This week was a bloodbath for altcoins and I have started to do a new thing in my trading this week, by leveraging the fluctuations between BCH and USDT to get more BCH.
Bitcoin Cash
Due to the alt prices falling at the speed of light, I decided to find a way to gain some profits during this period. I have some Bitcoin cash, which I bought at a higher price, due to the massive pump on 12 November and in my opinion it will take some time before it reaches that level again. So what I am doing now, is to Buy USDT with my BCH and then buy back the BCH when USDT is lower. The end result is that I buy back more BCH as which I sold for the USDT.
Example: If you have 1 BCH and you buy USDT at a price of $1600 you get $1600 worth of USDT. WHen BCH reaches $1200 you Buy BCH which means you now have 1.33 BCH.
This will work for any USDT / Altcoin pairing.
Whatever goes down must go up.
The nice thing is that in Crypto we have a lot of fluctuation, which means that after a coin went down there is a good chance that it will go back up at some point. So what I do now is that when BCH Goes Down I buy USDT and buy more BCH at a lower price, then it turns back up and I sell the BCH for BCT at a higher price and so it becomes more and more BCT in the long run. If you only sell the 0.33 BCH which you made profit from the USDT trade, you steadily build a larger portfolio. Especially when you do this with larger amounts of BCH at a time.
I hope this make sense and helps somebody.
Happy Steeming
why not do that with bitcoin as that is actually going up???
Lol I have some of those as well 👍🏻
I see that nobody is sure about it :) yes bitcoin can go more up and bitcoin cash will go again down, it's really a game we are playing here.
this happening as the result of BTC price going up
Same here with Komodo. Volatility is your friend if you're cautious
Makes sense to me. Thanks for the tip.
It worked out very well, with this massive BCH price drop . Thanks for the comment @kunschj
Thanks for the idea. I'll try to use
This is actually quite awesome thing to do right now great strategy
I wish you good luck with that project ;) It´s generally a good idea and can work out just great but in cryptos you never know what´s going to happen...
thank you for sharing
good informations @jacor
This is the same I am doing now with dash coin.
Detailed work , nice job .
Yes! I have been doing this with BTC a little since there is no way I can short these quick hard intraday pullbacks....I instead flip into some USDT and then flip back into BTC.
Given the current volatility, it's a good strategy to buy cheap alt-coins. So when the BTC is high, buy alt-coins at a low price and sell them when they increase and the BTC decreases.
click here.Congratulations @jacor, this post is the eighth most rewarded post (based on pending payouts) in the last 12 hours written by a Superuser account holder (accounts that hold between 1 and 10 Mega Vests). The total number of posts by Superuser account holders during this period was 1219 and the total pending payments to posts in this category was $6129.53. To see the full list of highest paid posts across all accounts categories,
If you do not wish to receive these messages in future, please reply stop to this comment.
I tried to do the same (long before you posted this) on bittrex, but for some reason, it wouldnt purchase USDT. Any idea why is that?? What exchange do you use?
By the way, it is extremely helpful. i had the same idea in mind..
Good work mate
thanks for making it simple and easy for us. ☺