/biz/ - Business & Finance

>>14875365
>>14875667
>RENBTC on 17JUL2019 @ 1630UTC

1. I was basically looking to see if price could hold the DAILY upper 1.25 benchmark, it was the area of most obvious support on the longest time frame, all i was doing was waiting and watching until price reached the area of most uncertainty. The Daily 1.25 was also lining up with the 4H mean, so the real question was whether participants would step in on the 4H time frame to keep price above the Daily 1.25.
2. I saw price dipping well below the 4H mean was was a red flag that maybe the Daily upper 1.25 wouldn't be able to hold at all, so of course I use the lower time frame charts to confirm/deny. I saw on the 1H chart that price had failed to convincingly close below the lower 1H lower 2.2 benchmark (which would have confirmed or denied WITH CONVINCING CLOSES CONSECUTIVELY) that price indeed was atleast not going to hold the 4H mean, or going to hold the 4H mean.
3. I then went down to the 5M timeframe to confirm the 1H movements, when I opened the 5M chart, the price had failed to CONVINCINGLY close below the lower 2.2 at #2 and then again at #3, smells like bullish sentiment to me.

Then I looked for a bullish confirmation by price breaching the 5M upper 2.2, which on the day it happened, coincidentally (or not) was the DAILY UPPER 1.25 and the 4H MEAN. This gave me confidence that the shorter time frames were for sure holding, so I had reason to believe that atleast in the SHORT TERM, prices were headed up and away from the 4H MEAN.
I used MACD/incoming VOLUME to reaffirm my decision and tried buying as close to the DAILY 1.25/4H MEAN as possible (while also factoring in that I needed convincing confirmation).
I bought at 685, knowing that at least in the short term, price wouldn't breach below that because of the DAILY UPPER 1.25.
>The arrow points to the rough time that I bought, only because the 5M was exhibiting signs of bullish sentiment, sure I could have waited for the pullbacks, guess I was rash.