Bittrex order book is slowly building up and the is showing oversold. You can also see that the waves for the are getting lower and smaller at the same time.
What to look for:
- All thick red lines indicate resistance. Look for the price to hit and surpass that point.
- Look for the to move up and cross the red line into the overbought territory.
- Waves for the should reverse with waves going higher and higher.
This is a great entry point with a stop loss below the blue line because if there is no buy support to help the price move up, it'll dip below the blue line and next major support is around 58k sat.
Note: Don't set an exact stop loss price to sell at. It may dip below the blue for a short period since we can seen the price bounce around that area as I've indicated in the green square. Keep an eye on the order book to make sure there is enough buy support. If the green hill in the Bittrex order book is small and not rising, then it is a good time to sell.
As always, use common sense and do your own research as well and you feel comfortable with your trade decision. I'm here just showing my analysis and what I'm looking for.
I'll keep you updated.