💰 Meteora (MET): Learning technical analysis, the basics
The initial breakout followed by a retrace—higher low. Let's look at it like this, there is always a second chance. I anticipate the breakout to get the best possible entry. If you can't get in before the breakout, know that there is always a retrace after the first move. This is the chart setup you see here.
You know additional growth is likely due to trading volume. These are the basics and I've been repeating it over and over, again and again. There is no need for complexities because this method works. Spotting the reversal has its disadvantages though, too often we tend to enter too early. Keep holding, when possible, buy more/again.
Meteora—METUSDT
The higher low (HL) is not a confirmed signal. When in doubt, look at the oscillators; MACD, RSI & STOCH. If these have bullish potential, it can support the chart signals. If these are weak, you can doubt the candle patterns and look for a different project. There are always many choices.
If doubt remains, add a few moving averages. If the action is already happening above EMA55 daily after a major low, then growth is already confirmed for at least several months. EMA89 and MA200 are very strong. These can be interpreted in different ways based on the context.
Finally, we can look at Bitcoin and the bigger projects, as well as the rest of the market. All of these can help to either validate or negate our final conclusion.
Before buying, if new, first wait. Read often, visit many projects and charts. Notice how they move. Let them move, let them go. After you get a feeling of the market and how it works, take action.
Namaste🙏❤️🔥🙏
✅ Trade here on $MET
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