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RE: LBRY (LBC) Update: Double Cup & Handle!!! Unusally BULLISH!
I'm wondering if someone can explain what the relevance of the USD price is on Haejin's charts?
There is no USD market for most of these coins (like LBRY for example) so why does he do a USD vs coin price and then a BTC vs coin price?
In other words, what's the point of having the USD price when you can't sell the actual coin for USD anyway?
Any help much appreciated, still trying to get my head around this and can't find anything searching online.
I think because the price of BTC is always changing, the USD will be a better reference, I usually use USD charts and then USD to BTC converter to set my BTC buy or sell price, maybe there are better ways, or i am completely wrong but seems like its going well so far.
I see, maybe what your saying is correct- that it's a more stable reference for the price of the coin if you sold it for bitcoin and then changed the BTC to USD?
I just don't understand how the price can be different for a USD amount vs the btc amount.
So you're basically saying the USD is the price you'd get for that coin if you converted it to BTC and immediately sold your bitcoin for USD ?
Thanks again Phuzz, appreciate your help !
Nice one
Yes, the sell price will be the USD sell price in BTC.
To make the example easy, Lets say 1 BTC = 1,000 USD. and 1 Litecoin = 100 USD, this will make 1 Litecoin equal to 0.1 BTC, so you set the sell price at 0.1 BTC, but next day BTC "Kaboomed!" and went up to 2,000 USD, this will make your Litecoin worth 0.05 BTC instead of 0.1 . even though it is still 100 USD so you position wont sell. So referencing the coin to USD seems to hold the "actual" current value of the coin in a way.
I’d very much appreciate if I could get an explanation how to set stop loss and limit orders in case of alts related to btc. How do I count the future $ price if btc is changing all the time?
Couldn’t find any explanation anywhere. Really counting on you guys here:)
In pairs where USD is available I use that, when I pile up some USD then I buy chunks of BTC if the price of BTC is good at the time, or if one of Hajeins' magical posts shows a price jump of BTC, I buy BTC with the USD I had earlier and sell at the higher BTC price. For me, It is working best with USD pairs on Bittrex.
I get you now. Thanks so much for your generous explanation.
I wish you massssive profits!
it gives a more visual picture of what is happening. Bitcoin is in space compared to usd, thus it takes so much longer to show on BTC graph.