that makes up our world and how it is related.


CryptoCat
CryptoCat

My cat so often stomps the keyboard while I do my crypto research, I might as well make him a co-host here.

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