Increasing the portfolio again: Dipping my toes into NEM (XEM)
Today I've decided to diversify even more since the markets have been a bit slow and red lately. The more types of currency I hold, the better chance I have of catching that next unicorn or life changer or whatever you want to call it even if I don't hold enough to become a millionaire thousands of % gains are nothing to sneeze at.
I picked one that's not so high up on the market cap list earlier today (DOGE) and now it's time to add one in the top ten that I don't own...I already have all of the top four (BTC ETH XRP BCH). I have some great gains to take from other coins and put part of into new cryptos while still holding a good chunk of my original investment in the other cryptos.
This evening the choice was between NEM and Cardano and I think that NEM looks like it is closer to a serious breakout judging by the daily chart so I picked up a few hundred to start with. I've been eagerly waiting and watching the hourly charts today while I was at work and I couldn't wait t get home and get into another coin.
Let's have a look at the chart.
I know I know... I use the same indicators (RSI and Bollinger bands and basic supports and resistances) but it's worked well for me in the past most of the time so I'll keep at it with this strategy of analysis.
- RSI in the 50's on the daily chart and the price relative to Bitcoin has lots of room for a move up if it passes that resistance around 0.00013 Bitcoin or $1.50
- Been in the upper half of the bollinger band range for some time now which is a good sign
- It looks a bit closer to a breakout than Cardano does now so I went with NEM (XEM)
The ADA (Cardano) chart below shows a little bit of a different story even though the indicators look fairly similar (the daily RSI is about the same for both). It looks to me like we have a few days before Cardano might approach the recent high as it is crossing the middle bollinger band to the lower side of the rang at the time of this post and appears to be trending down ever so slightly.
Sorry Cardano (ADA). That's looking a little bit like a rounded top and more chance of downside in the near term than NEM. Catch ya later in the week (maybe)!
By the way, even though my government has made it a pain in the ass to do dollar cost averaging because we're supposed to report every coin for coin trade, coin for silver trade, every time we visit the fking toilet (OK maybe that's an exaggeration), etc. I've decided to keep investing even if I have to make a couple of coin for coin trades to get what I want.
I'm not going to let the tax code change my chances at catching that once in a lifetime opportunity, whatever it may be. I think Steemit has given me the best returns so far and has about the most promise as of now but ya gotta diversify. And that's what I'm doing.
Keep on stackin people and don't get the red days get you down. They truly are opportunities. Think positive!
*This does not represent financial advice and I'm not an investment professional. Never invest in anything just because some guy on the internet invested in it and showed some mediocre charts. Always do your own due diligence / research and if that's not enough consult someone who truly knows what they are doing before you invest in anything (a professional).
My question is how the hell is the IRS going to know if we are even wrong in reporting the transactions correctly and to what index do we even compare for a dollar value since the quoted prices of BTC and ETH depend on the exchange and time of day...the exchanges aren't reporting them. I'm going to take a wild stab and say that a large percentage of people trading cryptos aren't going to voluntarily give this to the IRS...Its going to be an interesting mess to watch unfold.
Oh I agree. They have no way of knowing what transactions hAppened. What I’m worrried about is later years nd getting audited. I’m still torn on what to do.
Even if they do bring the fill force of their firepower against crypto traders they’ll go after the big fish first. I’m not a big fish.
But yeah I’m guessing more than half of ppl won’t report their trades, gains, losses, etc. maybe I’ll just say screw it at least for this year in reporting. Bunch of crooks get enough of my hard earned money from my regular job anyway.
Thanks John for you insides! By the way, what kind of software are you using for the technical analyzes?
"The more types of currency I hold, the better chance I have of catching that next unicorn or life changer or whatever you want to call it even if I don't hold enough to become a millionaire thousands of % gains are nothing to sneeze at."
That's my philosophy, too.
I myself, hold like 12 coins, and I'll definitely buy some more if I think that it solves some important problem and has a possibility to be big in the future.
Let's hope atleast some of our coins have a great rise in 2018.
Good luck :)
I hold about a dozen types as well. I’ll probably double that number in the next few months.
Best of luck to you as well.
cryptocurrency all the way, the sudden increase in cryptocurrency has mad e it have an exceeding growth turning thousanaires to millionaires
nice one there @cryptokeepr
Also looking forward to see what happens during this bad red. Luckily for me ethereum and coss are my major holds and they are doing ok.
Best o luck
Yes I was pleased to see ETH hasn't given up much of its gains off the all time high compared to some. I hold about a coin and a half. It's a kinda small fraction of my portfolio but nice to see I'm still green on my ETH even after this drop.
I got a co-worker who I convinced to get into crypto. He told me on his Christmas break, he made a five figure profit in crypto trading while he was on vacation. It’s nuts.
I’m more of a buy and hold kind of a guy. I suppose I’ll have to look into NEM later on!
Yeah that end of December rally was nuts. I hold about 6000 STEEM in the form of steem power so you can imagine what dollar figure my account hit very briefly. I was super excited. I've put a bit under 10k in over the past six months and I've seen my accounts go up hundreds of percent (unrealized gains thought, I'm holding too).
I wanted to buy-in ether and neo. But they are too much inflated right now. They have to fall big time for a good healthy correction.
Yeah IDK how much ETH is gonna drop, It could go down to 800-900 I think, but people are starting to realize it's a bit faster and transaction fees cheaper than bitcoin so I think it should have a lot of people chomping at the bit to buy any dip. At least I hope so.
NEO on the other hand...I sold that at $18 for a loss after buying at $22 some months ago. I held 15 coins. Kicking myself for doing that.
That's a big loss to remember throughout the life. Lesson learnt is never sell coins at loss. Of at loss simply HODL.
Check my blog on Sphere. Its an ICO distributing free coins. Get your share, you never know it may fly to the moon.
For me XEM is kind of a hedge from btc/eth. By using Changelly I sometimes try to trade against XeM. To me it feels like a stable and secure chain. With added harvesting bonus.
I should really get some Nem and Cardano
You have received an upvote from STAX. Thanks for being a member of the #steemsilvergold community and opting in (if you wish to be removed please follow the link). Please continue to support each other in this great community. To learn more about the #steemsilvergold community and STAX, check this out.