CRYPTO CHART ANALYSIS. WHY ARE PEOPLE SO NEGATIVE?
Having started late with crypto, as I only put my toes in the water In February this year. I honestly had no clue and I am still learning. What I did though, was a self taught intensive 6 months of learning. I was a sponge trying to get as much information as possible. I didn't have a fortune to invest so I needed to look after it the best I could.
There are so many crypto analysts with their charts, and each one had something different so they weren't the same. Some said Kaboom ,and others said deep retractment,with a plunge. It was a lottery and all I did was monitor a dozen or so over a period of time and whittled them down to my chosen few.
I had pieces of paper all over the place writing down suggested buy in points and yes it was fake money at the time ,but was taken very seriously. The volatility of the markets can take you from hero to zero within a day or so and being aware is the key. There was the obvious chart analyst on here who came under much criticism and flagging recently who had some decent calls. My feelings on this is that you get 5 right and 5 wrong and go no where. In a bull market most calls will be right and you will look like a total genius.The wrong calls will become right eventually but it is still a lottery. The test was in a bear market as everyone is unsure looking for breakouts or spikes. One of the other analysts on here which I now follow and has become a mentor for me on trading called him out a few times saying he was reckless.
You have to do your homework and test these guys out to find the talented analysts. I had lost all confidence in them and thinking back only two have stood out from my original batch of twelve. I will give you some examples of the advice I got and it is quite startling. I had some Neo and the price was hovering at about $128 at the time. I was advised to sell them as Neo will drop below $50 and that was in March/April. I wasn't sure as Neo had been at $180 a few months before that. Ripple was at $0.90 and also told me to sell as it was going to plummet. I think Ripple is below $0.35 now or close to that figure. For me it was hard to fathom such drastic changes in the market as all the other analysts spoke about the coming next wave ,and there was always an upside. My analyst was Mr Negative telling me of lower lows and do not trade without stop sells. After watching the markets and my coins turn in his direction I heeded his advice and sold.
On the upside ,the advice I received for buy ins was spot on and here was one example. Cardano had dropped to 13 c and I sold off my other investments and on his advice purchased these coins. I also purchased EOS at around $2.40 (can't remember exactly but close) and these did rather well for me and with a few other trades from him managed to triple my value. Unfortunately my computer was hacked whilst I was trading and couldn't stop it. I lost everything within the blink of an eye and I saw it live.
It was quite bizarre watching all your coins move from where they were to Bitcoin and pffft they were gone. It took me by surprise as I am very careful and don't open any links etc. It was a good learning period and I will be back, yes I lost my investment but I found my analyst and mentor over that trying period. I do believe in chart analysis and chat with my mentor regularly. I now understand the negativity around the charts as so many are amateurs and it is a guessing game for most. I hope you find someone you can rely on like I have. I am still apprehensive as I can't afford to lose money through another hack so have upgraded everything I can. I would rather lose my investment through my own stupidity than a theft.
Be careful and happy trading.
Image source. Challenger Banks.
Im a hodler now for around 2 years. Have made a good bit but January hit me very hard. Id say in all Ive lost around 10k in value. Still holding so hopefully I will see the fruits in Autumn but in short term outlook is bleak. But thats crypto. I trade stocks and currencies as a side job so I knew what I am getting into with crypto. The only thing Il say. If there is someone that is saying that they are in profit since January then they are a liar!
Hi blanchy. I was doing so well until I had it all stolen. Some are doing well and being very careful. Following one chap here who is giving 50 percent to charity and the remainder to his top followers. There is skill involved and some do know their stuff.
You can have all the expertise in technical analysis you want in crypto. There are so many variable that will throw TA out the window. You have to be very very lucky to be coming out in the green unless you are controlling the market or know someone who is. The SEC delaying their decision until September is today’s bad news . It shouldn’t of been a massive blow to btc as decision wasn’t negative , just a delay,but negative press made btc drop massively again today. I’d like to see this guys trades.
All his trades are there to view etc. No bullshit.
howdy sir cryptoandcoffee! man that hurts to lose your investment! dang. Are there additional security methods that you were able to implement or is that just always a risk? great post, if I start trading can I get the analyst info since he's the best you've found?
Hi@ janton. I will give you the info for him. You need to test him out though like I did on whatever coins you want to hold or what he suggests. I have started testing again over this period as it is a tricky time to get right.
howdy again sir cryptoandcoffee! yes sir..well we aren't in a huge rush because of the volatile market that's for sure. thank you.
Now is the time to test. Will ask him for some info and let us see.
oh ok, thank you sir.
Long term long term long term... That's what I say to the crypto downers these days
Regards appreciated @cryptoandcoffee.
I believe that the crypto environment is totally fascinating. The possibilities are endless. Investments are the order of the day. Many people like you are trying every day to find the "perfect recipe" for benefits.
I really believe that the main factor in this world will always be information. Sharing data with people who have our same interests has become absolutely necessary, as well as mutual support.
Communities like Steemit allow us to reach those goals. Sharing knowledge, exchanging impressions, it becomes more bearable to reach our goals.
There are many resources, blockchain platforms that will allow you to keep your cryptocurrencies, passwords and all your digital assets safe.
I wish you much success, friend.