December 10x challenge - Day 7 - Another day of inactivity
Evening
Today I hadn't traded at all up until about 5 minutes before I wrote this blog post.
Today was another day where Bitcoin just kept and kept rising.
I now have the same amount of BTC - 0.00749030 but I have increased my dollar value by 13.16%
I now have $113.16
To elaborate on the trade that I made before I wrote this:
the current Bitcoin rise is totally unsustainable. It has gone up too quickly and it must come down a little bit (before going back up higher) I sold all my bitcoin - all 0.00749030 worth and I purchased Ethereum.
My rationale is as follows:
This is a chart that details 15 minute candles
(http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:introduction_to_candlesticks)
It can be seen at the very top that there was a sharp sell off which I am thinking is the start of a correction. The magnitude of this correction is unknown.
Where can the bitcoin money go? There are only two answers:
- back to fiat currency
2)flow into alt coins
I think the latter.
ethereum is the second highest by marketcap and will be the most likely canditate for people to put their money into a "safe haven" while bitcoin drops.
In addition ethereum itself is trading at $400 compares to a high of around $480 a week ago. there is room for a near 20% gain here. "BUY THE DIP" springs to mind here and i dont think i can lose much even if bitcoin continues its rally.
I think this is the first time that I have posted my trades as they have happened so lets see where we are tomorrow.
Thanks again.
Dan