No chart this time I have to keep an eye on TER, LTC, and DASH. I'm trying to decide which, out of LTC and DASH, I''m going to convert to BTC for a back up buy of TER. I did add to my position a 2.22, but that sold at 3.27, again leaving the basic 20% allocation and I got back in on a limit last night at 2.50. So one back up order has filled, and TER is now at (hang on while I check) a spread of 2.79 by 2.41. Looking at the order book, I see sellers piling up a little between 2.89 and 3.16.
This makes an immediate advance unlikely, and a decline likely. Looking for support I see a full 3 BTC plus buy order at 2.22. This buyer has been on the boards at various prices for a while now. I've used his order successfully as resistance. He moves it around though. I figure he's trying to draw the sellers down. Teasing them. When the price goes up, he moves his order up, but never fills. Right now he's sitting on 2.22, but he might move it. If you look at the order book, you'll see his/(her) at the time of this post at bid 2.22 buy order valued at 3.33 BTC. That's like over 60,000 USD. A big order in any market, much less the Cryptocurrency exchanges.
So if TER falls to 2.22 I want to buy more. I added the first time it hit. I brought that position up to a 25% higher allocation than normal. I was too afraid to hit it any harder. :)
That leaves the question of which alt-coin (LTC DASH) to reduce, or whether to reduce both by half. I just thought of that lol. Man, I can be really really dense sometimes.
So, if BTC dumps a little (Still looks like it will. I feel sorry for whoever bought the spike. He's probably still trying to full it out of his butt as I write this.If you look at a one hour chart you'll see the spike, which corresponds to a broken trend test of the very trend I drew.
Don't buy upward spikes. They start as bars but almost always (80%) turn into spikes. Just don't do it. Ever. Never chase a price. EVER. That is the first and most important rule of day-trading.
So back to my decision for back up funds. I like DASH better, but that's just personal bias long term. I like the name. A good name is crucial when there's really no other way to value a coin. At least not until someone can attach function to the coin. Etherium is cool, but too many syllables. Litecoin is okay. I'm not crazy about the name.
(BTC now moved up to 1900, but unless it moves higher than that spike it's not going to extend.)
Ok, with the caveat that I'm don't consider myself the best mid-range momentum trader, I like the DASH chart better, but both charts look really strong to me (with the above caveat being said). I think I will sell half of each, because both charts look killer poised for a rally (or is it wishful thinking?)
TER bids now at 2.53/2.35. I'm making the move now to convert to BTC for a back-up buy..hang on does TER trade in DASH or LTC....nope just checked.
Not a good time to convert. Both ltc and dash declined when BTC rallied up. Another bull trap (spike), in my opinion.
So, I'll stay put where I am for now. Just sharing my thinking and a tip or two.
I like tips too! You can send a crypto-tip to any of the addresses below:
Bicoin BTC: 1ExKNJgg1sfayKfEYEJn8f8BpM5ZGoLnt1
Litecoin LTC: LdbKbC9WkSpAiB2hP74Mc33iK4fLpju2rm
DASH: XyARryUd5Y6cg46gPUMNKzNmgn9xB8dk5U