Everyone wants to get rich quick off of crypto currencies. Some will, most wont. It all boils down to greed. Unfortunately, some of you will remember this post some day when you lose all your money and look back at why it happened.
Im going to start posting recommendations on which cryptos you should buy, sell and hold.
I started life out of college in investments and quickly became a branch manager of a brokerage firm and while I left that job to go do other things, I learned a lot about how to read charts.
Most of you out there have no idea how to read charts. Im going to share with you what I know and help you avoid massive losses. There are things Ive found to be very useful, although not guarantees when figuring out what stock or currency or crypto to get involved with. By the way...I make zero guarantees on anything I recommend doing, so save your hate posts if Im ever wrong because I will remind you that there are no guarantees.
First rule of thumb:
Things go up and things go down and often times, if they go up fast, they come down with the same speed.
Secondly, things that come back down often go half to three quarters of the way back up as chart formations form averages.
There are a number of things I look at on any chart.
- Stochastics slow and fast
- RSI relative strength index
- Exponential moving averages
- Fibonacci numbers
Im not going to go into what these measure, in this blog, but Ive found these measurements to be most useful in figuring out when to get in and out of stocks and currencies.
That being said. Heres my first prediction:
Using Tradingview.com https://www.tradingview.com/chart/3BRYW5vj/
Bitcoin BTCUSD- weekly chart shows stochastics just about at bottom and ready to turn up, RSI is dropping at 63 but it has rebounded almost every time it hits near 58, the daily chart stochastics looks like it has another day or so of downward movement. Predicting it ends the week near 13800.
Most of the cryptos are currently way overbought and are going to come back down to earth.
Remember this- Bulls and Bears go to market, pigs get slaughtered. You will never go broke taking profits.