Whats up Steemit world!
Crypto Report
Those of you that have been following my work know that I have decided to sell some of my bitcoin and wait for a lower price point for re-entry. I sold when the price of BTC was 1887 and am still looking for a point to re-enter the space. Many of you who keep up with BTC price know that over the last few days BTC price has been all over the place, at one point dropping to around $1600 then steadily rising back near the $1840 range. This morning we have seen a second decline in price with BTC currently sitting at $1720. I am sticking to my guns a holding out until the price drops to around $1500(give or take 50 bucks or so). I firmly believe that with all of the news that has come out about the ransom-ware attack which hit over 70 countries world wide on Friday and the pending ETF announcement (which I expect to be rejected once again) the bitcoin price could drop dramatically. This will provide a great buying opportunity for us traders that don't mind the gamble.
ETH has also been quite volatile over the last week or two. I have found that contradictory to what some might believe, ETH and BTC are not inversely correlated( when one goes up the other goes down). In fact I have found that when BTC has a drop in price, it tends to correlate with several of the other large cap cryptos and altcoins declining in price. Now to be clear, I am not saying that every time BTC drops that ETH MUST also drop. However, I have found that in shorter terms ETH tends to lag BTC for a very small amount of time(maybe a minute or two) before normalizing back in line with the ETH/BTC "ratio". Traders who time these lags correctly can use BTC as somewhat of a cheat sheet for ETH trades.
****Let me know what you guys think, make sure and comment, upvote and resteem!
-Also keep your eyes open for the BTC ETF news as it could drastically change the BTC price even if only for a moment. YOU DONT WANT TO MISS IT!
-MM