As you can see, when set on 1 week candles, the 20 EMA (blue line) has been an extremely consistent indicator of support for Bitcoin for years now. This does not mean it can't break it. If the long term trend reverses, it could break through, but I am buying as much as I can if it hits $3050.
Altcoin Strategy
My two favorite coins besides Steem are Bitcoin and Monero. My goal is to increase my holding in all 3 of these coins. Instead of just continuously hodling, I am trying my hand at trading on a shorter term in an effort to buy back XMR and BTC at lower prices so that I have more than when I originally invested.
We have recently seen both BTC and XMR start to retrace but not back to strong support yet. I expect both BTC and XMR to come down to touch the 20 EMA (1 week candles) before they shoot back up. I have made some nice profits on BTC and XMR and I want to put my profits some place that aren't riding quite as high right now, so I am looking at Bitshares and Zcash.
ZEC and BTS have seen pretty huge ATHs but not as recently as BTC and XMR. ZEC skyrocketed when it came out not long ago but has finally come down to some support levels. Bitshares also got a well deserved pump, but it has come back down from the moon as well.
Monero 1 Week Candles
I exited Monero on the last peak, which was a hard decision for me, because I think this is such a good coin. My goal is obviously to buy it back when it hits support. Hopefully I will have more than when I started!
Bitshares
1 Week Candles
4 Hour Candles
Bitshares is still under the 20 EMA so its trend hasn't technically reversed yet, but I think we are at the bottom. I could be wrong of course but I am betting on the lines holding up until the breakout very soon!
This not trading advice. in fact I am pretty much a noob at this so take it with a grain of salt, but if you think it is definitely wrong, please give me your reasons or at least tell me your prediction.
I used https://www.tradingview.com/ to make these charts.
Please tell me what you think!
The transfer of wealth that is just starting to happen will go through Bitcoin. That is why I don't think people talking about $100,000 Bitcoins at some point are crazy. The size of the current crypto market is a tiny fraction of the size of the legacy forex markets. These cryptocurrencies can be used worldwide so there is still an incredible amount of room to grow. We are in a bubble, but it's not a Bitcoin bubble. Bitcoin is what you need for when the bubble bursts!