@nicolepanlilio takes the spotlight for this week’s featured trader as he shares his knowledge with us on crypto! Let’s take a look at how @nicolepanlilio uses this to his advantage.
In a quote by Marty Schwartz, he says “My attitude is that I always want to be better prepared than someone I’m competing against. The way I prepare myself is by doing my work each night.” When trading in the market, the best thing you can do is be prepared! Don’t get all too confident thinking that trading is a no brainer. Plan your trades ahead of time and get that buck!
@nicolepanlilio shared his thoughts on $XNO and the potential course it might go by utilizing technical analysis.
Let’s take a look at @nicolepanlilio’s analysis on $XNO. First of all, he took notice of the volume which spiked at the 5 minute time frame. Volume usually indicates whether or not a coin is liquid. The higher the volume, the more liquid it is. He also took note of the double top pattern. This pattern usually signals a trend reversal, meaning that price is most likely to go down. Next is the RSI, a momentum indicator, which tells us whether or not a coin is overbought or oversold. And lastly, support and resistance lines which show specific price points on a chart that are expected to attract the maximum amount of either buying or selling.
TECHNICALS OF THE TRADE
Technically, $XNO at the time was trading at a downtrend. First we can observe that it was retesting resistance lines before plummeting back down in the 5 minute timeframe. We can also see that it’s trading below MA 21, indicating signs that it’s heading towards a down trend. As for the RSI, it is around the 50 levels meaning that there are neither more or less buyers/sellers in the market. Trading volume is substantially low considering the fact that it has recently been on a rally.
Through the analysis of @nicolepanlilio, a successful trade was made, earning him profits in the long run.
FUNDAMENTALS OF THE TRADE
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WHAT SHOULD BE MY NEXT MOVE
Looking at the current state of $XNO, it would be wise to wait until price touches MA support levels. It seems to be ranging with little volume after the huge price spike in the last couple days. Be advised that it could be very risky to trade $XNO at this point since anything can happen. Add some positions on support, and start adding up again once it breaks resistance.
Additionally, take note as well of the price of $BTC as most coins rely on its price.
With all the information gathered, it is best to plan your trades ahead of time by listening to recent news on $BTC as well as your chosen coin. Don’t rely only on technical analysis alone, but fundamentals too. Practice due diligence and that way, you’ll be able to become a successful trader.
Once again, KUDOS to @nicolepanlilio for being this week’s featured trader! Enjoy your 14-day InvestaPrime Access and continue to be an inspiration to the trading community.
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