As we all look to crush this financial opportunity in Cryptocurrency, it's always beneficial to open your mind to other strategies. In this post I'll show you my altcoin strategy for a coin with a smaller market cap (around $50M) which have the potential to give high % returns.
Firstly, we see that this coin has had a run to the 27th Nov and has retraced back to the 0.618 Fib level which is a healthy retracement when in an upwards trend. When the price came to test the trend line, I bought in. My target was the black 0.618 Fib. I really should have posted this idea then!
Next, the price broke the trend line and fell back to the 0.618 Fib level. Looking at RSI and Stoch RSI, they both are showing oversold at the time again, similar to when the price first retraced to the 0.618 Fib level. If this can keep support here then I will hold my position. If the price cannot hold then I will reduce my position to anticipate it dropping below the support line. If it then drops below this then I'll exit this trade.
I am risking 17.5% in total for 100% gain. These trades a VERY hard to make and may come by only once a blue moon, but nonetheless some risk takers may find this to their style! Fundamental Analysis is a great addition when using this strategy as you can 'buy the rumour and sell the news' or in other words, get in before everybody else. I would advise to only place a small % of your trading account in trades like these and stay strict to your strategy.
Please let me know your thoughts on this strategy in the comments below!
Firstly, we see that this coin has had a run to the 27th Nov and has retraced back to the 0.618 Fib level which is a healthy retracement when in an upwards trend. When the price came to test the trend line, I bought in. My target was the black 0.618 Fib. I really should have posted this idea then!
Next, the price broke the trend line and fell back to the 0.618 Fib level. Looking at RSI and Stoch RSI, they both are showing oversold at the time again, similar to when the price first retraced to the 0.618 Fib level. If this can keep support here then I will hold my position. If the price cannot hold then I will reduce my position to anticipate it dropping below the support line. If it then drops below this then I'll exit this trade.
I am risking 17.5% in total for 100% gain. These trades a VERY hard to make and may come by only once a blue moon, but nonetheless some risk takers may find this to their style! Fundamental Analysis is a great addition when using this strategy as you can 'buy the rumour and sell the news' or in other words, get in before everybody else. I would advise to only place a small % of your trading account in trades like these and stay strict to your strategy.
Please let me know your thoughts on this strategy in the comments below!