Strategy: Buy on a dip after bullish breakout
- The 1H Chart shows a bullish breakout yesterday (11/8).
- Although most altcoins rallied against Bitcoin, Digibyte's rally was one of the stronger ones.
- In trading short-term swings, I would not get in here around 150 satoshis unless I am holding for the long-run and trying to double/triple up and in the mean time risking something like 40% of the position.
- I think it would be prudent to wait for a pullback towards 130. Here it would be more like 25% risk.
- Furthermore, I would like to wait for the 1H RSI to at least come back to 40.
- In the short to medium-term, I would limit the bullish outlook to 200, which if we got in at 130, would be a 53.8% gain.
- This yields a profile of 2:1 reward to risk.