Follow My Trade: Siacoin - Bought Today (Ticker: SC) July 22nd 2017
Hi guys, today I bought Siacoin for a short term trade, here is where I bought in:
However, the reason I bought in is not visible on the hourly chart. It is on the daily chart and here are my buying triggers, trendline, bollinger band and MACD:
Comment: As you can see, all these triggers are fullfilled on the daily chart.
However, that is not enough we still have 2 more factors and those are the Fibonacci levels and the overall market trend.
So, lets begin with the Fibonacci level over at Poloniex:
Comment: From this daily graph we can see that Siacoin has formed a foundation around the 23,6% fibonacci level. That is what we want and the next target for now should be the 38,2% level followed by the 50% level.
Finally, lets have a look at the overall market over at Coinmarketcap.com:
Comment: From this graph, we can see that all cryptos bounced from the 66 USD Billion mark and has now formed a nice V-shaped bottom and right now the total market cap is 94 USD Billion. We need Bitcoin and Ethereum to be in an uptrend when we buy a smaller coin such as Siacoin.
Now, what is my objective with this trade? Well, if it close below 0.0000025 BTC I will terminate it.
But lets look at the upside, here is the daily chart and my goals are marked in the chart:
As you can see I have 3 targets I am aiming for and I will make a decision at each target if I will hold or sell.
I will keep you updated on this trade as soon as I have something interesting to tell.
If you are interested in Siacoin you can follow it here:
https://bittrex.com/Market/Index?MarketName=BTC-SC
Happy trading!
I do not understood a single word about the triggers or fibonacci levels. Do you have any article explaining your methods?
Anyway I am starting to follow you. I am curious about the accuracy of your predictions and I may follow some of your trades when the crypto market stabilizes a bit.
hi, if you want to read more about the fibonacci retracements, here is a good summary about them:
http://www.investopedia.com/terms/f/fibonacciretracement.asp
As a trader you need to be aware of many aspects, but a trader is different from an investor. I only trade with 10% of my capital. The rest I hold for long term. However, if you buy in for the long term, you still want to buy when the price has dipped.
Thanks for following
Would have been nice to see Stratis TA done, I sold a bunch at 0.0028 but not sure at which level to buy back at. FYI I wrote a summary of what it is here based on a developer's perspective:
https://steemit.com/cryptocurrency/@blockchainttmft/what-is-stratis-and-why-did-it-rise-by-a-whopping-120
Hi, I am actually in Stratis right now, you can follow my trade here. I wouldnt recommend buying for short term right now though.
https://steemit.com/stratis/@freeforever/follow-my-trade-update-stratis-bought-on-july-20th-2017-ticker-strat
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I lost money on siacoin. :/