Virtual Protocol - don't get trapped!
Last night (morning in NY), Bitcoin went above 100k and it looked like the crypto market was about to start a bull trend. For Virtual, the 4h candle decisively broke and closed above the previous week's mid price and previous month's high price. Stochastic and RSI lines both crossed and went into the bull zone. MACD lines looked like they were about to cross in the bull zone. Everything looked quite bullish and promising. I was almost tempted to open a long position, but I didn't. The price ended up retracing and it is now below the recent support area.
What saves me every time in the chart setting like this is to wait for MACD lines to cross properly. I got caught in so many bear/bull traps like this because I wasn't patient enough to wait for MACD to cross. It is a very simple strategy but extremely effective.
I am still very bullish on Vertical and wait for re-entry. However, I will wait for 4H MACD to cross in the bull zone and for daily stochastic to cross and roll back before I consider adding more position.
What saves me every time in the chart setting like this is to wait for MACD lines to cross properly. I got caught in so many bear/bull traps like this because I wasn't patient enough to wait for MACD to cross. It is a very simple strategy but extremely effective.
I am still very bullish on Vertical and wait for re-entry. However, I will wait for 4H MACD to cross in the bull zone and for daily stochastic to cross and roll back before I consider adding more position.
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