Bitcoin Drawdown Means Time to Buy?- Trading Journal (1.10.2021)
Currently BTC has dropped more than 15% from its peak around $41k. At this point in time I am concentrated on alt coins to see if there are potential buying prices. I say this because I feel cryptocurrency by far will have the best returns in the years ahead. Better than stocks, commodities, bonds, or even precious medals.
Trade Example in Hive-Engine
In Hive-engine some of the current red tokens are shown above. I am keeping an eye on LBI, SPT, and SIM as they are some that I want to invest more into. I have placed in some low ball orders across multiple tokens on Hive-engines in anticipation if there is a draw down I can potentially capitalize and purchase some tokens on the cheap.
SPT is a good example as the bid and ask are wide but the price is trending down.
Get the right amount of sellers at those bid prices will continue to drop the amount of bids which could potentially hit very cheap values. This is how I search for breakdowns and buy low. It is when the bid and ask prices are far apart and candlestick prices are showing a down trend. Put in a low bid and wait to see if there are further selling to capture the token at lower prices. Worst case is prices never fall to my bid values but I still have the hive to go trade for some other token.
Trade Example in hive.blog wallet
I would not want to forget trading from some Hive either. How if I do not use an exchange? Well converting hive into hbd and vise versa can lead to reasonable gains. The current down trend would mean I would prefer to be holding hbd as its close to parity with the dollar. While hive moves with the overall crypto market more than hbd. The draw down in btc is effecting alt coins like hive. Holding hbd would hold value up better and wait for when alt coin draw down appears to be over do I exchange the hbd back into spt.
An example today there was a high of around 0.135 hbd per 1 hive that is now dropped down to 0.1295 hbd per 1 hive. The trade would have been hold hbd at 0.135/hive and sell at lower than that for more hives. The idea is to accumulate more hive/hbd without introducing more fiat to purchase more hive. This works if trader pays close attention to the price action and willing to risk trading in hive they should look in hive.blog's wallet.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
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Your current Rank (40) in the battle Arena of Holybread has granted you an Upvote of 18%
It is normal. Correct and🚀🚀 This year time to altcoin? Will see😀
!wine
Cheers, @asimo You Successfully Shared 0.100 WINE With @mawit07.
You Earned 0.100 WINE As Curation Reward.
You Utilized 2/3 Successful Calls.
WINE Current Market Price : 0.000 HIVE
I agree that it's a great time to find good projects on sale on Hive-Engine. I am accumulating Sports Token and I will look at some of the other tokens also. Sports recently changed to a linear curation curve, similar to Leo tokens, so I am hopeful I will earn more tokens now with curation.
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