Easy cryptocurrency money making strategy: find the laggards
For good or bad, everything in the cryptocurrency market generally rises with Bitcoin. If Bitcoin is doing well, so is everything else (mostly). If Bitcoin is crap, so is everything else. Now one of the great benefits of an entire asset class that moves together is that some things move faster and others move slower. Some things lag. And those are where significant profits are made.
Identifying Aggregate Bull Market Structure
Observe the highlighted areas on the following alt coins:
The thing we need to look at is the structure that is shared between these two charts. Notice how it looks like a bowl, then there is a breakout: fast and large move of price, long candlesticks, etc. A great many charts show this. But they key is to find the ones that don’t have this structure. It’s one of the best secrets in this market: find the laggards and wait for their breakout. We have a number of those right now.
SRN/BTC
BITB/BTC
HSR/BTC
NANO/BTC
Therese are just some examples of coins that are exhibiting lagging moves compared to the rest of the market. This is a strategy I use myself and I have had significant success using it.
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I've been building more of a "portfolio" of cryptos over the last several days. Without really putting a name on this strategy beforehand, this is exactly what I have been doing - and it has made me about a 10% profit over the last 3 days!!!
There's definitely something to this idea of, "finding the laggards." However, IDK if this is just something that is unique to Alt-Coins or not? It could be, since everything follows BTC price - generally speaking. But, I'm not really all that familiar with other classes of assets, except for precious metals. You're basically advocating using BTC and general Ether/Alt-Coin price action as a leading indicator for where other Alt-Coins may probably be heading. It does make sense, but you must know your picks well and that they have a good, established history - or as much of one as is possible to have in the current Alt-Coin environment.
To be honest, this is all still very speculative and risky, as far as being able to "pick a winner" from the massive crop of Alt-Coins. Amongst crypto enthusiasts, it's a generally accepted notion that blockchain technology is the wave of the future. That may be, but the overall cryptoshpere in 2019 is probably going to look drastically different than many of us expect it to. That being the case, you would do well to enter into several smaller positions and wait a while to see which ones confirm their use-cases over the next year, before investing more.
The other thing I have been doing it trying to find those tokens which seem to diverge from BTC and sort-of, "buck the trend." For example, OmiseGo (OMG) has not really been following the general BTC pattern as of late, and it's an interesting thing to watch how that plays out.
Anyhow, good and thought-provoking post! Thanks for sharing your thoughts. I decided to give you an upvote and a resteem, hoping some more people will come in and comment/share their thoughts on this topic of discussion.
https://monetizecoin.io/5a6208a8a8b8d
wow how many ways are there to read a chart i have seen so many people say so many different things makes you lol
but will it a go let you know how it goes
Good analyste and graph!
I am not surprised that the general direction follows bitcoin, but have there been cases where the currency is just fundamentaly a weak performer and fails to breakout?
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One of the reason why I am using an app called Blockfolio to which it would alert me if the rates go over or under my set specific rate on my selected cryptocurrency.
this is my trend work
all indicators are in ascending direction
estimated to be $ 9,000 in a week
There's a resistance at the level of $ 9,000.
if this resistance breaks
will test $ 11000 levels by the end of May
@cleverbot
Which message of advice you would give?
Thanks for providing your insight. I was wanting to view the link, but it popped this up:
'usignals.com has been reported as containing harmful software. You can ignore the risk and go to this unsafe site.
Learn more about harmful and unwanted software at Unwanted Software Policy. Learn more about Firefox’s Phishing and Malware Protection at support.mozilla.org.
No big deal or nothing, just thought I'd tell you :-)
Bitcoin will remain number 1.The real problem with all the coins we are getting confused to chose and invest.