A tiny little "who knows what" cryptocurrency called GoldCoin with an almost invisible Volume of $20,000+ caught my eye. Now I'm new to the Cryptocurrency space so this post is about what I learned speculating on an unknown cryptocurrency.
Please don't confuse this GoldCoin with the cryptocurrency that is supposedly "back by gold." That one is called AurumCoin (AU). This one I speculated on seems like a standard wallet or something.
To get familiar with the speculating process I threw $30 at GoldCoin (GLD) today.
But first, let's cover "WHY" I chose GoldCoin (GLD). I used a custom-made LIVE CoinMarketCap Spreadsheet I made last week to double check the "Biggest Losers." I saw GoldCoin had slipped nearly 36% since yesterday, more than any other coin.
Next, I used the Fibonacci Retracement tool in Coinigy to assess if GoldCoin would be worthy of a TEST speculation.
Indeed it fit the bill. So I went ahead and sent my BitCoin from Coinbase to my wallet at Bittrex.
I used Coinbase --> Bittrex --> Coinigy to make the whole trade happen.
Once the BitCoin had cleared into my Bittrex account I went into Coinigy and watched the trading on a 1 hour interval, then I changed it to a 30 minute interval. Keep in mind this post shares how I made a trade in Coinigy, instead of using Bittrex.
I wanted to go through the whole process and develop a method of copying and pasting the numbers and figuring out the precise steps to always be able to make a trade successfully if I have available BitCoin in my exchange at Bittrex, the wallet.
Since GoldCoin (GLD) was the Biggest Loser today in the cypto-altcoin market and the chart looked to show a definite rise from where they were recently I went for it. This snapshot below is a picture AFTER I got out at the previous small breakout.
I saw it favorable even though it was just to learn the process of getting in and getting out.
What I learned also is that in a super tiny currency, or coin, which has a volume being so small seems to be heavily impacted by the actual price of BitCoin???
In the end I was watching the chart move and placed a "Stop-Limit" order just above the threshold in the Fibonacci Retracement tool where it could go next. This was between 0.618 and 0.786 (which is actually 0.764).
So I dumped the GoldCoin and only made a few dollars after fees, but now I learned what to do when it counts!