Bitcoin moves "to the moon", altcoins moves in opposite direction. It's logical when all focus on Bitcoin. What should we do with long positions on altcoin markets? There are at least 3 variants: the 1st variant - hold opened long positions and wait when money from Bitcoin moves back to altcoins. It will give new buy opportunities on good levels. We should wait for altcoins' trend reversals when Bitcoin starts falling. the 2nd variant - just close the part of trade volume on altcoins and get free money for buying altcoins on lower levels based on confirmed reversal signals. the 3d variant - move the main part of altcoins to Bitcoin and hold in long term. Bitcoin is the main financial instrument for investing. Big investors and financial companies buy Bitcoin, it means in long run we'll keep bullish market. All correction movements on this market will give good trading opportunities for adding new volume to long positions. It will be logical to hold Bitcoin with targets at 10 000, 15 000, 20 000 levels.
These 3 variants are my thoughts based on the current situation. I don't offer to follow these variants. I offer to take them into consideration, but you have to act based on your ideas and trading strategies. Only you responsibale for your financial decisions.
And what about your ideas for managing opened trades now? Please, write in comments.
@DLavrov: To which level do you think Bitcoin will correct after the fork?
kkukkela
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Ideas:
1. Hold already opened alt positions.
2. Buy some more cheap altcoins
3. Buy bitcoin after the fork when it hopefully dips a little, then hold.
@DLavrov How much do you think BTC will dip after the fork? What are good buy in levels then?
DLavrov
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@kkukkela, if Bitcoin starts falling, the 1st support will be at 6000.00 level. We'll have to watch for price action in this zone.
RedFox-6
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Excellent thoughts Mr. Lavrov! Pretty much a summary of the most reasonable strategies for today. My view is if one wants the new segwit2x coin then for sure - load up on BTC. Most likely the price will be more or less high all the way to November 16th. It will (most likely) correct and drop once the coin split is done and people will rush taking out funds from BTC and buy cheap alts as that is where the most growth will be (at least for the next little while). I think whoever has enough free funds to load up on alts before November 16th will be the real winner.
I think D lavrov should just post a trade/chart and say, "I really have no clue What The F* anymore... Good luck everyone!"
DLavrov
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@Dashtothetop, hahahaha Noted! Thanks for amazing idea )
Padlomfaan
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@DLavrov, im not trying to be funny, your track record is dismal at best. I'm completely serious.
eleutron298
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CME just got an Ok for futures in the US, but overseas there's been futures for much longer. Read that they can drive these oversized moves because of the leverage involved.Now we've been making new highs and the move from 6000 has been very fast--paraboolic. Is there a chance we can drop very sharply once the sentiment shifts and sellers take control?. Future traders don't care about direction but volatility only, so they can profit from large moves.It's hard to buy up here now that the upper trendline has been hit, which is very steep already. All the targets from different contribuotrs have been hit and exceeded. What a beast!
LXXe
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@eleutron298, @DLavrov --- asides from the good PR for bitcoin (and psychological impacts) -- what are the mechanics by which CME BTC Futures drive he underlying's value (BTC in USD)? The contract is cash settled in USD and no exchange of the underlying takes place. Market participants can bet on (or hedge) BTC without impacting demand for teh underlying. Does someone have a quick link or sentence here?