We have seen quite the pullback in cyrptocurrencies across the board the past 48 hours. Many have had a nice bounce off intraday lows, giving us reversal type candles.
Here are three reasons are bought some crypto today:
Ethereum Daily Chart
Stratis Daily Chart
Litecoin Daily Chart
Wait, were you expecting an explaination?
Okay okay - the charts triggered my decision. All three charts shown have a hanging man candle yesterday followed by an inside day today. With some of those looking like reversal candles today as well.
Plus, ETH is not far off from a support level. So as opposed to waiting and missing the turn if it happens here, I entered a small initial position and then can buy again if it test and holds support. Risk-Reward is pretty favorable.
STRAT basically tested it's support for the third time and is in a triangle pattern that is soon to bust one way or another, so again. Good risk-reward ratio there as well.
LTC just looks to me like a flag pattern is forming so I'm just playing the odds given most crypto is trying to bounce.
They are all small initial trading positions
Didn't go all crazy, had a few ideas so put some skin in the game. We very well could still test the support levels shown in the charts above. If we bounce, then at least I have some exposure.
Regards,
Disclaimer: All info in this post is my opinion and for info purposes only.
I picked up some Steem and Bitcoin on the exchanges today. Both charts looking pretty good for a move higher as well.
Agreed, Steem chart looks similar to the others seeing a bounce.
These days my steem investing is just building my SP up. Need to trade the other coins for a little diversification :-)
Unless something has totally changed with the underlying fundamentals (which I doubt is currently the case) pullbacks always feel (to me) as an opportunity to buy things "on sale."
You know, I keep trying to remind myself that crypto is still new and there are more people coming into it buying for the first time than there are those leaving. So yeah, fundamentally pullbacks are buying opportunities.
I felt exactly the same and used this “summer sale” to increase my holding positions in Ether and Dash.
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Big eth bounce, just watching it now. Cheers
^^ this
Step by step I am getting more into this. My brain seems to know when it is ready to absorb the next set of new ideas. This post tied into a discussion I read the other day about the difference between Stratis and Ethereum. The writer liked the concept of side chains keeping new apps out of the main blockchain.
The chart on STRAT shows a buying opportunity especially when you roll it a day or two - two more inside bar days with higher lows each time = boom when it busts out. I plunked down a small trade - every Bitcoin I had in my Bittrex account (they got there from some faucet I have been following = free money). Here is the chart
Need to get on this faucet action....leaving money on the table. Yeah STRAT looked good, it was more so consolidating while the other coins were pulling back and now we have additional inside as you stated.
Here is the faucet I use. I spend a lot of time behind this machine. I just load it up and every now and then make a claim. It just needs a wallet address - I created one in Bittrex and use that one - and a captcha verification. Claim amounts are randomized and there is a daily bonus if you claim day after day. Pays out once 25,000 satoshi in the account. I ignore all the ads and the occasional popup tab.
http://mymark.mx/BFaucet
I still believe ETH will be on the up and up, it's a good long term hold.
What are you looking to gain out of LTC and STRAT? A quick buy and sell or also long term and if so, why do you think thats a solid choice?
But good luck in your investment : )
More so for diversification. I liked some things I heard about the last two. I weighted heavier in Steem, BTC and ETH than the others but want to have exposure. 10% of a portfolio should be allocated to "speculative type plays" but then again I guess all of crypto is speculative in this early stage! ;-)
Very true. Although crypto is the future and still so unknown to the layman. At least you know you're ahead of the game.
Teach, you lost me some here. When you say "Entered a small initial position", dose this mean if it hits a certain increase and holds without significant drop then it automatically buys more?
Nah, I'm trading it manually. Meaning if I wanted to by 5 for example. I buy 2 now and then the other 3 when it tests and holds support. If it never does and just goes up from here atleast I make money on the 2.
Good to see your excellent trading post on daily basis now. I myself have taken position in dgb, sia. , bts......let see how they go
Thanks, just happened to have something to talk about consecutive days. I post with more of a swing trading point of view so every few days or so.
Good luck with the positions. I bought some SIA last week that I am holding for long-term.
Me too
Buy Buy Baby... :)
Wow great post! I did the same and bought some Litecoin. Where do you see Litecoins price in by the end of the summer? Do you think 200 is crazy?
Honestly, I really don't know at this point. LTC is in a big sideways range right now. Needs to get back above .21 again before I can extrapolate a higher price target.
Thanks, gained a loyal follower!
Some good insights. I like these posts of yours, because I just don't have time to monitor the markets. Actually, I looked at them yesterday and said all kinds of bad words, not healthy. So, I like to hear some optimism when it is warranted. Maybe I will throw some skin in
Thanks! Yeah, I try to only post crypto stuff when there is something useful for those of us not daytrading it.
Crypto is certainly not out of the woods yet though. I hope this is the end of the pullback, but there is level down for many of them that would still be considered an normal pullback.
Understood. I'll be watching!
When its red, what we do?
We BUY, BUY again!! And thats all :)
Been following closely, Good Idea buying today ;)
I would've had the funds been there...happy fortune everyone!
Yeah, having cash..err, crypto liquid for trading is part of the game. Thanks!
I was also thinking it is a good time to pick up cheep stock,Thanks for the info.
Yeah, like I said we may still get a better opp but I'd rather have a hand in the game now.
Your Exactly right,and have to be in it to win,as the saying goes lol,best of luck the the cheep buys.
I can relate to your perspective and took similar actions today. Thanks for sharing about the candle formations. Glad to be following you. Any thoughts on Bitshares?
Ya know, I don't really pay attention to the BTS chart as I just hold some for the long term and to exchange for VIVA so I can buy more TQS dividend shares in tradeqwik.
Right on. I'm guessing you've checked out the Bitshares decentralized exchange? I've only used it some but it seems awesome.
Yeah, I have some Bit there. DEX acct: mitch-18 if you have bts burning a whole.....hahah, I kid I kid. ;-)
Nice one, haha! If I find myself with that problem, I'll keep it in mind!
@scaredycatguide: Following the markets, so we don't have to.
(That can be your new slogan) ;)
"I like it, I like it uh-lot" :-)
Haha! Awesome. :)
Looks like a bear trap on many of the crypto charts, including bitcoin.
I would not disagree with that at all. If there is zero follow through on the reversal candles we are likely headed for lower support levels in many coins.
I was thinking to buy ETH when it was at its lowest today but I didn't and I think I lost the chance for today. No problem though, still in the process of learning and that was an excellent opportunity to see an example of how the market moves. Still at 1% of knowledge around crypto trading and moving upwards =D
You may get a better opportunity if it pulls back to the support line anyway.
so the support line is the black line on the charts? ( I said I am a newbie:))
For ETH yes, the line at .088 is next level of support.
Awesome, thx for the reply!
Good post, nice charts
Thanks, I try to keep it simple. Your analysis is pro level :-)
K I S S ..... is always the best method
ETH is raising at this time
👍
OHHHH yeah. I bought some too. Im all about my Small Coin Strategy as well. You would like this article.
https://steemit.com/cryptocurrency/@jrose1010/the-small-coin-strategy-potential-to-make-hundreds-of-thousands-maybe-millions
Like the idea, let me go take a look! :-)
These volatile markets are ideal for anyone willing to take a chance at making some cheap buys.
ETH has been particularly volatile and a lot of people have been buying up on the dip today it seems.
I can't help wonder if ETH is overvalued at the moment in comparison to some of the other top altcoins.
Whats your take on it @scaredycatguide?
To be honest, with the issues Ethereum had a few weeks ago with transactions I am less excited about it. The whole thing was that it doesn't have the issues BTC has with processing. Even though I bought more, it was alot less than I originally planned as my faith isn't as high. More about having exposure just in case.
I'm definitely long on the crypto-currencies too. Thanks for those graphs
My pleasure, happy to provide them.