Just looking for input on what some of your plans are trading this market.
On the chart you see nice bounces on retraces during downtrend. We are in a small one now which could end up quite a bit bigger as 10400 is not out of the question just yet and then 11300 or so before an almost sure turnaround. But even on a run of 8300 to 9500 there was a bunch of money to be made on massively oversold alts. I am interested in hearing about any strategies you may be employing in this current market and will share a couple that I've used below.
1. I mostly stay in cash and lean towards a daytrading in and out for small gains style as I don't trust we are ready for take off towards ATH just yet and at best are on a larger degree B wave with A down completed at 5900. This hurt me on the 6to12k str8up run as a bunch was left on the table but I did make safe profits largely due to the strategy below...
2. Following big drops like the one earlier this week (and of course down to 6k) i like to BOMB my entire roll into massively oversold spots and give the market a day or two to explode up and watch for reversals like a hawk. Then once it starts to turn I take back all my money plus half the profits and keep the rest in the coins I bought (unless I really like nano for example and keep all profits in coins).
The reason I bring this up is because many are predicting a drop to sub 6k which very well may happen. However we will get a bounce at 8000-8200 (0.618 retrace). We may get one at 8700 really. We will definitely bounce if not fully reverse at 7500ish (0.78 retrace). And a bounce at 6800down to 6k could be violent as well.
On limited rolls, it isn't sexy to throw 1k in a coin and scoop $150-300 profit which you 'invest' in that coin via your free coins...which turn around and lose a bunch of value immediately following the pump u earned them on, but it is one way to go. WHAT IS YOUR FAVORITE WAY? Really interested to learn what others are doing and how I can get better.
I will mention that due to volatility, alts are generally more oversold and spike more but plummet down quickly as well so must be watched closely. In hindsight, I'd go allin on alts after a big drop and quickly (within 12-24hrs) move the profits into BTC which both allows me to grow BTC more rapidly and puts my money in one spot where I can more easily exit the market or just trade against BTC until a reversal presents itself. Looking back at the yellow line retrace bumps on the chart, this strategy would have made a killing, grown your account slightly and netted you a bunch of free coins. I certainly didn't play it to perfection but even with getting out too early in a lot of spots and leaving profits on the table, profits were made.
Let me know how you trade or what you think of this approach. Like, comment, and hopefully I will have enough rep points to comment on some of the wonderful ideas I see on TV too.
On the chart you see nice bounces on retraces during downtrend. We are in a small one now which could end up quite a bit bigger as 10400 is not out of the question just yet and then 11300 or so before an almost sure turnaround. But even on a run of 8300 to 9500 there was a bunch of money to be made on massively oversold alts. I am interested in hearing about any strategies you may be employing in this current market and will share a couple that I've used below.
1. I mostly stay in cash and lean towards a daytrading in and out for small gains style as I don't trust we are ready for take off towards ATH just yet and at best are on a larger degree B wave with A down completed at 5900. This hurt me on the 6to12k str8up run as a bunch was left on the table but I did make safe profits largely due to the strategy below...
2. Following big drops like the one earlier this week (and of course down to 6k) i like to BOMB my entire roll into massively oversold spots and give the market a day or two to explode up and watch for reversals like a hawk. Then once it starts to turn I take back all my money plus half the profits and keep the rest in the coins I bought (unless I really like nano for example and keep all profits in coins).
The reason I bring this up is because many are predicting a drop to sub 6k which very well may happen. However we will get a bounce at 8000-8200 (0.618 retrace). We may get one at 8700 really. We will definitely bounce if not fully reverse at 7500ish (0.78 retrace). And a bounce at 6800down to 6k could be violent as well.
On limited rolls, it isn't sexy to throw 1k in a coin and scoop $150-300 profit which you 'invest' in that coin via your free coins...which turn around and lose a bunch of value immediately following the pump u earned them on, but it is one way to go. WHAT IS YOUR FAVORITE WAY? Really interested to learn what others are doing and how I can get better.
I will mention that due to volatility, alts are generally more oversold and spike more but plummet down quickly as well so must be watched closely. In hindsight, I'd go allin on alts after a big drop and quickly (within 12-24hrs) move the profits into BTC which both allows me to grow BTC more rapidly and puts my money in one spot where I can more easily exit the market or just trade against BTC until a reversal presents itself. Looking back at the yellow line retrace bumps on the chart, this strategy would have made a killing, grown your account slightly and netted you a bunch of free coins. I certainly didn't play it to perfection but even with getting out too early in a lot of spots and leaving profits on the table, profits were made.
Let me know how you trade or what you think of this approach. Like, comment, and hopefully I will have enough rep points to comment on some of the wonderful ideas I see on TV too.