Last night, into the early morning hours of Wednesday, I was playing the $2500 game with Bitcoin. +$25 of $2500 selling, -$25 of $2500 buying. Not making a killing on each trade, but over the course of several hours, and making that paired trade 5-6 times, it definitely adds up.
90% of the time when trading ETH, one doesn't even have to follow ETH's charts. It almost feels like cheating. BTC and ETH are carbon copies of each other, what happens in BTC, will happen in ETH, there's just a little delay. Proof there's manipulation, so, might as well play the game and benefit from it.
Being a relatively new trader, I'm starting to learn that there are numbers, mental numbers the market shies away from. Think of the numbers on wheel of fortune. $1500, $2000, $2500, $3000. Seems like these numbers, the market cant decide if it wants to "penetrate" or not.
When it comes to making ETH trades, it literally pays to make your decisions on what BTC is doing, or about to do. Like right now, BTC is dabbling with $2550, holding steady at $2547-$2548, while ETH is steadily moving up towards $300. I wouldn't buy ETH now until BTC crests the $2550 line, if BTC doesn't crest $2551, 9 times out of 10 its going to drop a quick $10-$20. This move will directly translate to ETH dropping.
I lean bearish, especially in a market that is so volatile. Id rather increase my number of coin while the price is low, so when the price explodes, my profits are exponential. I guess you could always just buy more coin when you want, but Id rather increase my initial investment. Why invest more dollars, when with a little practice, your existing investment can work for you.
-Obviously there's a ton more that goes into making smart trades. Watching the depth chart, following the order book, understanding existing trend lines, establishing a solid basis of trading understanding; my analysis is merely scraping the surface of what Ive noticed happening. Of course the "stock market" is like a woman, you can be as educated as possible, but in an instant, everything you know and understand could be wrong.
-Any questions, Id be happy to answer, any wisdom from seasoned traders, Id be happy to listen. Thanks!
