Time to be buying?
Okay, you know me well enough by now to know that I only talk about getting the odds on your side, and with buying and selling that means buying as low as you can - to limit your risk - and selling as high as you can - to also limit your risk. From my posts on the subject, you know all about how important I think having a well balanced portfolio is for accomplishing that task, as well as being informed and doing a little market watching, etc. You also know by now that I mainly use Bitcoin as a proxy for the general market even though I've never expressly said so - but you know I hate it and I don't, nor won't, own it. (In all fairness, I have to admit that I've used it as a means of transfer to and from fiat, but only because it's still almost impossible to do that any other way.)
Alright, disclaimer out of the way, it sure looks like this might be a good place to be buying back some of what you sold at the top, don't you think?
Of course, that means that you needed to have been disciplined at the top. (All you HODL folks keep calm, I'm only talking trading here, and that being only a small percentage of the overall long term investment)
Good time indeed to be buying I think. And if it goes lower, even better.
And remember, I'm not involved in BTC any more than to get in and out of crypto and to watch it as the key indicator it is.
Nice actionable post! This looks like a pretty decent entry if one was looking to long BTC. BTC is looking like a descending wedge pattern. As all traders know, it's very difficult to time the market. While BTC looks like it could break out of this wedge pattern at any time now, it could consolidate longer and fall to $9000 shaking out some more weak longs. I'm still of the belief that we consolidate some more leading up to Chinese New Year (2/16).
Thanks for the update and I hope you keep calling out good opportunities to buy and sell!
I'm not so sure that the wedge hasn't morphed into a symmetrical triangle breakdown with a target somewhere around 7,500.
The falling wedge still looks in tact to me, but very close to invalidating the pattern. Prices are gunnin' lower as we speak, but I'd expect a rally day tomorrow. Let's see what happens...
Yep. It's a bigger wedge now, and better defined. Well worth the watching.
Nice, yeah looks like we'll just wedge lower. Though I do hope the low is in. It's very crazy to me that the apex of the wedge pattern falls right around Chinese new year. Coincidence?
Oh lawdy, wish I read this before laddering some STEEM in just then hahah. Revising my bottom from 8.5k to 7.5K for BTC. If this bounces though...okay let's not jinx it. Good luck everyone!
I placed my buy orders even lower. Still waiting for a lower low but, yes, seems good time to get in!
STEEM or BTS? Or both? 😈
Huge buy wall on BitShares for BTS of over a 1/2 million dollars at .415! Thinking I might not get filled. 🙁
Both dude!
Hey, hey, hey. Looks like we got filled! Check out my most recent post to share your best fill.
i also thinks that it is good time to buy ...yesterday i bought 800 steem at 4.05$ and now it is above 5 $...so these dips are good to get some profits....i really appreciate your work and follow your guidance....please keep guiding us,,,
Yes!!!
And look at how STEEM and BTS are holding up! I love seeing individual strength amidst general weakness!
steem, eos, bts, ada anytime is a buy time. impressive article & btc is not a good place to invest our money. why we bother about them whole we have the best :) buy low & sell high strategy can test on btc, if someone wish. but not a best trade at the moment. valuable market analysis from you. thank you. @cryptographic
@resteemia
I've downgraded ADA. Sold when I thought it got pricey, and said so here on Steemit, and now I'm not sure I'm interested in buying it back. I'm certainly not bidding for it right now.
It depends why are you buying. Buying for a long-term hold or buying for a trade. If you are buying for long-term, jump in - long-term things are very bullish in my opinion.
If you are buying as a trade, you should wait for a good signal, at the moment i don't see to many signals to support a buy. We are below all moving averages, broke support at 10,800 , broke support at 10,300, testing constantly the 10k area. Also looking at BTC on different timeframes, weekly, monthly really shows a lot. I did just that in my latest article, you can check it HERE if interested.
Why do you think it is a buying opportunity ?
I think we're seeing the combination of good trade and good investing right now. There's nothing more rewarding when investing long term than a great entry!
Yes, good entey poimt is half a trade :)
@cryptographic,
You are absolutely correct. I also sold Steem at $6.6. Then buy back at $6.0 few times in last fews days. I have no idea to sell Steem. Because, this is the future. Bitshares, EOS and STEEM are my crypto investment portfolio as yours. I won't loose them. But I want to build or accumulate more. So sometimes I do trading to buy more. Its the best strategy at the moment. Thank you for sharing it with us. Valuable concent to all of us.
In last post of yours I have made a mistake by saying that you talked previously about killer whales. I think it said by someone else. Probably @chitty. Sorry for the misunderstanding.
Cheers~
Hey @cryptographic!
It wasn't super clear that you were talking about BTC at the start of the article, so I had to go and re-read it with that in mind... but it does look pretty promising. Not a huge amount of volume... or am I missing something?
Volume is low, and that's a good sign on a pullback, but there's also the old saying that it doesn't take volume for something to fall in price. I think we're looking for something a bit more climatic though, and then some positive volume expansion on a rebound before we can really put too much into the light volume.
I try to LTC for the few moves that I make when acquiring cryptocurrency. BTC was what I used in the past but it just go to frustrating being slow and expensive.
I just watched last nights episode of Fast Money and I really want to see BTC take off to see those looks on their face. They take such glee at Bitcoin crash. They also have no idea that coins exist past BTC, ETH, XRP, or LTC.
These would be totally baffled by Bitcshares and STEEM.
I am wondering if the calendar turning to February is going to have any effect. January was a tough month and there might be a psychological move like there was Jan 1st when the blow off run started.
I agree. It's been a tough month and I think we should at least see a reaction, and most likely sooner than later. The question is what kind of rebound that will be. Whatever the case, I think it should tell us a lot more about the intermediate term. Seasonality is getting better as we move towards March, with 2Q usually being strong for crypto in general. BTC has lost more than 50% of its value in a little under a month and a half. Perhaps it's time to try and rally for a while.
The best case scenario for the top notch Alts like BTS and STEEM I think would be a rally-pullback-rally-pullback sideways trade in BTC and the rest of those well known coins where people start giving up a bit them and start looking elsewhere for better opportunities.
Okay I just bought a bit more....got about 2/3 share of what I want to get...have 1/3 in the keg ready to go if we have another move downward.
Hope I picked the bottom although that isnt likely. LOL
Yes sir! And so did I! Check out my most recent post and let us know what your best fill was!
I still feel this pullback is made worse because there are so many new hands in crypto. These people are not accustomed to a 60% haircut on an asset. If that happens in the stock market, it is because a company is pushing bankruptcy or someone is being indicted.
This only made the situation worse than it was. BTC, especially, was due for a shave. It ran up too quick. At this point, I am going to buy some of the trust that has some BTC in my 401K....Ill be looking at that about midday tomorrow.
We might be getting near the bottom of BTC.
As for STEEM and BTS...it is only a matter of them getting recognition. I feel more secure about STEEM because I am on here each day seeing the growth taking place. I really need to delve into BTS more...not that I am worried about @stan leaving...which someone posted on the article I put up about it that he isnt leaving, only not being so public.
First comment if you are interested:
https://steemit.com/bitshares/@taskmaster4450/mob-mentality-on-display-and-bitshares-loses-a-good-man-good-job-people
I find it a good time to buy right now, but I don't know why I still believe that the whole market will go down a little more before rising again. Right now I am just holding a little bit of XLM (I am not a strong investor, I know) and it is doing pretty well :)
What would you buy?
Your feeling that it's going lower before moving higher again is in line with TA probabilities - there's lots of sell pressure and that's seen pretty much across the board of my technical analysis toolbox. Right now lots of symmetrical triangles have broken down. The target on the BTC breakdown is roughly 7,500, right at the lower support of the huge range depicted on the chart in my post, and the complete TA picture suggests that this could be an overextended short term low as well. Triangles are also quite often located towards the end of a move.
I can see that indeed the market went even lower and now it seems to be recovering. I don't expect that Bitcoin will break soon below 8000$ but I guess that nobody can tell. I am happy that Steem on the other side got listed on Binance, it seems to be on its way up. Even if Steem is not rising fast, it tends to go up in the top of cryptocurrencies.
Yeah, this might be what we've been looking for in so far as capitulation goes. We might be putting in a double bottom. Did you pick up any more STEEM or BTS? Check out my most recent post and let us know what your best price was.
If we can hold $10k with good volumes to the upside, I would agree. However, after looking at the charts of the top cryptos, I think ETH could be setting up for a leading the market higher instead of BTC. I would also say to just dollar cost average in if you are interested to getting back in.
ETH certainly is looking strong on a relative basis. That much I have to recognize, but I'd be scared stiff holding it for the long term. But that's just me.