DOT = Doing Own Thing. Pushing Highs While Bitcoin Consolidates?
Herd mentality in play. When an alt goes vertical, it offers the opportunity for those who are in from much lower prices to reduce risk by taking partial profits. If you want to know how these formations usually play out, check out the price spike in OMG back in August and the more recent move in XRP. Most alts play follow the leader to Bitcoin's lead, so it is unusual to see one outperforming or moving on its own.
So I wanted to share potential price projections or inflection points to consider along with the most relevant support levels in play.
20.5 , 23.5, 28.5 AREAS are potential inflection points. This means IF price reaches any one of them, it is within reason to anticipate selling activity. Which may or may NOT culminate into a sell signal. Price action must prove itself. The level alone is NOT enough to justify a risk or a decision.
14.8, 10.5 AREAS are the next supports. If I were to consider a swing trade, or even a position trade (investment), these are the levels I would watch for buying activity and confirmation.
Note: This perspective is based on my short term oriented SWING trade strategy. It operates under very SPECIFIC rules and does NOT consider any fundamental information. I do not care who the founder is, I do not care how great the idea is, or how promising their work is. I am only interested in 1. Trend, 2. Levels, 3. Price Formations 4. Risk.
My goal here is to inform new traders on what kind of expectations are within reason BASED on CHART formations. There is no room for "if this then that" conventional wisdom in random environments such as financial markets. If you are looking to seriously play, you need to understand what information carries the most value. Hint: it is not news, rumors, or any "good stories" out on the internet.
Thank you for taking the time to consider my perspective, I hope you find it helpful.
So I wanted to share potential price projections or inflection points to consider along with the most relevant support levels in play.
20.5 , 23.5, 28.5 AREAS are potential inflection points. This means IF price reaches any one of them, it is within reason to anticipate selling activity. Which may or may NOT culminate into a sell signal. Price action must prove itself. The level alone is NOT enough to justify a risk or a decision.
14.8, 10.5 AREAS are the next supports. If I were to consider a swing trade, or even a position trade (investment), these are the levels I would watch for buying activity and confirmation.
Note: This perspective is based on my short term oriented SWING trade strategy. It operates under very SPECIFIC rules and does NOT consider any fundamental information. I do not care who the founder is, I do not care how great the idea is, or how promising their work is. I am only interested in 1. Trend, 2. Levels, 3. Price Formations 4. Risk.
My goal here is to inform new traders on what kind of expectations are within reason BASED on CHART formations. There is no room for "if this then that" conventional wisdom in random environments such as financial markets. If you are looking to seriously play, you need to understand what information carries the most value. Hint: it is not news, rumors, or any "good stories" out on the internet.
Thank you for taking the time to consider my perspective, I hope you find it helpful.
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