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A saying that often works among technical analysts is: "Buy at support levels and sell at resistance levels." It’s scary to buy at support because the price has been dropping, and psychologically it feels like it will continue to do so. On the other hand, many traders are not afraid to buy after a rise at resistance for the opposite reason, yet it often falls right after hitting the resistance. WIF's price is right at the support level on its daily chart. For the brave. #WIF🔥

A saying that often works among technical analysts is: "Buy at support levels and sell at resistance levels."

It’s scary to buy at support because the price has been dropping, and psychologically it feels like it will continue to do so.

On the other hand, many traders are not afraid to buy after a rise at resistance for the opposite reason, yet it often falls right after hitting the resistance.

WIF's price is right at the support level on its daily chart. For the brave.

#WIF🔥

Aviso legal: Se incluyen opiniones de terceros. Esto no respresenta una asesoría financiera. Puede haber contenido patrocinado. Lee los TyC.
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Maybe yesterday's drop in altcoins was overdone, especially since Bitcoin didn't follow suit percentage-wise with the rest of the market. As I mentioned yesterday, "When Bitcoin sneezes, the rest of the crypto market catches a cold." And that's what happened, but it turned out to be not that big of a deal. Let's remember that just a few days ago, there were exorbitant valuations, and everyone was optimistic, and yesterday it seemed like everything was going to crash. Neither extreme is accurate. The market uses psychology to wreck our accounts, and it certainly succeeds. Many would have been better off closing their screens and forgetting they bought cryptocurrencies for a few years. So today, coins like #Dogecoin and #Solana⁩ , among others, are bouncing right off their support levels, indicating a potential recovery, at least in the short term, after the sharp drops of the past few days.
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Why you should keep a trading journal?
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When you trade on #Binance , it's very easy to establish a winning strategy, which can be deployed in two ways: - If you have your funds in one or several cryptocurrencies, you can switch all or part of it to another that you believe is in a better position to profit from. - On the other hand, when your cryptocurrencies have risen significantly, you also have the option to convert a portion of those gains into Euros, Dollars, etc., keeping that money aside to make more purchases during market downturns.
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Does anyone remember when #cardano was trading around 3.00? Surely, many are still stuck waiting for it to return to those levels and recover their losses. Those are probably the ones wondering why traders are so quick to cut profits but can hold on for years letting losses run. Ah, if only we were capable of doing the exact opposite. A lot of hope is pinned on Cardano, much like that football player who always showed promise but never quite made it. 3.00 is far away (0.38 right now) and it’s pointing towards 0.28 - 0.25.
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Another crypto presenting a worrying scenario is #SOL. Like ETH, it seems they’ve coordinated; #Solana⁩ is descending from its main resistance around 183, and its near future doesn’t look good. I don’t want to be pessimistic, but that's what the charts are telling me. I'm feeling the impact too, even though my main perspective at the moment is long-term. It's funny, when I was younger in trading, I wanted to make quick money, and now that I’m older and supposedly have less time, I’m investing for the long term. Could this be why Warren Buffett and his partner have reached such old ages? I hope so 😂 As I said, the market has entered a quite worrying bearish dynamic just when people were making positive valuations about cryptocurrency prices. #CryptoMarket
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