Minute analysis primarily requires the use of technical analysis. In this type of analysis, reliance is placed on price patterns and technical indicators to determine short-term trends.
Below are essential steps to help you predict the direction of the cryptocurrency:
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1. Chart Analysis
Use trading platforms that offer real-time charts like TradingView.
Adjust the time frame of the charts to 15 minutes.
Look for common patterns such as:
Uptrend: Higher lows and higher highs.
Downtrend: Lower lows and lower highs.
Sideways trend: Price moves within a fixed range.
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2. Use technical indicators
A) Moving Averages:
Short MA (like MA 9): Shows immediate movements.
Longer MA (like MA 21): Provides the overall trend.
If the short MA crosses above the longer MA, it may indicate an upward movement. If it crosses below, it may indicate a downward movement.
B) Relative Strength Index (RSI):
If the RSI is below 30, the coin may be in oversold territory and could likely rise.
If the RSI is above 70, the coin may be in overbought territory and could likely decline.
C) MACD Indicator:
If the MACD line is above the signal line, this indicates a potential upward movement.
If the MACD line is below the signal line, this indicates a potential downward movement.
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3. Analyze support and resistance levels
Support: A price level expected to stop the price from falling.
Resistance: A price level expected to stop the price from rising.
If the price approaches support and begins to rise, it may be a buy signal.
If the price approaches resistance and begins to drop, it may be a sell signal.
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4. Monitor trading volume (Volume):
An increase in trading volume with rising prices indicates strength in the uptrend.
A decrease in trading volume with rising prices may indicate a weakness in the trend and a potential reversal.
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5. Real-time news and tweets
Sudden news or tweets from major influencers like Elon Musk can quickly impact the market. Follow reliable channels and news platforms.
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6. Experiment and practice
Short time frame analysis requires a lot of practice. Try different strategies such as:
Breakout Strategy: Watch for breakouts at support or resistance levels.
Reversal Strategy: Aim to trade when clear reversal signals appear.
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Important notes
Cryptocurrencies are highly volatile, and predicting within 15 minutes is not always accurate.
Do not rely on just one indicator; instead, use a combination of indicators.
Trade cautiously, and use capital you can afford to lose.
Summary:
This is a repost for beginners, and its goal is to increase the reach of my posts.
Good evening 🥰
