Check out Tradingview for more trading tools. Check out my favourite Trading Course Video by The Trading Channel.
Also note that you can take advantage of On Chain analysis using Glassnode. The NUPL tool can be priceless in predicting the end of the Bull market. Check it out here. Note that to see up to date data, there is a premium charge.
Another tool you can use to see if Bitcoin prices will pump, is to see if Tether Market Cap is going up. It is speculated that Tether printing pushes Bitcoin prices up.
My 3 favourite Technical analysis tools:
MACD: Moving Average Convergence Divergence (MACD) is a trend indicator that shows two moving averages, 26 EMA and 12 EMA. EMA stands for exponential moving average. MACD is calculated by subtracting the 26 EMA from the 12 EMA. The result is the MACD line. The 2nd line is the signal line and is a 9 day EMA of the MACD and is called the Signal Line.
This signal can be used to see when to enter or exit the market. A trader might enter when the MACD crosses above the signal line and sell when the MACD crosses below the signal line. You can learn more about MACD here.
Bollinger Bands®: Bollinger Bands® was developed and trademarked by technical trader John Bollinger. There are 3 lines in the Bollinger Bands®: upper band, middle band, and lower band. The Bollinger Bands® is a tool defined by two standard deviations (lower and upper band) away from a simple moving average (SMA) of an asset’s price. A central part of the Bollinger Bands® is when the bands come close together. This is called the squeeze and it signals a period of low volatility. It is traditionally interpreted as a sign of future increased volatility. Bollinger Bands can be used to ride the trends of an asset. Learn more about Bollinger Bands® here.
RSI: Relative strength index is an indicator used to measure if an asset is overbought or oversold in relation to the recent price action. RSI is displayed as a line that moves between two extremes and has a reading between 0-100. RSI of 70 or above is traditionally interpreted as the asset is overpriced. This could indicate a downward price correction. RSI of 30 or below indicates an asset is undervalued and there most likely will be an upward price correction. Learn more about RSI here.
A big thank you to Tradingview for all their tools. 🙂