The Cryptocurrencies had a spectacular run in the last couple of months. But since mid of June they all moved into a rather nasty correction. Bitcoin went below 2,000 USD already while Ethereum lost more than 65% in six weeks. Yet they are oversold and getting interesting again.
I have been buying IOTA over the last couple of days. It´s up 52% today :-) ! As well I continue to like DASH and STEEM and I have been buying into recent weakness. However it is rather difficult to come up with a decent risk/reward-ratio at the moment. There is no need to rush.
Overall the cryptocurrencies have very likely moved into a multi-month correction. So you will need to have a lot of patience and must be very careful with your buying orders. I don't think that the bubble has burst instead this is just another healthy and necessary correction within this great crypto bull market. But it will take time. Most of the weekly charts are not yet oversold. So there is more downside or at least sideways action to expect.
Buy BITCOIN below 1.800 USD, Stop loss 950 USD Buy DASH below 120.00 USD, no stop Buy STEEM below 1.00 USD, no stop Timeframe 6-12 months Don´t put more than a maximum of 5% of your networth into cryptocurrencies and only use money you can afford to loose.
Well overall this analysis was obviously wrong. Instead of a multi month correction/consolidation cryptos just continue to move higher... No sign of an end as of now.. but we´re move more and more into a bubble. I read about many people giving up their jobs to start trading cryptos instead.. I guess we have a couple more months at best before a nasty crash will wipe out most of these amateur traders and investors
You already got in? I think the fib zone might not be hit. It got close, but not quite -why I don't like limit orders-
Nice job on the newsletter and the great gold research.
MidasTouchConsulting
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@IvanLabrie, I bought IOTA and Steem.. waiting for Bitcoin below 1800
webmiztriz
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Hello .. where do you buy your cryptocurrencies... thank you.
to be clear you must be joking to buy DASH > 120 USD
MidasTouchConsulting
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@exkuji, well it´s one of my favorite cryptos. yes crazy run in the last couple of weeks but if it falls from 220 down to 120 I´d considered it oversold.. and technically speaking DASH was running in an ascending triangle with horizontal resistance around 120. Finally it broke through this line and rallied towards 220. now coming back testing this former resistance. As we could see 2 days ago former resistance is now support.. so an intraday dip below this level was already your first buying opportunity.. today we´re trading at 150 already..
Nice job on the newsletter and the great gold research.