Haven't done an update in a while mostly because there's nothing much to say about the BTC market. It's found stability around the $3500 mark and we'll have to wait a little more for a clear direction.
However, the small cap alt coin market is always exciting. If done with precaution, we can make quick profitable trades.
I loaded up the 4h chart and labeled some points where there were significant price spikes after some clues of an incoming rise.
Small cap market like this is extremely dangerous since huge price movements can be made with relatively small amounts of money.
It's so easy for a whale investor to spike the price up or push the price down at his/her will.
But we're at the support zone that syndicate has found since 2018 September. And it's almost at the all time low.
Now using your reliable trading tools, whether that be RSI, Fibonacci, BBs, MAs, you should cross reference them and see if now's a good time to get in.
Change the time frame and look closely at the chart. Look at past patterns and build pattern recognition.
If you feel hesitant, don't trade. If you feel that the risk/reward ratio is heavily in your favor, go for it.
I suggest waiting a couple more days, keeping tabs on the movement, to see if there's a clear reversal then allocating a small percentage of capital.
A tight stop loss is somewhat meaningless in a small cap like this since fluctuations are big. But this volatility is exactly what we're trying to use to our favor.
But this is not a "to the moon", "bentleys & rarris" opportunity.
Avoid prolonged trades and don't get caught up in your greed. Leave the market once you make a decent return.
However, the small cap alt coin market is always exciting. If done with precaution, we can make quick profitable trades.
I loaded up the 4h chart and labeled some points where there were significant price spikes after some clues of an incoming rise.
Small cap market like this is extremely dangerous since huge price movements can be made with relatively small amounts of money.
It's so easy for a whale investor to spike the price up or push the price down at his/her will.
But we're at the support zone that syndicate has found since 2018 September. And it's almost at the all time low.
Now using your reliable trading tools, whether that be RSI, Fibonacci, BBs, MAs, you should cross reference them and see if now's a good time to get in.
Change the time frame and look closely at the chart. Look at past patterns and build pattern recognition.
If you feel hesitant, don't trade. If you feel that the risk/reward ratio is heavily in your favor, go for it.
I suggest waiting a couple more days, keeping tabs on the movement, to see if there's a clear reversal then allocating a small percentage of capital.
A tight stop loss is somewhat meaningless in a small cap like this since fluctuations are big. But this volatility is exactly what we're trying to use to our favor.
But this is not a "to the moon", "bentleys & rarris" opportunity.
Avoid prolonged trades and don't get caught up in your greed. Leave the market once you make a decent return.
Comment:
Still waiting...