Since Alts suffer more on downtrends they also bounce back more violently as they tend to be more oversold than BTC so the play at the bottom is to actually ignore BTC and jump into strong oversold alts, ride them from 24-48hrs and then put them in BTC or fiat depending on where you think market is going.
This wouldd have made a killing on every bounce on the way down but esp at feb 6 low where alts dbld in cpl days and then fell off as BTC took over and we see the same pattern repeat here over the last 2 days (almost). Above is a chart of EOS which serves as perfect example of my strategy....
I got in for 40% when BTC was 7500ish then after it bottomed I got rest in at 7300...average cost of EOS was about $4. Last night it completed 5 waves up where I sold at 6.20 for over 50% profits in about 30hrs! Best part is that you get to take your money back and let your profits ride if you like...I did by rebuying nearly all my profits at 5.50 and stashing those coins away for a longer term investment.
Check out my other post for more details but just wanted to share here that the STAY AWAY FROM ALTS belief when BTC is in uncertainty phase is garbage advice as IF you get into the alts when BTC seems to be temporarily reversing, these uncertainty flats and corrections allow those alts to run and you can gain massive profits....like 50% when BTC goes up 155. Then if it turns out to be a dead cat bounce, you have some profits, some free coins and your risk capital is unchanged or increased. And I'm not just nitpicking one alt that happened to work out.... , XRP, IOTA, ICX TRX ....all my plays basically made 30-40% in a time BTC went up 15%, I am letting some capital ride as I don't think this bounce up is over and not all of them finished 5 waves like EOS has but the point is... NEXT TIME we have a dip and alts are massively oversold, GRIT R TEETH AND BUY, you only have to hold on for 48hrs to get massive gains and then you can return to the safety of fiat if you think downtrend will continue.
Enjoy free coins, they will reward you handsomely in a cpl yrs if not months.
Will no longer post updates on this as the point has been proven and hope the profits have been earned. Dont feel bad if you got out with 50% profits and it went 100%. YOU GOT 50% in a few days! Good ol free coins will get sold in a few months or a year and then this bounce will really show its worth.
Bounce play incoming. RSI crazy low on BTC daily. Alts will fly faster as BTC takes some relief. Not saying bottom is in and that we can't go lower...eventually. Just seems like a good spot to go long for few days, esp in alts.
Yup, I'd be broke without em lol. The big B 10k to 17k was massive for everyone, then 10k to 13k was 70% alt gain in 6hrs. never seen anything like it. obv 6k bottom was huge and now this bounce off of 7300 was even better than that one.
Glad to hear you've been taking advantage of the panic sells as well. If BTC falls out of this triangle it's in now and completes C wave down to 8K you will have more discounts. And if it falls as far as 7600 then it's a party for the next week to 10 days again. GL