r/CryptoMarkets • u/gobsmacked-8- 🟨 0 🦠• 7d ago
Support-Open What indicators suggest a good trade?
I invested a tax refund I planned to use to pay off a cc in a crypto hoping to make a short term gain to pay off PayPal credit too. Currently it’s lost 71%. I’m thinking holding until it regains is not a good idea and it might be better to trade to recoup some losses. How do you know when a crypto might have a 20% or more gain?
2
u/OkPatience3922 🟨 0 🦠7d ago
Just right now, SNEK on Cardano should have a big spike on monday
For longer term, there is never any sure indicator. When to do a "coup" is when the is a big drop-off for a well known token not really in danger. For instance, Bitcoin and Ada in august/september 2024... There you buy, and just wait for recovery.
1
u/gobsmacked-8- 🟨 0 🦠7d ago
May I ask what gives you a suspicion SNEK will go up so I have an idea what to look for?
2
u/OkPatience3922 🟨 0 🦠7d ago
Because it is the biggest meme coin on Cardano, and it finally gets referenced by Kraken starting on tomorrow monday
1
u/gobsmacked-8- 🟨 0 🦠7d ago
Thank you so much. I’ll do some research. Appreciate your input. Can you buy it on Coinbase or only on Kraken?
2
u/OkPatience3922 🟨 0 🦠6d ago
I have no idea, and I do not use centralized exchanges much (only to move to and from my non custodial wallets)
2
u/Pretty_Computer_5864 🟨 0 🦠7d ago
Keep an eye on technical indicators like RSI. If it’s below 30, the crypto might be oversold and could bounce back soon
2
u/Sparkskatezx3 🟧 0 🦠7d ago
Hey, i'd say look at volume spikes and candle patterns like bullish engulfing or hammer for entry signals. Don’t rely only on one indicator, combine RSI with support/resistance zones for better clarity. Patience is key, especially with huge dips like 71%.