Post
Topic
Board Speculation (Altcoins)
Re: How do you decide on a buy price target?
by
Similificator
on 16/05/2023, 04:51:36 UTC
I've been interested in adding Optimism and ImmutableX to my portfolio but their price has been inflated after big run ups.

Now they are both in freefall and I'm considering an entry point.

How do you decide where to take the plunge?  A certain %drop from the top or a %above bottom?

Or do you just look at previous levels as the traders always mention, Optimism is getting close to some previous tops at $1.3 for example?

Or do you get buy targets from another source?


My decision depends on quite a lot of things, the first would be the use case of the coin itself, second would be the developing team, next would be the partners of the project, then community supporting the project and then the whole market season or movement. After considering those, that is when I move to the charts and indicators. And if everything looks well enough for my standards and risk tolerance, then I jump in. The amount I put in would also depend on how good the risk-reward ratio looks to me in longer time frames. That's just for investing for mid to long-term holding. For short term trading and leverage trading, I basically do the same but much more focused on the market season, charts and indicators that are based on shorter time frames and lastly community sentiments towards the target coin (never go against the waves).

Targets from other sources helps too. But only if you already have ample experience in trading and are well aware of what you are doing. If you take in targets from other sources as they are without confirming or making changes that fits well to your trading style and strategies, then you are better off not considering other sources for your trades and instead focus on learning the basics and gaining more experience by taking things slow and trading smaller amounts. Also, opt for well reputed altcoins or bitcoin first.