From my previous posts, one could think I'm a pessimist extraordinaire, but with money involved you can never be too careful.
This is not financial advice
I am in love with everything crypto, and a day trader in the making. I've been able to increase my portfolio by 23% in the past week trading medium cap alts. Surely not a big number for the space, but the alt markets are going through a pullback, and it would make me happy just to stay afloat, let alone increase my positions.
I traded on Bittrex, mostly with Pivx (PIV/BTC), and switched to Neo today. Pivx is releasing the recently announced zPiv update, and though I'm exuberant about the purple people in the long run, the price today could go both ways. Watching from a distance for now.
NEO
Switched to NEO - the Chinese elections are coming in a few days, and that could effect the price positively. They have listed blockchain technology as an area to focus on in their 13th Five-Year Plan, among other technical frontiers.
In my eyes their rampage over the ICO-s, was nothing else but a necessity to put a stop on a market destined to fall, because let's face it, there is a coin for everything and many new are introduced regularly. That pile of bullsh** will eventually topple over, leaving only the sound projects standing. Banning their citizens from participating in a bubble ICO market, is a way to protect their financial interests, as they develop a future Chinese blockchain model.
ALTCOINS & BTC GOLD
The recent surge in the price of bitcoin was fueled by money taken from the altcoin markets. I have not been around when Bitcoin Cash forked, but people basically received free money when it did.
Many are hoping that history will repeat itself. Yet a simple question needs to be answered: If everybody plans to sell, who are they going to sell it to? I'm staying as far away as I can around the forking date, and will lay down hiding in the altcoin space. This is what I'm betting on:
- Bitcoin gold forks - no reason to hold so much BTC anymore, especially considering the price explosion and a possible correction
- Bitcoin sell off - for profit or loss, money gets returned back to altcoin markets
- Sound altcoins go up in two digit percentages
- ???
- Profit (_)
Thanks for reading,
Ante