Crypto Investing 101: Know Your Price Points
The intraday price action on just about any given coin can drive you nuts if you let it. It may seem like we are ripping of the sky is falling, when actually we are still within a defined range on a daily chart.
Know Your Price Points
This is why we should always know our price points. This is not to just keep our sanity, but to have us prepared to act accordingly when those prices are reached.
The action we take on a coin that is breaking down in price is different from one that is breaking out. However, we need to be aware of both of those price points. If you are not, then you are not prepared. This goes for all time frames, whether you are day trading or long-term buying.
If someone is providing chart analysis and only shows you the upside outlook - then they are only giving you half the picture.
I talk about price points and do some chart review on BTC, ETH and EOS in the video below...
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Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
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Great advice! Scaling in is a portion of the strategy but price points are also important. If you get in too high and the pullback occurs, you may be left with a price that needs substantial returns just to breakeven. Key indicators like moving averages or candle patterns can help with determining entry and exit points.
Knew I should have bought when it was 6500 last month, but hesitated just for a moment, and bam, 30% up in just couple days.
To be honest Im hoping for another low. Whales are controlling it, the trick is to predict what they are up to.
Well, there is talk about the Mt. Gox trustee needed to sell more BTC. Never know, maybe that pushes prices lower.
What I have learned about investing in crypto over the last few years is that no matter how hard you try, you will never know enough to succeed on talent alone. There is a huge entity of luck to it as well.
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