Almost Time to Buy Bitcoin and Bitshares!
As you can see, when set on 1 week candles, the 20 EMA (blue line) has been an extremely consistent indicator of support for Bitcoin for years now. This does not mean it can't break it. If the long term trend reverses, it could break through, but I am buying as much as I can if it hits $3050.
Altcoin Strategy
My two favorite coins besides Steem are Bitcoin and Monero. My goal is to increase my holding in all 3 of these coins. Instead of just continuously hodling, I am trying my hand at trading on a shorter term in an effort to buy back XMR and BTC at lower prices so that I have more than when I originally invested.
We have recently seen both BTC and XMR start to retrace but not back to strong support yet. I expect both BTC and XMR to come down to touch the 20 EMA (1 week candles) before they shoot back up. I have made some nice profits on BTC and XMR and I want to put my profits some place that aren't riding quite as high right now, so I am looking at Bitshares and Zcash.
ZEC and BTS have seen pretty huge ATHs but not as recently as BTC and XMR. ZEC skyrocketed when it came out not long ago but has finally come down to some support levels. Bitshares also got a well deserved pump, but it has come back down from the moon as well.
Monero 1 Week Candles
I exited Monero on the last peak, which was a hard decision for me, because I think this is such a good coin. My goal is obviously to buy it back when it hits support. Hopefully I will have more than when I started!
Bitshares
1 Week Candles
4 Hour Candles
Bitshares is still under the 20 EMA so its trend hasn't technically reversed yet, but I think we are at the bottom. I could be wrong of course but I am betting on the lines holding up until the breakout very soon!
This not trading advice. in fact I am pretty much a noob at this so take it with a grain of salt, but if you think it is definitely wrong, please give me your reasons or at least tell me your prediction.
I used https://www.tradingview.com/ to make these charts.
Please tell me what you think!
The transfer of wealth that is just starting to happen will go through Bitcoin. That is why I don't think people talking about $100,000 Bitcoins at some point are crazy. The size of the current crypto market is a tiny fraction of the size of the legacy forex markets. These cryptocurrencies can be used worldwide so there is still an incredible amount of room to grow. We are in a bubble, but it's not a Bitcoin bubble. Bitcoin is what you need for when the bubble bursts!
Nice prediction about BTC and terrible about BTS))). 3 points about BTS:
Yeah I've read a few places too that calls it around $3k. There seems to be another support line at $2600 if it drops below 3k.
I don't know much about TA but starting to now. What resources did you use?
I still need to read more about BTS and how it differs from OMG, WAVES, OMG, and BLOCK. Looking forward to learning about it at the meetup.
could be. I'm feeling confident about the 20 EMA still at the moment.
I have tried to share everything I have learned on Steemit. I list my sources to everything I share, but you don't need to know a bunch of stuff. learn the very basics of how to read price charts - moving averages, macd, stochastic rsi. honestly, I watch the the price movement relative to the 20 EMA - exponential moving average. Sounds complicated but it's incredibly simple. If you train yourself to buy and sell based on these indicators + fundamental analysis you're golden. If you panic buy and sell without paying attention to the trends, you're gonna have a bad time.
https://steemit.com/cryptocurrency/@richardcrill/cryptocurrency-trading-fundamental-and-technical-analysis-basic-indicators-and-btc-usd-chart
https://steemit.com/trading/@richardcrill/trading-cryptos-and-forex-today-i-learned-the-blade-runner-strategy-and-started-making-money-with-it-immediately
https://steemit.com/cryptocurrency/@richardcrill/getting-started-trading-altcoins-my-top-5-picks-for-small-cap-cryptocurrency-investments-for-2017
IMO BTS is better than all of them. It's been around for a while and people wanna jump on the new shit, but i see no real improvements on what bitshares has done. They are finally making it pretty too, so it is finally getting some recognition. As Steem and EOS blow up, I expect that BTS will too. All speculation of course, but that's my 2 satoshis.
Can I ask how do you see Bitshares profit going up? Just the more people use the higher the price?
They have a commissions from DEX operations. So they need to increase trading volume, I think.
@richardcrill enjoyable blog post - upvoted and followed!! not only the useful content but also because your aims within crypto seem similar to mine.
However my 3 favourite coins at this time are bitcoin, ether and steem - but hopefully you can convince me otherwise in future blogs!
Let me know your thoughts on my recent post re: bitcoin being a "fraud". I personally think it was lazy fearmongering but let's see!
Alex
I reckon anyone who cares about privacy should be on Monero. Yeah, I tend to agree. I wrote about it as well.
I think Bitshares is pretty much at an all low indeed. Just wished I had more money to get them lol xD
BTS is very weak indeed, maybe the weakest coin in top-30. We have to remember that spring pump started from 300 satoshi, and that accumulation period was very long, ~1 year:
So a lot of whales still have a profit X6-7 in BTC. I'm waiting for a 1300 now to average my BTS position (((
I suppose you mean low? Cause Bitshares is all but weak lol.
1300? I do not think about it, the bottom is it or not, I have a system on which I struggle for a position in a bad situation, I will fight for this one (BTS).
Agreed.
Just curious how high you think bitshares can go? I bought some yesterday before I saw this post.
That depends if it gets the attention it deserves. As far as I know the technology behind Bitshares is the best there is concerning money transactions, far outweighing the competition... But you can never predict whether it will get notice, or that some copy with the right marketing takes the lead instead... Anyways, this is a really good time to buy anyways... When things stabilize again you probably doubled it already. (Though I would hold, hold and hold some more xD)
I really hope China finally bans it outright. they will soon realize you can't ban a decentralized network. They should also ban mining while they are at it. This will be the best news in a long time. I really have a hard time believing China capital outflow theory. There is something else going on, and it could actually be a group of people in China are making major $$$ through the buy/ FOMO / sell / short /FUD / cover / buy. Why else would the second largest economy in the world go after something over and over for the last 4 years. Bitcoin will be so much stronger without these people just like when we split from the big blockers.
in my opinion, bitshares should be a good investment! With the recent Chinese crackdown on exchanges, i think more trading would flow towards decentralized exchanges like bitshares. Loads of potential there.!
I completely agree. Its the one I'm most bullish on right now, for so many reasons!
Nobody can shut down a decentralized exchange that runs on a blockchain...
beautiful article!!
already spread some of $PTOY profits to $BTS.
still waiting for $XEL
and $BUZZ is making things happen right now.
cheers!
Lucas
Malabarize-se
upvoted and followed! ;)
Got into BTS the other day at 15 cents, now it's at 9 cents and I wish I had more money to put into it. I love the idea of getting on a decentralized exchange and basically having a secure wallet for all my coins. Currently sweating bullets with my investments sitting on Bittrex, but the technical difficulty of managing 35 different wallets deters me from pulling them offline.
But while Bitcoin is destined for moon-level pricing, I'm not entirely convinced about BTS. A good competitor could steal the market share from Bitshares in the near future. So I'm not as certain about that investment as I am about BTC. But I'm bullish nevertheless. At this price it really has a lot of room to grow.
Great take. I never really look at 1 week charts but you have shown they can be very powerful when combined with the right indicators. Thanks!
I couldn't agree more with the fact that we should be looking at bitcoin as "'ol reliable" as a $115b market cap isn't really that high for the entire world. I will be increasing my holdings in bitcoin, bitshares and of course Steem, while looking into Siacoin and Cloak coin for shorter term profit, you know to buy more bitcoin with, haha. Appreciate the insight and wish you good luck with your investments!