Mr. Toad's Wild Potcoin Ride: A Classic Pump & Dump You Want To Avoid
Damn it! Where did I stash my Potcoin wallet! Another roller coaster and I'm missing this profit taking opportunity.
For the past two days Potcoin has been pumping up in a big % way and my go to guys are shrugging their shoulders over why. Just four days ago prices were ranging between .00000900 to .00001100 range and today a high was reached of .00006904.
Let's take a peek at a Poloniex 2 day chart as of 10pm EST Monday 10/10/16:
Hmmm, a new earnings report released? No
A low price/earning ratio drawing in investors uncertain of the current market climate? Yah, right. No
Institutional investors increasing their share holdings driving up Potcoin prices? Pretty sure that's not happening
It's a pump and dump plain and simple.
The 24 hr chart:
11:22pm EST Update: 6 hour chart:
My strategy on these rollercoaster/runaway coins is simple, if you already hold the coin sell off 1/2 of total holdings when your investment has doubled, hold the 1/2 and do it again if it doubles again, rinse, repeat.
So if for example I had purchased 100 shares of potcoin for .00002900 btc, I would sell off 50 shares once the coin price breaks thru .00005800 btc and change to cover my round trip so .00005900 btc.
If I don't already own the coin I STAY AWAY from jumping on a moving roller coaster, it just doesn't sound safe does it?
Will the coin rest higher and price after the pump and dump? Maybe so, it happens often but the charts can't predict as of yet. I hope so since I have skin in the game.
This is just a little info on a pump and dump and strategy that I use for fun and profit, please trade at your own risk and never use "bread and butter" money in crypto. Dummy me can't find a backup of my Potcoin wallet at home, this ride will probably be over by the time I get to the office tomorrow :-(
If you gained anything from my post I kindly ask for your upvote.
Thank you and have a great Tuesday, @bluehorseshoe
Update as of 10/11 9:45 EST, the morning after my post
The sell off continues, Potcoin currently at .00003291 bitcoin.
it was dumped because the profit was so high for so many. Does not constitute the term pump and dump as many who were pumping are still holding as many bought too late as a result it seems to be hovering around 5000. Due to the damn hype though it will most likely climb again but i feel it will be very short lived. Then the real pump and dump would come.
You are absolutely right if it rests significantly higher after this substantial 2 day pump from in the 900-1100s from just four days ago to as high(no pun intended) as 6904, now that's a sizeable pump in my humble opinion. I don't think it's done dumping below it's high yet. Another 24 hours should tell the rest of the story. Thank you for commenting.
update as of 12:09 am EST:
good night all!