:) Lol.....so true. It's been an interesting couple days in crypto land that's for sure. Today practically EVERYTHING is in the red on coinmarketcap's front page.
Buying opportunity????
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:) Lol.....so true. It's been an interesting couple days in crypto land that's for sure. Today practically EVERYTHING is in the red on coinmarketcap's front page.
Buying opportunity????
Difficult to know.... If you look on the charts on poloniex many are nearing a 100% retrace of the recent rises - e.g. BTS, GNT, STRATIS (that one looks particularly horrible! and I made some nice money on the rise but fortunately didn't hold on to any of it.)
But the big ones: BTC, ETH, LTC could still have a lot more potential downside i believe (from a technical point of view). And the total crypto market cap is still an order of magnitude greater than it was 6 months ago. And I expect BTC falling more, if that's the case, could well continue to drag everything else down.
So, for me I think I'm going only be doing short term tactical trades if I do anything (I.e., buy into a deep crash, but only with a view of selling after).
I plan on waiting for a nice 'rounded bottom' to the graphs before I'd really want to start buying back to hold.
I wonder if this has anything to do with fear/anticipation surrounding the Aug. 1st Bitcoin fork. Part of me thinks that the crypto world in general may stay in a bit of a lull until then just because of all the uncertainty.
Because the Litecoin SegWit went well, my personal feeling is that whichever way Bitcoin goes will end up being positive...but I think people will be worried about it until it actually happens.
I think Bitcoin will go up after the Aug. fork (I'm not sure whether it will be the hard fork or the soft fork but I'm hoping it will be the hard fork as that will address more of the issues). I'm guessing it will be really low right before that though.
Who really knows of course but I'm planning on buying more Bitcoin and Eth between now and Aug. and holding onto my Stratis. But then again, as you know...I'm not day trading but holding for longer positions. My main decisions are what to buy and when and I definitely think in this uncertainty, buying Bitcoin and Eth is a good bet for me.
Thanks for your comment. It's good to know what your doing and have good reasons for your decisions for each of your buys.
Personally, I'm going to be staying out of buying back until I see technical signals...but if you aren't day-trading if it's very difficult not to miss the ideal point for buy-back. E.g., perhaps you wake up in the morning, or come back from a day at work...and look at the markets and everything is perhaps up 30% and you've missed that opportunity.
I don't have much of a view on Aug 1st thing re bitcoin; but personally I don't think it would have much relevance to any of the other coins out there (if anything, I'd tend to think ETH might get a boost if bitcoin had troubles).
Well, the markets look slightly better today at least (I should say at this exact moment they look at little better....earlier today not so much). Yeah, definitely makes sense for you to hold back until you see your technical signals since you're a day trader.
My only rationale for thinking that major things with Bitcoin will drag down the rest of the cryptos is just that that's how it operated three years ago when I was really into this stuff. Everything rose and fell with Bitcoin. Maybe it's not like that as much now but I still tend to think that Bitcoin still holds at least some of that influence over the rest of them. Only time will tell though I guess.
Yes.. and looking not too bad today. I'm personally expecting this bounce may go up a bit more, and so I bought some BTC,LTC,ETH,EOS,BTS....but just for 'tactical trades' - i would plan to offload again for a bit of profit if i can.
I also bought to more STEEM....but that's just 'cause I seem to have a bad addiction to trying to increase my SP :P. Will be definitely stopping at 250k of it!
Anyway, interesting - so you did a bit of trading in the past? Out of curiosity, is it just small amounts you trade, or something a bit more significant (I.e., meaning that's it quite important to try not to lose too much of it? ;) )
I think you were smart to buy that BTC, etc. and agree that there's likely to be more of a bounce. Okay....after I typed that I just looked at coinmarketcap and yep....everything is definitely higher now than the last time I checked it which was hours ago. So....hopefully you've already managed to sell some and made a bit of a profit :)
Haha...of course you did (bought more steem)! Your SP addiction was one of the first things I learned about you...so not surprising there at all :)
Yes, I did a bit of both trading and mining in the past. I was mainly mining Litecoin on a dedicated mining rig and was buying up Bitcoin and also branching out into a bunch of other stuff. It was all just small amounts, extra cash that I had on hand as well as a couple hundred $ out of my pay cheque every couple weeks. I stopped the dollar cost averaging for around three years, but recently went back into it again (once everything started to boom....wishing I had never stopped....lesson learned I guess).
I think the next small position I'll take is Santiment (SAN), which supposedly just started trading today on Bitfinex today.
Hi @jen8,
Thanks very much for your comment... I did not reply earlier because it meant I would have to revisit not a great day for me trading wise (and it was easier to reply to trivial comments!). So I was like up $20k.... but (and this happens) fell asleep before I had sold most of my poistions; then woke up back at break even, but then accidentally put the wrong figure in a buy order...and ended up buying 50000 of something instead of 5000!! :( Haha, though. Decided to liquidate that straight after... so all in all, ended up being over $10k down instead of $20k up :( Anyway, I will try to mark these things down as good lessons for the future (1) don't fall asleep in the middle of tactical trades, and (2) double check those figures!
So where is the market going next. From the charts, I still have a suspicion that that BTC, ETH, and the markets in general could continue this decline longer before bouncing. Even ignoring the charts, I think many people might sense that there was a crazy hype cycle two months ago. And with anything that is instantly a craze, be it Pokemon go, or some crypto bubble, I cant really see how we can't expect a prolonged correction after it. Of course there may be bounces, but that's just my instinct right now.
I still have that extra STEEM I bought however (haha..), but now it's trapped on poloniex again as deposits/withdrawals are now disabled yet again! :(
Interested to hear that you are still looking to add to your portfolio. I guess I've sort reached the 'not another ico feeling!'. Is there something about SAN that interests you in particular (I haven't really looked into it)?