I set a stop loss in the picture, but in my investing I do not use a stop loss, I just add more if it goes lower and my conviction remains.
This looks like capitulation to me, it is a very premature buy by most standards, I love catching falling knives. The RSI shows that preliminary support was much higher, and as it trends up while making lower lows in price I feel comfortable buying, that plus this giant falling wedge which just broke.
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I entered at 18.22
This is the close up of the entry and why.
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Sorry for no update, Ive been banned for a few days because I was a Bitcoin bear in TV chat.
I added more yesterday at this green circle to lower my DCA entry
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I am becoming more and more convinced this was the bottom here. At the bare minimum I expect a rally simply because shorts are going to cover.
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Doubled down today
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Things look dumpiest before pumpiest!
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I believe todays move was a liquidity scoop. There was a clear support line that if broken would trigger stop losses, which are used as liquidity for institutions to buy.
This is often how institutions scoop shares without sending price up.
Interesting thought on using stop losses to scoop up shares without sending price up. I noticed RBLX had large volume around midday Tuesday with minimal price movements.
MikeMM
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@marc5115, Yeah they always do this after I buy a stock or crypto at perceived support. I tell myself ill wait for it next time... but sometimes it never comes and you just get left behind.
One day ill have some money around for when it happens.