Incomesharks Shares the Mistake That Many Crypto Traders Make

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• IncomeSharks tweeted that it’s possible to profit despite being wrong multiple times in trading.
• ETH is currently trading at $1,218.86 after a slight rise over the last 24 hours.
• Traders should wait for ETH to reach the next support or resistance level before going long.

A tweet by IncomeSharks (@IncomeSharks) this morning shows that it is still possible to profit despite being “wrong” multiple times when trading. According to the tweet, one of the main habits that new traders pick up is going all in on trades.

Instead, IncomeSharks suggests that traders learn to scale in entries if they want to become successful traders and generate a profit.

Daily chart for ETH/USD Source: CoinMarketCap

The screenshot of the chart shared by IncomeSharks shows that traders should instead enter into long positions at “logical areas of support”, and then “sell on the way up.”

Currently, the price of ETH is trading at $1,218.86 at press time following a 1.03% rise over the last 24 hours. This is according to the crypto market tracking website, CoinMarketCap. As a result, the price of ETH is now between the support at $1,100 and the resistance level at around $1,379.70.

After setting a daily high at $1,227.84, the price of ETH has retraced slightly and is now closer to its daily low at $1,204.73 at press time. ETH has also strengthened against the crypto market leader, Bitcoin (BTC), by 0.24%;

Following IncomeShark’s advice would mean that investors should either wait for ETH’s price to drop to the support at $1,100 or flip the resistance level at $1,379.70 into support before entering into a scaled-in long position for ETH. Thereafter, traders should scale down their positions at either $1,400 or $1,280 depending on where the level they scaled in at.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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