This all out crypto dump hurt many people. But due to its strength, there are very few major resistances until 360 and 400.
-Daily chart has formed a bullish reversal hammer (needs a green day for confirmation)
-The Daily is still very oversold and more potential downside is very unlikely.
- Lack of resistances makes this a good time to buy and hold through the bounce
The most important thing about going long right now is to remember the trend is bearish, when trading against the trend (trying to catch bounces) it is important to lock in your profits:
-sell 25% after any gains of more than 5% at the very least
-sell the other 25% when we are close to touching the top of the structure (first arrow)
-Hold the rest, or let it get stopped out by a stop loss that you move up with the trend.
-Daily chart has formed a bullish reversal hammer (needs a green day for confirmation)
-The Daily is still very oversold and more potential downside is very unlikely.
- Lack of resistances makes this a good time to buy and hold through the bounce
The most important thing about going long right now is to remember the trend is bearish, when trading against the trend (trying to catch bounces) it is important to lock in your profits:
-sell 25% after any gains of more than 5% at the very least
-sell the other 25% when we are close to touching the top of the structure (first arrow)
-Hold the rest, or let it get stopped out by a stop loss that you move up with the trend.