Last week I talked about how I had sold off most of 50% of my crypto-stake. I do not regret it at all. And I feel a lot better about everything due to my decreased stake. It seems that we may be out of the hole and I'm going to take you guys through how I'm going to be trading the next couple weeks.
*Disclaimer: This is not financial advice and you should do your own research first.
WEEK 17
My strategy? Playing on support and resistance lines
I can't tell you if we're out of the bear market for BTC just yet. But even if we're not, I'm going to be using support and resistance lines to help me makes trades.
For example, a key support line is the middle horizontal white line at around $9,500. I will be selling 50% at this range and waiting to see where the market goes. If we go down I'll buy back in with the 50%, if we keep going up I'll see the remaining at the top yellow line (around $11,200) and re-enter when I see a dip/ correction.
It's a strategy. It may not be a great strategy. It may be the wrong strategy. But I'm playing with chump change here, and I feel that either way I'll make money. Because if the market crashes, at least I'm prepared for that to happen (in terms of my allocation).
Tell me what you think of my strategy and if you have any suggestions. This is the first time I've started trading and any advice would be awesome.
Have a great week.
