There is a structural phenomenon in the market that has been observed on both bullish and bearish side for hundreds of years, that when stock move, they move in sharp momentum bursts. A good momentum burst candidate has 3 to 20 days consolidation prior to range expansion day.
ETC has been one of the best coins out there in past... drawing show everything.
Again, we are in the initial stage of the old cycle where BTC is correcting, XRP wanted to overlap BTC but failed, now time ETC shows it's strength. Study what happened in May - July 2017.
Đã hủy lệnh
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InH&S on BTC/USD chart and H&S on ETC/USD. Probably will see another pump on BTC and almost all altcoins will fall. Use stop loss anyway.
@sirgeorge, @TonyCryptano - FINALLY! Took my money and profits from the weed coins and went ALL-IN on ETC! =D $$$ Time 4 P-U-M-P!!
TonyCryptano
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@mightytrader, You do things very fast boy))) In my opinion 90% follow BTC because they are paired with BTC. Do you thing ETC is paired more with ETH? If it's more paired with BTC I expect false BO. But Hope I will cry that ETC is only 50% of my account)))
@TonyCryptano, Well, I took my profits from ETC and went into XVG because it dipped quite a bit! =D I love how volatile that is.
I might just hold. Trading like this is waaayyy too intense for me!
Yeah, I don't know about the ETH pair correlation. I think too few traders exist that compare ETC to ETH pair. I think it's mostly USD and BTC charts in regards to ETC. I think the dominant coin to look at is BTC for a while (another year at least) as that's what people buy to get introduced to other coins.
Personally, I only care to accumulate more Bitcoin. Later on, I will other coins but for a long time it will be to increase my Bitcoin networth.
I do not like Ethereum as investment though. I like Ethereum Class better; but I would not store my wealth in either one of those coins. Bitcoin has actual use case and not speculation. Whether Bitcoin was used to fund free markets, across borders or if it's now used as a store of value like "digital gold".
Ethereum blockchain... it's alpha software in my opinion. Too risky! Bitcoin is what I trade in.
I tried trading in USD in the summer... all that got me was a bundle of nerves. I don't care about USD anymore... because I can keep making more Bitcoin! =D $$
Ok, long response/rant, I know! ;)
TonyCryptano
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@mightytrader, i don't care what coins do, i just want more BTC. But there are times when i go into fiats to magnify profits.
ladram
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@mightytrader, I am also afraid of trading to the dollar - although bitcoin needs to get its act together w fees and whatnot and scaling. I'm too afraid of the dollar though ... I try to accumulate BTC ETH LTC & now BCH. XMR a good one too
mightytrader
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@ladram, I like the high fees because it creates the whole narrative that's lasted for over a couple years now: Which should be used for the world's cryptocurrency?
And that then creates lots of volatility! Like BCash 3x'ing in the summer and 6x'ing this Fall (not to mention all the dips and bounces it had).
Then there's this craze how Verge is such a better coin than Bitcoin (when it was selling for 100 sat. only less than a month ago! then it 20x's)
Whatever. I don't really care what coin is better. I just want more Bitcoin. That's the game.
I only accumulate other coins to earn more Bitcoin. But most of the time, I trade the volatility (day trade).
USD trading can be done... but be careful! Keep a separate account that is strictly USD. Don't confuse trying to make more BTC v.s. USD.
USD charts are important to pay attention to. For ETC, for example, I got out of it because a large chunk is traded in USD and lots of trader's targets is $34. So, I got out because I don't know if it's gonna moon in terms of BTC anytime soon... could take a month. zzzzzzzzzZZZZzzzzzzzz (too slow for me ;)
TonyCryptano
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@mightytrader, you should watch more KRW charts. ETC was pumped yesterday from Bitthimb.
How do you daytrade? What's you edge on picking pre-pumped shit?
mightytrader
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@TonyCryptano, What are KRW charts? (sorry, I don't know!)
Because throughout the day, pre-pumped coins drop from sellers taking profit. So, when they drop too much, I buy and then sell again usually within 30minutes to a few hours. ;)
Verge, XRP and EMC2 had sooo many dips... Some of the moves I make 50% in 20 minutes!!
Now, you have to pick coins that go up like 20x and have HUGE hype. It won't work on stuff like ETC unless ETC has some hype and goes up 10x.
It's like trading penny stocks; it's not trend tading or anything like that. But again, my account is still pretty small but boy I am growing it!
Now, I am overtrading. So, I can't stand it anymore; I bought a huge position on a lowcap coin that is very illiquid. It will eventually PUMP. But I will have to hold it for a week. In the meantime, I will be studying more TA and making tools for faster execution of my trades. Also tools that let me set SL and a limit order at the same time to ensure my coin sells when things PUMP. I hate setting SL's also on the exchanges because the market makers and exchange owners can see where I put my SL... and sooo many times they have stopped-me-out that I am convinced they are looking at my SL's.
mightytrader
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@TonyCryptano, I mean, it worked a little on ETC... but like 3 or 4% I made... not 50% in 20 minutes like I did with XRP and EMC2, before. ;)