Price Trend Reached. WHAT NOW?
If you follow me you know I predicted this price trend and timeframe to it! This was on a few technical indicators and COMMON SENSE, in fact, I use very few technical indicators. Cryptos trade completely different than stocks which took me a bit of time to learn. My personal strategy has been to buy at new 4-hour lows until I reach my investment goal. I have been scalping ETH by Dollar-Cost-Averaging in. This has been quite effective for me and most profitable. I have been watching people post their charts, making their predictions -- reading the angry posts by some who refuse to believe cryptos will not rise to new highs -- and if you're stupid enough to post a chart stating otherwise then you are a fool. ETH is a utility that solves real-world problems giving some value to the innovative tokens running on her contracts. There has been an EXPLOSION in new coins in the ETH network. I have noticed that many investors have a lack of understanding of blockchain technology. I have written extensively about what has happened to bitcoin on other posts, so there is no need to rehash what has already been stated. The bottom line is the same: Big money controls BTC, and by extension nearly all alt-coins. We have tremendous overhead pressure in the area indicated on the chart. The trading rage I predicted (see my previous charts) was obvious. We are is a very structured downtrend. I actually made a price prediction on bitcoin with a chart of 3k by February 2019. This timeframe was based on the way BTC is trading and was the same technique I used to predict our current ETH price pattern.
My plan:
I will continue Dollar-Cost-Averaging into ETH on the new 4-hr lows.
I have a set investment amount I will spend.
I will sell some on short squeezes when they happen.
I will hope fear takes ETH down to my original price prediction of $25
I will sell when I can make 20% or more regardless, as 20% profit is my scalping goal. This is NOT a get rich trading idea!
Note:
I receive a lot of questions. If I do not get back to you, it's because I am very busy. I also receive a few messages thanking me for my charts, however, simple they may be! I do this to contribute to the community and try to bring nearly 30 years of active stock market trading to the crypto world. I have no personal feeling either way about crypto products. To me, they are just another trading vehicle.
Keep a watch on "Short Interest", "Volume" "Candle length" as these are visual cues to volatility and when properly understood they can lead you to better entry and exit points. Be wary of people who use WAVE ANALYSIS. This is an emotional technical analysis and when used to trade "some" Stocks can be quite useful, unfortunately, most people here do not have a full understanding of this analysis technique, and use it to predict future price action with little luck. I find it really interesting and follow a few who use this technique, but only because they have in-depth knowledge of the system, but few have been right on.
I will post another chart when there is something interesting to chart and to say. I am like everyone else; whatever side of the trade you are on, we are all just waiting for something BIG to happen!
PROTECT YOUR PROFITS
If you get a weird feeling, listen to your gut! Never trade more than you can afford to lose! If you are emotionally involved with the product you are trading your judgment will become impaired.
GOOD LUCK!
My plan:
I will continue Dollar-Cost-Averaging into ETH on the new 4-hr lows.
I have a set investment amount I will spend.
I will sell some on short squeezes when they happen.
I will hope fear takes ETH down to my original price prediction of $25
I will sell when I can make 20% or more regardless, as 20% profit is my scalping goal. This is NOT a get rich trading idea!
Note:
I receive a lot of questions. If I do not get back to you, it's because I am very busy. I also receive a few messages thanking me for my charts, however, simple they may be! I do this to contribute to the community and try to bring nearly 30 years of active stock market trading to the crypto world. I have no personal feeling either way about crypto products. To me, they are just another trading vehicle.
Keep a watch on "Short Interest", "Volume" "Candle length" as these are visual cues to volatility and when properly understood they can lead you to better entry and exit points. Be wary of people who use WAVE ANALYSIS. This is an emotional technical analysis and when used to trade "some" Stocks can be quite useful, unfortunately, most people here do not have a full understanding of this analysis technique, and use it to predict future price action with little luck. I find it really interesting and follow a few who use this technique, but only because they have in-depth knowledge of the system, but few have been right on.
I will post another chart when there is something interesting to chart and to say. I am like everyone else; whatever side of the trade you are on, we are all just waiting for something BIG to happen!
PROTECT YOUR PROFITS
If you get a weird feeling, listen to your gut! Never trade more than you can afford to lose! If you are emotionally involved with the product you are trading your judgment will become impaired.
GOOD LUCK!
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