Ways to identify the bounce ASAP after a significant correction?
Ways to identify the bounce ASAP after a significant correction?
Hi,
I’m just wondering what are the best indicators / candlestick patterns / charting TA to look for when a support bounce occurs after a significant dip.
I was in short positions on both Sunday and Monday during the big BTC correction and obviously there were points where they were significantly in profit. However, I held on too long and closed after the bounce. I still took profit but feel I could’ve “taken the meat of the trade” a lot better.
What do you guys look for? I guessing this is perhaps best done using the 1m (or similar short timeframe) and looking for a big green bottom wick with large incoming volume or something?
Thanks
Thanks for answers guys. I guess there’s not a whole load of TA to go on right now as we are in price discovery for BTC market. Fibonacci is still a good indicator I suppose as so many people are trading off it, it becomes self-fulfilling etc. I also tend to use the VPVR indicator for identifying key support/resistance as well. Anyone else use this? Very useful imo