There are more than one way to invest in the Crypto curremcy market. While the most popular is buy and hold, there are other short term methods for day trading the Crypto coins. 6-7 January Cryptocurrency trade idea below suggest 3 coins to trade with BTC you could look at.
The Crytocurrency market is getting huge. It’s opened 24 hours. There are more than 1200 coins to trade. Aside buying and hold a coin, one can trade the Altcoins against BTC which is the reserve coin for the Crytocurrency market just as the US Dollar is for Fiat currencies. This activity can be done on cryptocurrency exchanges like Binance, Poloniex, Yolobit, Bitfinex etc.
This article will assume that readers already understood the process of day trading the Crypto market on any of these exchanges. The profits can be taken in minutes, hours or few days depending on the time frame of choice. This is another way to be involved in this market aside mining, buy and hold or ICOs etc. Before we get to the neck of these ideas, it should be noted that these suggestions are just for educational purposes and shouldn’t be taken for an investment advice. Ideas are also based solely on technical analysis.
6-7 January Cryptocurrency trade idea: 3 Coins to trade against BTC
LTC/BTC is Litecoin/Bitcoin. Litecoin is a very familiar coin. It’s making some kind of surge in recent days. In the last 24 hours LTC has gained more than 45% against the BTC though now reduced to 17%.
The rally is expected to continue after price completes the triangle pattern. At breakout, this could give 300000-1000000 satoshis with targets at 0.019, 0.02 and 0.025. Profit potential is more than 200%. Pattern will be invalid below 0.012672. Satoshi is the smallest unit of measuring BTC. 100,000,000 (100 million) satoshis = 1 BTC .
ICX (ICON) is a Crpto coin listed on CoinMarketCap (CMC) with a market capitalization close to $2 billion. It has gained about 12% against BTC in the last 24 hours according to CMC.
This coin pair is completing an ending diagonal pattern. Price is expected to complete the last leg to 0.0059 before a high probable dip. This short trade idea could potentially give about 500,000 satoshis or more, and more than 400% potential return on the risk. And lastly
WAVES has a market cap of about $1.2 billion and it’s valued at $12 (CMC). Against BTC, it has a net drop of 1.2% in the last 24 hours.
A double zigzag corrective pattern has completed suggesting price may surge to the last high at 0.000671 whiah are 42800 satoshis away. 0.00066 is the exit/invalid price. The potential reward is more than 600% of the risk.
Note: Binance exchange price quote was used. Please confirm the prices with your favorite exchanges. Stay tuned for the next update.