This is purely for fun. Sometimes I take myself too seriously when I'm trying to navigate my portfolio, but I really should stop doing that. No matter what you do, there will ALWAYS be a better trade. That said, I'm looking at a coin that is close to its all-time-low against Bitcoin. DGD was once worth over $500, I believe. RSI, ultimate oscillator, and stoch all look good, as well as the recent buying volume. The RSI does need to break this resistance area though, to confirm a breakout.
Right now, DGD has sneakily begun to break out of an inverse head and shoulders pattern (retesting the neckline as support), and if this has any merit, I expect a rather large pump. We could even go 100% up from here rather quickly. Another reason I put a small amount into DGD is that I think there is a possibility Bitcoin could drop here, and DGD has a history of having an inverse correlation with the rest of the market. Additionally, since a bunch of people are fearing a stock market recession again, people might bring back the "digitally backed gold" meme. So this is a small hedge, as well as a potential moonshot.
My previous moonshot attempt was DENT, but I failed to look deeper into the community, and found a very toxic environment. Even if that one rises, I just felt bad about it...so I got out at a small loss. That idea is linked at bottom, if you're curious.
Anyway, this does NOT have to play out. Just posting this for future reference. I may get out if the pattern fails to complete. I'll be watching for a potential break back down below the inverse head and shoulders neckline. This is for fun, and definitely not financial advice.
-Victor Cobra
Right now, DGD has sneakily begun to break out of an inverse head and shoulders pattern (retesting the neckline as support), and if this has any merit, I expect a rather large pump. We could even go 100% up from here rather quickly. Another reason I put a small amount into DGD is that I think there is a possibility Bitcoin could drop here, and DGD has a history of having an inverse correlation with the rest of the market. Additionally, since a bunch of people are fearing a stock market recession again, people might bring back the "digitally backed gold" meme. So this is a small hedge, as well as a potential moonshot.
My previous moonshot attempt was DENT, but I failed to look deeper into the community, and found a very toxic environment. Even if that one rises, I just felt bad about it...so I got out at a small loss. That idea is linked at bottom, if you're curious.
Anyway, this does NOT have to play out. Just posting this for future reference. I may get out if the pattern fails to complete. I'll be watching for a potential break back down below the inverse head and shoulders neckline. This is for fun, and definitely not financial advice.
-Victor Cobra
Comment:
This idea is still valid, but I decided to just stick to one of the coins I know for now. Finally got back into WTC after selling for SLT a while ago. Maybe if this ends up taking off, I'll get in. Need to focus this week so I feel more comfortable doing that.
Trade active:
Back in. Will exit if the neckline is broken to the downside.
Comment:
Looking pretty good so far. If we break this next diagonal resistance, we could target the 6000-6100 zone. If we make it there, that might be a spot for a swing trade sell.
Trade closed manually:
Going to stop trading for a bit. Today has been pretty brutal. Just going to accept the moves I've made in the last several months as decent ones : ) This idea may still play out though!
