So let’s start and for this challenge, I’ll only be trading at two exchanges that have good reputation: #Poloniex and #Bittrex
In case you came across this post, I would like to mention that this is the following of the first post about this challenge and you can find it here: https://steemit.com/money/@brunopro/how-i-ll-be-turning-1-bitcoin-into-10-bitcoins-only-trading-altcoins
So let’s get this show on the road!
I’ve decided to open 2 new accounts on poloniex and bittrex and I’ll be doing all the trading for this challenge from those accounts. This way all of the challenge funds will be apart of my personal funds and this way I’ll be able to share more screenshots as proof.
Since I only have One Bitcoin to work with, I have decided to pick 4 markets and I’ll be using 0.25 btc on each one. I’ll be also aiming to double the investment by “selling half on the double”, this way it will be possible to take profits while keeping some of the coins for future decisions.
I’ve deposited 0.75 at Poloniex and 0.25 at Bittrex as it can be seen:
On the last days, I’ve been looking at the altcoin markets and some caught my attention and already have set some buy orders. I’m currently waiting for those orders to be filled. Remember that I’ll be starting only with one #bitcoin and I’m going to work my way up to reach ten bitcoins.
So the first altcoin it caught my attention was #DigiByte and here’s a snapshot of it on a One Day Chart:
Quick read of the chart:
The A and C are “Reload Zones”: Important price range where the price retracts after a price rise. Usually, this zone will show some support. If these support fails and the price goes under this zone it means the support failed and the price may go lower than expected.
The B and C are “Take Profits Zone”: You can’t profit if you don't sell right? That’s why it’s important to set your sell orders at the right spot. The price when it reaches this range usually faces hard resistance and it’s not unusual for the price to drop below that are after it had touched it. It’s that exact spot that will be trying to hit.
//On a later post, I’ll explain in detail how do I find this areas
And I've bought #DGB at 0.00000054 ( 54 sat ).
I would like to have bought a little lower but the order book bids were stacked up (giving a nice support) but pushing my buy bids to a little higher that I would like, for example, anything below 50sat. But 54 is not that bad on the long run and price wise and regarding the coin price history, it looks like the natural floor to be at this moment.
As I've explain I'm aiming to double it so I'll set 2 sell orders, one at 108 and another at 216 and on both selling 0.25 btc of DGB. The targets that I'm aiming have between that D area and this means that I'll probably re-think the sell order at 216 sat and I may sell at that zone to buy back at the expected dip.
And it's the patience game, waiting for DGB price to rise and my other 3 bids to be filled. Once there's any development on any of those fronts I'll do a new post with the updates on the challenge.
After the trade, I've added #DGB to my "1to10" portfolio and here's where I'll manage my overall balance for and during this challenge.
Link to next post: To be added
Link to previous post: https://steemit.com/money/@brunopro/how-i-ll-be-turning-1-bitcoin-into-10-bitcoins-only-trading-altcoins
During this challenge I’ll be using some of the tools that are on this list, so don’t forget to read it: https://steemit.com/trading/@brunopro/what-websites-and-apps-have-i-been-using-on-my-daily-trading