Hi traders, I bought some Bitcoin last night.
Here's why.
Bitcoin.
I used 20% of my cash hedge for this trade, I am using short targets because we're in a full-on bear market with lots of bag-holders and nervousness where any catalyst event would likely have exaggerated consequences. I'll cut out of this position if we start breaking below my entry point ($7600);
If we were unable to break above $9100 we'll likely come back to retest support around the main ascending trend-line;
If that line were to break too, then I wouldn't be surprised to see a wash out down to $5000, I still think Bitcoin is massively overvalued and we're still looking very heavy on the weekly chart with lots of downside potential;
Altcoins.
Altcoins are seeing green across the board today due to Bitcoin bouncing. Many of them have considerably retraced against BTC but I am not willing to load up on anything just yet, especially with Bitcoin looking so volatile;
I think the best time to accumulate altcoin will be when Bitcoin also hits an accumulation phase, that is a prolonged phase of sideways, slightly bearish price action similar to this:
- If you intend on buying altcoins regardless, I strongly suggest you stay away from ICO tokens and particularly the ones issued by American start-ups during the year 2017 because there is a real regulatory risk that those are securities and could end up being delisted from US exchanges. If you'd like to know more about the regulatory risks associated with altcoins I suggest you read this article I wrote and read Coinbase’s written testimony for the Subcommittee on Capital Markets, Securities, and Investment.
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