About meCrypto is a game to manipulate your emotions into making strategic errors.
The edge is limiting emotional investment.
- Limited capital
- Limited time/attention
- Limited stakes
He who cares least, wins
Naked charts and modest emotional investment is my thing.
No big fan of Ripple as an actual project. However it does have that mix of public awareness, low 'per unit' cost, and 'community members' who think it's the next Bitcoin.
That all equates to some big, dumb price action at some point this year.
Last three times, it bounced hard off a major support and did between 200 - 1000%.
Looking at this chart, I see it...
I have decided to adopt a naked charting method. Very very simple indeed. Looking at 3 levels of resistance, 3 levels of support at any one time.
* after 2 years + of experience, my honest feeling is that I am a terrible trader
* I am however okay at looking at trends and the broader picture
* so will be moving to a long term ’naked charts’ approach...
- Market structure has changed. Doesn't seem like bull run is confirmed yet. May lurch sideways or range for months.
- BTC must break 11.5-12.7k region, flip resistance to support, to anchor in proper bullrun.
- Recent action shows 7.5k is crucial level. Historical (2016) data shows 40% retrace from local top for recovery rallies.
This one seems like a bit of a no brainer for a 40% move before retracement.
10 day MA has flipped from resistance to support
RSI is telling a similar story
Volume has increased steadily over days
Sell when it touches the 'first trouble area' in the nearest overhead resistance.
Invalidated if it dipped back down to the local support, or 10 day MA failed to...
FSD Pharma looks like it is in accumulation, before a move upwards that could reach as far as the local resistance 'first trouble area' before retracing back down - there would need to be significant upswing in buying volume to go further than that.
Bollinger Bands looks awfully similar to how they did in July 2018 shortly before accumulation and...
Canopy looks overbought, if it cannot turn resistance to support on this second attempt, expect it to fall back to the diagonal trendline support. This would be a great point of entry for the next move upwards.
RSI shows overbought, a move down to the diagonal trendline would be in line with previous support zones on the RSI.