Crypto Trading Review – BitDAO ($BIT)

11.01.23

Feel free to visit my website at: niklasschomaker.com

Today‘s crypto trading review deals with the cryptocurrency BitDAO, which I have written two trading plans for.

You can access them at:

https://niklasschomaker.com/2022/12/29/crypto-trading-spotlight-bitdao-bit/

https://niklasschomaker.com/2023/01/04/crypto-trading-spotlight-bitdao-bit-2/

Both trading plans ended in a trading loss for me, I want to be transparent on this end. But as I said in these articles I had stop/loss orders in place for risk management purposes. In both cases I got stopped out and they saved me from having a bigger loss.

As you can see in the image below, the cryptocurrency is running up with a ton of green days in a row. Only a few small red days and a few bottom wicks that got bought up again.

The blue line is the resistance line I used as a risk level for the trade statement below.

I could in fact have switched from Short to Long in both trades, but both times I got stopped out when I was asleep.

The image below shows the short term tendency of the crypto BitDAO to have a flush and instantly recover to crawl higher.

With both bigger flushes, the one in the $0.35 range and the recent big one from $0.47s to $0.37s you can see that it recovered fast. Maybe this goes higher, maybe it flushed down, I don‘t know. I sadly missed the recent big flush, but there will be other ones!

What I can learn from this is to be more patient on the frontside and get out earlier when something makes a recovery like these two price movements.

The recent big crack is a good sign for a possible backside so keep $BIT on watch for a potential short. I will do the same, even though I traded it not well the first two times.

I hope this helps, have a great day!

Niklas

This is not financial advice!