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Friday, August 21, 2020

ORCHID (OXT) MAY JUST BE GETTING STARTED...

ORCHID (OXT) MAY JUST BE GETTING STARTED...

OXT/USD COINBASE:OXTUSD

After rising more than 6x in a month, and then falling back, many traders think OXT is done. But all good trend followers know this could be the beginning.

OXT tried to take out the all-time-high but failed. If it makes another attempt, and succeeds, there will be nothing but clear blue sky above the price, and that means no more unpleasant selling pressure from people who bought at the first peak late last year, then HODL'D, lost nearly all their money and are now desperate to sell at their breakeven point. This is one of the psychological factors that often causes stocks/cryptos to soar once they pass their previous all-time-high.

I am waiting for the current short-term pattern to mature and hopefully break out to the upside. If it does, that's when I'll buy, as the risk/reward will offer the possibility of a big win, with my stop-loss ensuring very limited downside.



from Trading Ideas https://ift.tt/3iY5NDd
via gqrds

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