I'm relatively new at this, but it seems to me there is an obvious historical trendline that btc has respected for months. If it continues doing so, the absolute bottom for the short-term downtrend is at 2400$. Unless it completes its current cat leap, as it did twice under similar conditions in the middle and the end of May, and even once more in June, in which case we are in for a rocket ride. I'll enter long position here at 2505$, but I'm ready to reenter at 2405$ if it drops below 2490$.¨
Ps' This is my first idea. Any feedback, suggestions, corrections and even ridicule is welcome :)
Definitely don't use that trend line as your only basis for investing. Especially since it's going to break in about 24 hours. The market has to retrace 60-70% of all those gains at some point. It's just the law of the land. This is teetering on being a very dangerous time for long investments. You must keep an eye on it closely. It will most likely hit $2300 in a little over a day. Hopefully that isn't the end of our run and it bounces up for some more profits, but it's always possible it won't.
Until this market retraces all the gains it has made, it's certainly not a "set it and forget it" investment for first time entries. And I can speak from personal experience how jumping in and out of coins can be very expensive when you don't know what you're doing. Especially when you feel the greed and chase pumps. So every decision to enter the market must be thought out strategically at this point since we mix d between bulls and bears.
I wish you the best. I am still learning myself. But one thing is for certain... that trend line is not safe for judging what's to come.
EuroDale
⋅
@SecludedJ, thanks for this. I will keep a close eye on the investment and am constantly informing myself with the great ideas share by others here. Certainly agree that crypto doesn't really allow for buy and forget at the moment, especially not if you're trying to make a living. But I am not a crypto bear and think we have huge gains ahead of us this summer.
I did lose a bit of money going in and out of altcoins, buying and and selling low, missing the bottoms and the tops, not doing proper research, not looking at pre-market movers when waking up, and setting silly stop limits. All of which have been very valuable lessons. Taking emotion and greed (and fear) out of the game is the most important.
Until this market retraces all the gains it has made, it's certainly not a "set it and forget it" investment for first time entries. And I can speak from personal experience how jumping in and out of coins can be very expensive when you don't know what you're doing. Especially when you feel the greed and chase pumps. So every decision to enter the market must be thought out strategically at this point since we mix d between bulls and bears.
I wish you the best. I am still learning myself. But one thing is for certain... that trend line is not safe for judging what's to come.