The second buy order got filled today a few hours ago at #Poloniex and I bought 0.25 btc of #Unity (SuperNet) at 0.00304507 btc.
With this new buy, now I have 2 of 4 coins that I'll pick at this start. I still have two bids open, one on #Poloniex and other on #Bittrex. And to be a hunter, it's required patience and discipline to hunt the prey when it's on the exact spot we want.
Why did I set a buy bid for at the #SuperNet market for #Unity?
Last week, I was searching for good charts, and trying to make some sense of the market and at what price I think it could be a nice entry point. So I'll try to explain without much technical detail and make it as simpler as I can explain.
The image above is the 1 Day chart for Unity and it has all its history (Poloniex), and the first thing I do when some chart catches my attention, is to find the "Reload and Take Profit zones" (A, B, C) and try to make sense of it, how the price crossed those areas either going down or up.
The price was tested at zona A until eventually broke down around mid-September dropping down to new lows. In this drop, it's also possible to identify some growing "Bullish Divergence" meaning that the current price is lower than it should be and probably it will eventually go up to find balance.
On the #MACD, it looks like it's converging meaning that the price has found some stability and usually it happens before big moves, either on the uptrend or downtrend.
The RSI has been also on a positive trend and it looks like it may be reaching a value that indicates that the demand may appear suddenly (I usually identify this before pumps).
Regarding the volume, since May the have been some interesting moves that left their mark on the positive way with 3 big spikes leaving the overall trading on the positive (beloved green columns). And for me, this looks like that buyer or buyers are entering the market and making their buys expecting some price change in the future.
On the right side, it's possible to see a projection of price evolution in time, and here's where the ocus pocus and crystal balls shine!
One can argue that the price may drop to test out the closer lows, around 0.0025, or the further lows at 0.0010. But as I see it I think that it will not go that way, and what makes me think this is described below.
Another important aspect while choosing the coin to invest is the real history it has, if it's a dead coin or if it's under development. If there are any important updates or implementations in the near future.
You should alway do your research and gather as much information you can handle. After that, you can cross that information with the market and Chart History and sometimes things will connect, and patterns emerge.
This plus that made me buy #Unity was that they are on the edge of releasing important updates to their platform making it easier to use and more robust. It's also part of NXT and recently the NXT project it has also suffer great improvements and being part of the same ecosystem, it's natural that the rise of value for NXT will reflect in time in all related markets. ( more details on official ANN at bitcointalk )
Current Portfolio and Balance Status
So at the moment and after adding Unity to the portfolio, at the moment of publishing, It looks like this and I know this all changes almost overnight but I'm up 0.05 for now in the challenge :)
Now is back to the waiting game, still more 0.5 btc to be spend on another 2 altcoins I have in mind... Once those bids are filled there will be a new post with all the updates. Hope you find this challenge interesting and if you do, don't forget to support this blog by giving the upvote below. Thanks in advanced ;)
Cheers!
BrunoPro