Not financial advise. Do your own research. The ideas shared here are the personal opinions of the BitDoctor team. Trade at your risk.
I've got a couple charts here to look at. On the left is the daily and on the right is the weekly. Here's a couple things to look at. Taking the crazy impulse of December 2017 and doing a retracement, we can see some logical support and resistance levels. It's difficult to know what will happen in a price zone where it's never hit before (such as above about 300 sats) but one thing that is for sure is there's definite potential here. This is why I like SCBTC right now:
1. Bullish Divergence on both the Daily (2 days ago) and the Weekly (this week)
2. The price is good. It's only 67 sats and the ATH was over 600
3. We've almost retraced 100% from the low in Oct 2017
Now, let's talk about risk.
1. SCBTC (and any alt for the most part) is always at risk of getting delisted. Sometimes this comes out of the blue so it's something you have to consider for low market cap coins with little volume. Right now, SCBTC has low volume.
2. Stop Loss - If we breach the all time low, nobody knows where it will land. I've got my stop loss around 40 sats.
The reward ratio is high depending on how patient you are. Will this go back to 300? I am guessing the answer there is yes but it depends on how long you're willing to wait. Hitting 300 from this entry is about 400% profit potential.
There's no guarantee this will pump that much. Anybody that has been holding since the push to 360/400 is likely salty and will be willing to sell as high as possible so there will likely be a lot of resistance to chew through.
Use Stop Losses. Don't go all in. Don't "FOMO" buy. Get a good entry you are happy with and trust the data. Know when you're wrong. Trust when you're right.
Trade safely friends.
I've got a couple charts here to look at. On the left is the daily and on the right is the weekly. Here's a couple things to look at. Taking the crazy impulse of December 2017 and doing a retracement, we can see some logical support and resistance levels. It's difficult to know what will happen in a price zone where it's never hit before (such as above about 300 sats) but one thing that is for sure is there's definite potential here. This is why I like SCBTC right now:
1. Bullish Divergence on both the Daily (2 days ago) and the Weekly (this week)
2. The price is good. It's only 67 sats and the ATH was over 600
3. We've almost retraced 100% from the low in Oct 2017
Now, let's talk about risk.
1. SCBTC (and any alt for the most part) is always at risk of getting delisted. Sometimes this comes out of the blue so it's something you have to consider for low market cap coins with little volume. Right now, SCBTC has low volume.
2. Stop Loss - If we breach the all time low, nobody knows where it will land. I've got my stop loss around 40 sats.
The reward ratio is high depending on how patient you are. Will this go back to 300? I am guessing the answer there is yes but it depends on how long you're willing to wait. Hitting 300 from this entry is about 400% profit potential.
There's no guarantee this will pump that much. Anybody that has been holding since the push to 360/400 is likely salty and will be willing to sell as high as possible so there will likely be a lot of resistance to chew through.
Use Stop Losses. Don't go all in. Don't "FOMO" buy. Get a good entry you are happy with and trust the data. Know when you're wrong. Trust when you're right.
Trade safely friends.