✴️ Moonriver Volume Signal Explained -2,000% (Name Your Altcoin)We looked at the volume indicator just now for Klaytn, we will look at it again for Stacks and this chart too, Moonriver, is telling us everything we need to know based on the trading volume.
This is another one of the requests made through the Bitcoin "Name Your Altcoin" series... It is the first time I see this chart/pair/project.
We like to keep things simple for many reasons.
We share information mainly for beginners, for learning purposes.
If the analysis is too complex or the tools we use, it would be hard to penetrate.
Experienced traders can just look at the direction and projection and reach their own conclusions, while beginners can learn the basics and then expand in their own ways.
If you see that I repeat the same over and over, same timeframes, same indicators and nothing more, this is done on purposes because it would be hard to learn if I switch everything around... Overtime you will learn everything I have to share and you can grow on your own but with a solid base we know works.
Moonriver has been in a major downtrend, this is easy to see. Lower and lower, lower lows, everything red, nothing green.
Notice as May/June approaches volume starts to go up... The only signal that is telling us that behind the scenes something is going on.
We continue and look at September and October and trading volume goes wild, we see some of the highest trading days since the inception of this chart. This is telling us that the insiders are getting ready and loading up as the bottom is in, near or close.
Long-term bullish divergence can be spotted with the RSI and MACD and this supports the strong buying taking place now because the MACD is almost bullish (at such low prices) while the RSI is moving up to reach "strong" (above 50).
When the indicators start to recover yet prices are weak, it signals that we are nearing the bearish trend and change is now imminent.
How to trade this chart setup I am not going to comment but I would personally focus on the long-term.
Buy and hold, buy more and load up... Let the market take care of the rest.
Everybody has a different strategy though... Understandable.
Thank you for reading.
Namaste.
