Have you ever been in the situation that you've missed a huge move on a coin but you didn't want to chase cause you were afraid that it would tank or dump on you?
Well, my friend then you're not alone!
Of course, depending on the situation or pattern formed, it's best to not chase a coin that's up a lot already. Usually, you're (too) late and there's a good chance that you'll enter a losing trade if you're not careful.
And what if the same coin has retraced a lot after the big (initial) move and lost most of its gains. Now you think it could make another big move again soon.
But how do you know if and when a coin is going to make another big move again?
Yes, and that's the million dollar question which I would like to go over with you in this short post with a trade example on BCPTBTC, BlockMason Credit Protocol.
So let's take a look.
BCPTBTC big move, followed by a big drop
As you can see, BCPTBTC started to make its big move around February 17 and topped just 2 days later, before dropping and losing most of its previous gains:
So now you ask yourself if and when will BCPTBTC make another (big) move again? And what signals can you take into consideration for making an educated guess on its next move?
Well, let's analyze...
Signals BCPTBTC could make another bullish move again.
When you look at the one-hour timeline, you can see the following:
1. It had a clear support area which held nicely several times. Also, this support level happens to be exactly the (end of) 0.786 fib. level.
2. Volume has dropped considerably, way less than before the big move but also compared to its average volume.
3. It was in a clear range and moved kinda "rangebound" for quite some time.
4. Last but not least, the indicators RSI and MACD both clearly moving up making a bullish divergence.
And the result of these signals/points is (the start) of another big move(s) and run:
So next time when you miss a huge move of a coin, then don't try to chase it if you're late to the game, but rather wait patiently for the pull back and look for these and other signals to "know" when the next big move is going to be.
If you found this post informative and helpful, please like and or share it. Leave a comment if you have any questions.
And until next time, good luck with your trading!
Well, my friend then you're not alone!
Of course, depending on the situation or pattern formed, it's best to not chase a coin that's up a lot already. Usually, you're (too) late and there's a good chance that you'll enter a losing trade if you're not careful.
And what if the same coin has retraced a lot after the big (initial) move and lost most of its gains. Now you think it could make another big move again soon.
But how do you know if and when a coin is going to make another big move again?
Yes, and that's the million dollar question which I would like to go over with you in this short post with a trade example on BCPTBTC, BlockMason Credit Protocol.
So let's take a look.
BCPTBTC big move, followed by a big drop
As you can see, BCPTBTC started to make its big move around February 17 and topped just 2 days later, before dropping and losing most of its previous gains:
So now you ask yourself if and when will BCPTBTC make another (big) move again? And what signals can you take into consideration for making an educated guess on its next move?
Well, let's analyze...
Signals BCPTBTC could make another bullish move again.
When you look at the one-hour timeline, you can see the following:
1. It had a clear support area which held nicely several times. Also, this support level happens to be exactly the (end of) 0.786 fib. level.
2. Volume has dropped considerably, way less than before the big move but also compared to its average volume.
3. It was in a clear range and moved kinda "rangebound" for quite some time.
4. Last but not least, the indicators RSI and MACD both clearly moving up making a bullish divergence.
And the result of these signals/points is (the start) of another big move(s) and run:
So next time when you miss a huge move of a coin, then don't try to chase it if you're late to the game, but rather wait patiently for the pull back and look for these and other signals to "know" when the next big move is going to be.
If you found this post informative and helpful, please like and or share it. Leave a comment if you have any questions.
And until next time, good luck with your trading!