I usually read people's post with a huge smile on my face.
I'm not only an investor: I'm also a marketer and passionate about psychology. Not by chance, marketing and psychology are strictly related. And guess what? Psychology is a huge player in trading as well.
To be successful and profitable you have to be cold-blooded.
Cold blood gives you an advantage when FOMO (fear of missing out) and PANIC SELLING mode come along.
Many (probably inexperienced) traders get greedy and fearful way to easily. For those of you that aren't familiar with analyzing charts, let me reassure you with the following one I've studied for ya.
The red curves are called moving averages. The first one is called 50 days moving average while the second one is called 100 days moving average.
The MA is a strong indicator as it acts as either support or resistance. In this particular context is acting as a support. As you can see, it has been tested several times already and the price not crossing it indicates how strong of a support we have there.
Analyzing other cryptos such as XRP, ETC and DASH emerges the same exact behaviour. They all bounced of the 50 MA.
Now, if that curve gets crossed substantially, then you can partly turn on your Panic Mode. If that happens, it is most likely that prices will test the 100 MA.
Consider this as a great opportunity to get in at moderated prices as we are still within a parabolic path.
By extending the chart to weekly, you will probably understand what I'm talking about. Sometimes we should just extend the graph and chill a little.
As always, happy trading... and be safe!
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