Coin Telegraph
GOOD AFTERNOON STEEMIT!
I’m just not the type of trader who will blindly jump back in and FOMO buy a top if I’ve missed the initial move. No matter how good things seem, I’m happy to avoid. It just isn’t my style.
In forex trading, this is a tried and tested risk management strategy that keeps my account from getting smashed at the highs. In crypto however, that is a market that seems to go up no matter which coin you pick or time you buy, it means that I miss out on the odd momentum move.
And yes, of course I’m talking about Ripple...
Although I’m still burning that I didn’t hold onto my sub $1.00 USD bag of coins, I’m happy to bide my time and wait until the pullback comes. Don’t mix up a pullback and bubble bursting, because that’s NOT what I’m saying. Just a healthy, yet slightly exaggerated, low liquidity pullback that shakes out the weak and gives the smart some blood to soak up.
If you don’t think that one of these 50% to 80% pullbacks will come because Ripple is some amazing, next level project, then you’re naive. The pullback always comes.
ALWAYS!
Remember IOTA and EOS?
IOTA/USD Daily
EOS/USD Daily
How about the Bitcoin pullback that once again dropped 50% from the highs?
BTC/USD Daily
While a market losing half its value or more in a single, often swift down move might seem ridiculously irrational, the moves are actually highly technical and predictable.
Just look at the previous resistance turned support levels (at key fib retracement levels, if that’s more your cup of tea), that each of those above 3 examples respected.
Ripple is overextended on hype. When the market experiences the next jitter, Ripple will... well ripple.
Take a look at the chart below and you’ll see some of the levels that savvy, value buying traders like myself will be looking out for on pullbacks.
Don’t sit there burning and complaining about missing out. Plan your levels and trade your levels when the market gives you a second chance. It’s all up to you.
Peace.
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