Dogs, A New Round Of Growth, Easy 385% Target (1,045% Strong)Good afternoon my fellow Cryptocurrency trader, how are you feeling today?
Dogs has been bearish for more than a month after producing a nice ~150% jump after the market bottom. Would you say, 150% is big or small? Is this good or not good enough?
I say it all depends on how you approach the market. This type of move is awesome for short-term traders as well as leveraged traders, good profits can be made.
Long-term traders, well, they trade long-term so short-term moves make no sense. They don't make any difference.
Profits potential
The good news for long-term traders is that the "strong target" for DOGSUSDT is also an easy target and goes beyond 11X, 1,045% profits potential (PP).
The easy target is 385% and for a leveraged trader, with as little as 5X this can translate into 1,925%, but the risk is higher. Higher rewards potential but also higher risk. How you choose to trade depends on your risk tolerance, your capital, your goals.
I think this is a good chart setup, timing is great.
Market conditions and sentiment
Notice something, the market is quiet.
Notice something, there is no hype and no major event. People are not rushing to buy either. This means we are witnessing a market low. This is the exact-perfect time to buy and hold. When people are not watching or distracted doing other things, that's when the market grows. When the market has been growing for a long time, watch out because a correction tends to follow.
Now DOGSUSDT, and many other projects, have been bearish, or sideways, for more than a month. You see? After a month of rising prices you get a correction; April-May. After a month of bearish action you will get a bullish wave; May-June. The proof will come based on the results.
Timing is right, it should only take a few days. And the price is awesome. The downside is very limited almost fully exhausted.
Risk tolerance and trading approach
With all that said, be careful how you enter and how you trade. The market is tricky and tends to shake you out even if you hold a strong hand. Your position might not be at risk but with a sudden move, if you are unprepared, you can become anxious and fold at a loss. That is why planning is of the utmost importance. Just answer the question, how long am I willing to wait holding this pair? If it moves down, will I hold long-term or should I set a stop-loss?
Some people give up after 20%, that's ok. Because if you cap all your loses at 20%, then you cap your wins at 100% and 200%. You can end up winning long-term if you pick more winners than losers and that's easy with spot trading and the charts that I share daily.
Thank you for reading.
Namaste.
