Putting BTC profits to work this week

This week I decided to reduce my BTC position a bit and buy some other coins for short term swing trades. My reasoning behind selling some of my BTC is I've seen some decent gains on purchases earlier in October and I decided to take some of that profit off the table and bet on a couple of coins I've profited from in the past.

I do hold core positions in several different currencies but I also like to do the occasional swing trade because it's fun for me. I'm not working with huge amounts of money with these trades so I'd call this more of a hobby and if things do go south I'll cut the loss quickly and move on.

This week I used the proceeds from selling / trading about 40% of my BTC holdings to buy ZEC, LTC, and a bit of STEEM. I also traded a bit for some hard assets but I'll save that for another post...

For ZEC, I entered about the same price as I did a couple of months ago (low $200's) and I intend to let it ride to at least $250's. If it breaks above $260 I'll go ahead and sell half and keep the other half longer term. If it starts looking weak I'll close the position entirely for a small profit.

And then there's LTC. I honestly got into it this week as I'm trading some crypto for a silver bar and the seller requested payment in LTC. So I picked up a bit of extra LTC for myself as it appears to be riding the increasing trendline shown in the chart below.

I intend to hold this one until it hits the upper $60's then probably just close out the trade and be happy with my profit. If it falls below that trend line I'm gonna bail.

And finally we have good old STEEM which is a long term investment for me. I added a small lot yesterday around 0.000168 / BTC and powered it up as usual. That support just below the current price may or may not hold but I'm keeping my STEEM regardless (obviously).

So what will I do with the proceeds from these trades? Well, I'll put them back into BTC eventually! Best case scenario for me is BTC pulls back a bit while other coins recover and that will present the opportunity to increase my position size in BTC using profits from my recent trades.

And if it doesn't work out? Who cares. I'll cut my loss quickly and still move the money back into BTC as planned.

This is for entertainment purposes only and should not be taken as investment or trading advice. Always do your own due diligence before buying / selling any security, currency, asset, etc. Also, I don't claim to be an expert on any of this and I'm merely sharing something that I find fun so if you do have a different opinion that's perfectly OK.

--Charts courtesy of https://www.bittrex.com/