Altcoin Trading Championship Round 5 Entry
I came across this awesome contest by @tonyr thanks to @immarojas and this is my entry for Round 5.
| Coin | Units | Buy Price | Bitcoin Invested |
|---|---|---|---|
| Bitcoin Gold (BTG) | 18.989 BTG | 0.036863 | 0.7 BTC |
| Bitcoin Cash (BCC) | 1.6393 BCC | 0.183000 | 0.3 BTC |
| Total | 1 BTC |
Analysis
My Round 4 entry gave me a positive return of 0.298 BTC.
Bitcoin has yet broken another ATH (All time high). It is now heading to break that 9k barrier and head to achieve that $10k price level that everyone is anxiously waiting for. In my real trading account I won't be making any move at this point but will have to be alert on the massive correction opportunity.
What is a 'Correction' ?
As defined in investopedia.com correction is a reverse movement, usually negative, of at least 10% in a stock, bond, commodity or index to adjust for an overvaluation. Corrections are generally temporary price declines interrupting an uptrend in the market or an asset. A correction has a shorter duration than a bear market or a recession, but it can be a precursor to either.
As a day trader (short-term trading), these corrections are what I consider as low-hanging fruits. They're easy to spot and anticipate using both technical and fundamental analysis. For my technical analysis, I often use the Bollinger Bands to identify overvalued assets. However, even though these low-hanging fruits are somewhat predictable, you have to pick them at the right time (just as they are ripe enough!)
For this BTC bull run, I expect a reverse effect on both bitcoin cash and bitcoin gold (for obvious reasons) during a market correction. I just hope the corrections happen before the end of this #atc round :)
Disclaimer
Trade at your own risk. The above analysis is my own view and I take no responsibility of your trading behavior. It is best to do your own research and analysis. Take my points lightly :)
To find out how to join this contest please read the post here.
VOTE @precise for witness at https://steemit.com/~witnesses
Header Image by @tonyr
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