I have grown to love EtherDelta, I just made like 5-6% profit there from trading some PPT. It looks like a pretty interesting token, and very liquid for that matter. I mean this beast has 14431.0625 ETH daily turnover, which is like 3 million $, everybody is crazy about it, and a lot of money can be made very quickly, so I decided to try it out, maybe post some trades here.
Link to Market: https://etherdelta.github.io/#PPT-ETH
PPT is the Populous token, an Ethereum token that is for invoince trading or something like that, it looks like a solid project, nothing extraordinary, but it's good I guess. But I am not necessarily interested in holding this token longterm, I just want to trade it, and that is what I am doing.
It's only listed on EtherDelta for now, so once it hits other exchanges it might go up in price, but lately it looks like it had a dump, that is not necessarily over.
I think it's a bullish market overall, so I don't think I can lose money here, but I am going to buy on dips and sell back at profit. If it's not listed yet on Bittrex and Poloniex, then it still has bullish momentum in the future, so I am just going to buy on dips. After all the worst thing can happen is that my order doesn't get filled.
It looks like the order book is getting thin on the buy side, so I think the price can crash to 0.009 perhaps 0.008, however I would just put an BUY order at 0.01 to make sure we catch that crash.
I don't worry about that huge sell wall at 0.014 and things like that. Those people won't sell below their profit line, or they lose money, since the price wasn't this low before, so they can't sell below their profit line otherwise they lose a lot of money.
On the other hand on Coinmarket cap the price was about 0.00201275 BTC which is like 0.02291867 ETH. So after I buy that, I'd just go ahead and sell it at 0.021 or something like that. The sell wall should dissapear quickly, what is it like 108000 PPT?
Well the daily volume is 1141733 so that is like 2.2 hours worth of trades. Yea, the volume is massive so that much ETH can easily be absorbed in a few hours if there is buy momentum. Which there should be since I categorize this market as longterm bullish.
So yeah, I'd start with 10 ETH, buy at @ 0.01 and sell back at @ 0.02, it would be an easy 10 ETH profit, I am curious if it will happen. I will do this and share here my results!
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Sources:
https://etherdelta.github.io/#PPT-ETH