I executed this trade with confidence and it went well.
How do I choose a coin to trade?
If I have plenty of time, I plot as many coins as possible to see which one is near the apex of consolidation or the resistance and support levels. Then, I separate them and check which one shows potential for significant movement. Since most coins are correlated with bitcoin, I also analyze the bitcoin graph.
If my time is limited, I focus only on coins that have experienced big movements, whether it be up or down.
I noticed that this particular coin has already broken down the trend and fib support levels, so I presume it will continue to go down further. As a result, I shorted the coin with a stop loss in place. I feel confident in my decision, but it took a while before it actually went down
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