Hi traders, I have started scaling into a few trades in both altcoins and Bitcoin.
Here's why.
Bitcoin.
As we predicted yesterday, Bitcoin had a wash out, dropping like a rock to eventually find resistance around $6600 before bouncing. It is currently traded at around $7000;
I took advantage of that dip to load up on some EOS and ADA, the former because it has a fundamental event in a couple of month and I expect the price to ramp up as we approach the main-network launch, the latter because it's retraced almost 90% from its top and is starting to gain against Bitcoin;
- That Bitcoin bounce doesn't look terribly strong though as we're yet to see some good volume on the daily that's why I still have plenty of cash in case we were to drop lower;
- In the short term I wouldn't be surprised to see Bitcoin have a little bounce to go retest $7500 (possibly $8000) then run out of momentum again and drop to the next low volume area at around $5000 where I expect it will bottom out.
Strategy.
My strategy going forward is to continue scaling into several trading positions by buying into weakness and cost averaging down both in Bitcoin and a few select alt-coin markets (ADA, EOS and maybe ZCash);
Cheers.
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