Im Holding All My Trading Capital In USDT/Tether Right Now
It looks like Bitcoin is in trouble in terms of technical analysis. I suspect that this will affect most altcoins as well. Therefore, I have moved most of my trading cryptos to USDT or Tether. Tether is linked to the US dollar and that means that you wont loose much value during a general pullback.
Here is the 1 hour chart for Bitcoin:
Comment: As you can see, Bitcoin is way below its moving average and down 8%. I would mostly wait this out, unless I find some really interesting trades.
If you want to move your Bitcoin into USDT/Tether, you can do that here on Bittrex:
BTC has a long standing trendline that I expect it to test. My guess is the 4250 to 4300 area.
If that trendline holds, it is a great buying opportunity. If it breaks, 3500 is the next point of strong support.
Yeah, I agree with you on the nearest support. If we will close the week tomorrow with a negative looking hanging man candlestick, I think we could go down for a couple of weeks.
That wouldnt bother me. I am looking long term so a sharp pullback through most of Sept would give me an opportunity to buy some more at a better price.
I always like that.
yup, this is nothing in a long term perspective
Glad to see you write that. Hard to tell sometimes the timeframe certain people are commenting upon. It is a challenge to follow some people's reads on charts without knowing their perspective. I have gotten in more than one debate over the read of a chart only to later realize we were dealing with different time frames.
right, I have 90% of my cryptos in a long term mode and for me that is 5 years from now. The rest, 10% I do short term trading and that could be anything from a 1-15 day range give or take
Care to share what your projections are on some of the big ones...LTC, BTC, ETH?
Do you believe some of the absurd claims or are you more of a 3-5 times guy over the next 5 years?
Sure, I actually believe in some absurd claims, Im very interested in exponential growth and I believe right now that 0.01% of the global population does own cryptos and I have seen projections for 3% at the end of next year, so this could potentially go bat shit crazy.
Having that said, I dont really have any projections for the big ones, I cant really read the charts that far in the future. But I do believe that Bitcoin could easily reach 10000 before the end of the year.
I think Bitcoin has troubles also from the perspective of fundamental analysis. IOTA is superior to Bitcoin, it has zero cost transactions, it can handle much greater volume, the price is very low right now compared to bitcoin, it has 0% inflation. Why would anyone hold bitcoin? If you don't know about IOTA, you can checkout my post about it.
Thanks for your input. I dont know much about iota, but i will check it out. It is always good to have a diversified portfolio since software changes can occur quickly.
This looks like retreating to the 4200 area somewhere. I would guess that it surges up from that point again. A lot of people are waiting on a good entry point to get into the market. But like always this can be wrong it is just my personal opinion. I hope you pulled out in time @freeforever and holding in tether is for sure a good idea !
Yeah, it depends on where we close this week, that is tomorrow. Right now it looks really negative, but I have seen quick recoveries before, but better safe than sorry, so thats why I have closed all my short term altcoin positions and put them in tether.
I might actually do some shorting on Bitcoin if we will close the week with a negative candlestick.