Bitcoin rising / steem falling...my thoughts and reaction
So I noticed that BTC / STEEM bounced off of critical support at 0.0004 today and I missed that low point.However, I had loaded up on bitcoin a day or so ago in the mid 2700's in anticipation of the fork tomorrow and was nervous buying at that price but am happy to see it is now at 2850! Who knows what will happen tomorrow though. I'm just happy to be receiving some bitcoin cash to add to my basket of crypto currencies AND my bitcoin position is in the green as of now. but since I'm in the green on my bitcoin buy....I bought a bit of STEEM just now.
I couldn't help but notice poor STEEM has dropped as I suspect some folks may be loading up on bitcoin and selling steem in order to do so, hence the rise in BTC price and drop in STEEM price. I suspect we'll see STEEM rebound in the coming days and weeks but won't hold my breath....fingers crossed though as I just picked up some STEEM at 0.00044 BTC/STEEM to add to my collection.
Bitcoin could very well sell off after people get their "free" bitcoin cash or or I could be wrong and it could do something else. I'm just thankful for a profitable short term trade as I used some profits from my bitcoin to buy STEEM.
It's gonna be and interesting day and I suspect transfer times will probably be very long tomorrow. I had to wait 9 hours transferring my bitcoin from coinbase to bittrex a couple days ago as they (bittrex) are supporting the fork while coinbase is not.
Good luck to all you traders, investors, and steemit users who've accrued their currency that way! I do a little bit of each and it's mostly a hobby for now. I don't expect to get rich but there's always a chance...