Hey cryptocurrency investing friends and enthusiasts!
I was looking for something to help me manage some aspects of altcoin investing, but after I couldn't find anything quickly, I ended up building it myself. I hope you'll try it, and give me some feedback on making it better.
TL:DR - Tool for quickly figure out price levels for profit-taking and selling altcoins, now in beta: http://bit.ly/2Fc9dCE
I created this spreadsheet to help me manage all of the different altcoins I’ve invested in. Since I have a day job and can’t keep an eye on all of the markets all the time, I wanted a quick tool that could help me figure out:
- my average purchase price of the coin
- basic pricing points based on my initial investment
- potential resistance and support lines
- % of amount owned
The Scenario: You hear about an amazing set of low cap gems from someone in your network or twitter feed.
Intriguing, right? You do some quick research on CoinMarketCap, if you can find anything. Then you run to the tiny exchange and avoid the FOMO by averaging in with a bunch of low bids.
Then you go back to work, cause you have a job and aren't a full-time alt trader. But, later you find out that a bunch of your bids have hit. Great! But, you still have to work and can't really manage all these coins right now.
But, why do I need to do anything with it right now? Well, you just never know when you'll miss out on the pump of the century. For example, $XMY:
From 71 sats all the way up to 16k sats in a single day! Most won't pump like that—up to 230x in a day, but 10-20x is a reasonable expectation if you have the right coin and are lucky. That's one of the biggest reasons to invest in these tiny low caps, so missing one of those pumps would be frustrating.
Here's what I do:
Pull up the Coin Pricing Levels Worksheet! and make a copy. You can't edit this one, so go to File -> Make a Copy.
1. Put in the Coin Data
If you've ever used @Lukestokes great Cryptocurrency Bank sheet, these first few fields will look very similar! I adapted them from his worksheet. Big kudos to him! Check it here!.
I put in the currency name, Symbol, and CryptoCompare's API will get the current USD value of the coin for you in C3. I enter the total coins I own (D3) and the total value invested in the coin shows up in E3. Lastly, I put the exchange name (F3) to help me remember which exchange I've got my bag in.
2. Price Levels (resistance and sell levels)
One of the first questions I have when I invest in a coin... hmm, I wonder how much I'll be able to sell this for? This section of the tool will give you an assortment of pricing points to consider.
That image shows $POE's 2017 rise, and the different multiples that were hit. Early investors at 50 sats would have hit all the way up to 36.5x, if they had held the entire time (I probably would have sold out about 95% if it hit 30x).
Using the Multipliers section: Put your purchase price in satoshis (B8), and the multiplier fields (C8-14) will give you your values in BTC from 3x up to 30x (column E). Those multipliers can be adjusted to your preference.
The tool also gives Fibonacci levels. These magical ancient ratios can show potential resistance and growth levels.
The last image shows $DYN's fibonacci levels (dark blue with numbers), and how they match with longer-term resistance levels (magenta). Looking from left to right, we can see that, historically, each of the fib levels below 1.0 have been hit multiple times, so they can be used as profit-taking points or opportunities to sell and buy at the next lowest fib levels.
To use the tool, enter in the previous high price of 69096 (cell B18) and low price of 17579 (cell B21) will provide you fibonacci levels from .24 all the way up to 4.24 (column E).
3. Average Purchase Price
If you average in (smartly) or have multiple buys at different prices, you can use this section to get an average overall purchase price to use as the Purchase Price in the Price Levels section. For each buy in your trade history!, put the satoshi price and amount purchased, and the totals column will automate. Your average purchase price (in satoshis) will spit out in cell M2.
4. % of Total Coins Owned
There's a concept out there: sell 1/3rd of your investment at 3x, and then you're just playing in profit.
You may want to sell a certain percentage of your coins at a certain price level. This section automatically finds the amounts based on the figure you entered in cell D3.
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And that's it! I hope you like it and find it super useful, and it helps you take advantage of same amazing gains in the next altseason! Look forward to your feedback and how it can be more helpful.
Please share and repost this to your steem community!
Beta release of Coin Pricing Levels Worksheet!.