What a difference a day or two (or minute or two, let's be honest) can make in the world of cryptocurrency trading! Two days ago I was targeting REP and STRAT and yesterday Bitcoin started pushing new highs and the not-Bitcoin market suffered a flash crash. I'm new to Fibonacci retracements, but almost every chart I looked at retraced to the 78.6% level - that's a big move within the space of an hour!
Watching this happen I pivoted from my usual breakout buying method and started looking for opportunities to buy turnarounds from these key Fib retracement levels. I had a nice quick trade on REP for about a 15% gain but otherwise I'm sitting under water on the remainder of my REP trade and a position I took in CLAM around .00146.
So today I started looking for the strongest coins I could think of which had been retracements that appeared to find solid support. I landed on DASH. DASH has retraced to the 61% level and I purchased at .0598.
I'll look to sell around .08-.083 for around a 30% gain.
For a second position I went in a different direction and picked up PINK at .00000685.
This is a pure spec play. PINK has gone on runs where it doubles in a manner of hours and I'd like to catch some of that lightning in a bottle.
How are you handling yesterday's pullback? Are you trading, or waiting and watching? Please leave your comments and join the discussion at https://steemit.chat/channel/Trading.
