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As BTC took a tumble this week, as we alerted our CoinDrop+ subscribers it would, one crypto we put on our complimentary watchlist didn’t flinch a bit…

Check this piece we sent out below….

From $10 to ~$19.6, and this was for our free subscribers!

This project was the talk of the town at ETHDenver this year, so I knew it was going to be of great value to all of you!

Let’s take a deeper look at what gave this project away for some great movement..

🚀 NEAR Protocol, How I Would Set This Trade Up

NEAR Protocol has been making waves in the crypto space, it launched in October of 2020. It’s slowly becoming one of my favorite Layer 1 smartcontract platforms.

NEAR was the talk of the town at EthDenver back in February. I had many people I respect tell me that NEAR and Avalanche were the right projects to keep an eye on..

It still has room to grow in my opinion, but a drawdown may be coming with BTC’s price action.

Let’s take a look at how I set this trade up on the charts…

The chart below is the exact chart I used to set this trade up for everyone. I was well aware that we were bound to retest 10 dollars flat, and we did.

Here’s the chart as of today, from alerts at 10 reaching its peak of roughly 19.

However, as you can see it fell below that 10 dollar range. So how would I trade this since it fell through a support area at 10 dollars? Dollar Cost Average (DCA) into a position. DCA out of a position.

As near falls below 10 flat, for me It would be best, and least risky, to average into a position. Slowly acquiring more and more NEAR. This covers me on both bases. If NEAR falls a lot more, this can bring my average entry down. If NEAR rises dramatically, I’m already in a position!

In a space as volatile as crypto, Dollar Cost Averaging is the simplest method to ensure all your bases are covered. I never go “all in” all at once, just average into a position, and average out.

That way, you’re playing it safe in an inherently risky asset class.

Bottom Line

Trading crypto can be similar to trading stocks in many ways. Sure there are similar technical analysis indicators like MACD, RSI, Fibonacci levels, and things of that nature. However, this is a completely different asset class. But similar in one major way, it’s just software on a blockchain. People buy Microsoft, Cisco, and Oracle, all the time! Trading crypto is similar but all on chain, and tokenized.

The simplest method to set up your own trades? Dollar Cost Average (DCA), it’s the strategy I’ve always preached for beginners and experts alike. 

Author:
Jake McCarthy

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