Nice little wall at 350-450 has formed. This might give us another 1-4 weeks before 400 is broken, and maybe even a bulltrap to 550 or so where the next shorting opportunity will be.
Didn't you say you would stop posting once you got your cheap coins. Wasn't that around 600 or so? Considering how low we are i'm pretty sure you got all the cheap coins you could afford already. Right?
That was a long long time ago with a different chart and different TA. These coins were cheap 2 months ago, but they are no longer cheap because more time has passed, the long term indicators on the chart have changed, and the volume is dwindling. We are clearly in a different pattern than the previous cycles. The 1 week EMAs are about to cross down. I would have been all over these coins 2 months ago but not now.
Ooooh right. I didn't see that coming. Basically you will be crying about bull traps and how we will go down because you want cheaper coins till the end of times.
Well, in that case, time to put you on ignore. Buh bye.
The thing is, there is not a such thing as a 'cheap coin'. 'Cheap coin' is a cult term. Coin cheapness is only something that's relative to the past, and relative to a potential future. If price suddenly drops 50% from what it was yesterday, then yes it's a cheap coin because you'll probably get a huge bounce out of it and make a great trade. And, if you think that according to TA this is the last chance to get a certain price before a huge rally in the near future, then that is a cheap coin also. However, this projection changes with time based on TA and world events.
Here was the situation 2 months ago:
1. Price had suddenly dropped from 800 to 400, with high volume.
2. The chart resembled very closely the conditions in 2013 before the reversal.
Both conditions of coin cheapness were fulfilled. There was both recent high prices and a probably rally in the future. I expected a great bounce/trade with a likely rally play. Therefore, coins were 'cheap' and a bought in. However, I later had to sell when technical indicators reversed and a rally clearly wasn't happening.
Now here are the conditions today:
1. Price has diwndled down from 700 to 460 on LOW volume.
2. The chart no longer resembles conditions from previous cycles, and the 1 week emas are about to cross down. I am no longer expecting a rally any time in the near future, and possibly even a further decline.
Neither condition of coin cheapness is fulfilled. Therefore, coins are no longer 'cheap'.
You have to realize that things change. time changes things. TA changes. News changes. The only constant in the universe in change. nothing is set in stone. Almost everything I say is based on my stance as a trader based on the current TA and the current news. 2 months ago I honestly thought there could be another rally soon and today I honestly think there is not. If there was another rally, right now we should be at 800 and not 460. I wrote a whole other thread all about how I don't talk my book. Please read it.
Right now my biggest concern is the 1 week ema and the low volume. The price just keeps going down and down without any volume. Without any volume, the trend cannot reverse. It takes high volume to cause a reversal.
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