When to Start/Stop Selling Cryptocurrencies? Ask the W+M RSI.
I have felt confident that I would know when to buy at the start of a new cycle, but the question of when to sell has always left me feeling clueless...until now.
As an example, I am using the ETHUSDT weekly (main chart in this post) and the ETHUSDT monthly chart (see attachment below). I believe this startegy can be applied to most cryptocurrencies; providing they have been around long enough to have a monthly RSI.
Prove this sell-off plan wrong:
1. Monthly RSI closes >70 + Weekly RSI >70 = start selling 5% - my personal allocation (green horizontal line)
2. Weekly RSI closes <70 = stop selling (red horizontal line)
I hope you find this useful and I am very inetrested to see what others have to say. Feel free to share your strategies down below in the comments section.
Cheers.
As an example, I am using the ETHUSDT weekly (main chart in this post) and the ETHUSDT monthly chart (see attachment below). I believe this startegy can be applied to most cryptocurrencies; providing they have been around long enough to have a monthly RSI.
Prove this sell-off plan wrong:
1. Monthly RSI closes >70 + Weekly RSI >70 = start selling 5% - my personal allocation (green horizontal line)
2. Weekly RSI closes <70 = stop selling (red horizontal line)
I hope you find this useful and I am very inetrested to see what others have to say. Feel free to share your strategies down below in the comments section.
Cheers.
Note
Selling 5% following the RSI system is too much. Last market cycle there were 30 weeks of selling according to the system, if you had sold 5% each time, you would have ran out before the end: 30*5%=150%; only 52 weeks per year. So IF there are around 30 weeks of selling again this cycle, selling 3.3% each time from the start is appropriate: 30*3.3%=99%. So far for ETH USDT, there have been 22 weeks of selling.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.