Consensus on the crypto space seems to be bullish. Everyone is expect whatever major coins they hold to go up significantly once the barrier is broken. It has not reached extreme optimism yet due to hesitant of average people from diving in again after a heavy correction last month. Nonetheless there is still some room left to fill and it only will get tinier as price goes higher.
If you are wondering whether to buy in again, an exit at 10% or 20% draw down might be prudent. This applies for most of the coins but I'll be talking ETH specifically. For $600 barrier, I think I'll have my stop loss at $480/ETH. It's no longer ideal position to enter as the upward swing from $360 to $600 happened too quickly. As I'm writing this, current price tops $600 and is sitting at $612. I wouldn't want to get caught up in the hype, so anything bought at this point would be very short term. Setting a stop loss to minimize my loss and I can focus on maximize my wins.
I actually have to keep in mind that I'm OK with losing 20% for a short term trade. It's mentally taxing, sometimes almost depressive when price crashes, I understand that. In my very humble opinion, it is easier to make money when you sell what everyone else wants to buy. That is my excuse for trading and losing. I like to swing trade here and there for faster wealth accumulation when buy pressure is high, just a personal habit. As short term bad news are dying down, I'll be more actively involved in short term trading. MACD is what I'm banking most of my idea on.
At this moment, everything is going up. Reddit is getting flooded with optimism that once ETH breaks $600, it will go straight up. Though that is the macro, the little ups and downs will occur on the way there. That is my trade zone. There's going to be some fake out here and there. A quick dump to scare weak hands, then massive buy to keep price going even higher. Apparently, floor and ceiling, support and resistance are all numbers attributed by human. $600 is the new support, if it breaks, $500 and $450 will be the next support. I'll see if $600 gets dumped, and head in before $480 is hit and start buying a little bit every $20 down.
