Substratum at a Pivotal Point & Market Pyschology
Hello, I'm Sean. I've been trading cryptocurrencies for a few months now and as I become more serious about trading as a full time job it only made sense to document some of my trades and contribute to the community I have learned from. Now that's pretty much it for the introduction, let's get right into it.
Quick note: My trading strategies are simple. I read a lot about what's going on in the market and I look at historical data. That's it, I don't use too many fancy tools and indicators. I have 3 or 4 that I stick to.
So Substratum looks to be in a pivotal place. We are looking at current prices that was first reached back in late December/early January right before the major bull run. The first resistance line drawn illustrates the level we are currently at. If we see Sub break this resistance I suspect we have a decent run that may ensue. Although I will be selling half of my bag at 0.00011 btc for some quick profit should it continue to trend up and then buy back during a sell off or increase in BTC price. The second line I've drawn is where I will be selling half of my bag should SUB not reach my price target and trends downward instead. However, given the sentiment of cryptocurrency lately I do believe we will see prices go up especially since we've been growing at tens of billions a day and only consolidating at what I would call healthy levels. I don't want to explicitly say we're in a bull run until we are actually in the bull run but sentiment is heating up. YouTube channels are returning out of the wood works, there's positive sentiment from syndicated television shows, CEO's and religious leaders are embracing cryptocurrency, namely Bitcoin of course, and generally there's just a lot of good news coming out. Oh and of course, Substratum is now open source and has proof of a working product.
Something I would like to grow my skill in is valuating a company. My intuition (no maths) tell me like many cryptocurrencies out there, Substratum is overvalued until they have their first customer. A working product and open source is great but this project is still a gamble until some partnerships are announced. I am a huge fan of Ripple and don't see that as a gamble. There is inherent risk but Ripple's track record shows that is has major potential. But once again if we have a bull run, Substratum will most likely benefit from it. I mean there are still coins like DogeCoin around.
Please don't mistake some strangers ideas for where to place your money or when but rather learn why people make certain trades and learn from their mistakes.
All the best!
Quick note: My trading strategies are simple. I read a lot about what's going on in the market and I look at historical data. That's it, I don't use too many fancy tools and indicators. I have 3 or 4 that I stick to.
So Substratum looks to be in a pivotal place. We are looking at current prices that was first reached back in late December/early January right before the major bull run. The first resistance line drawn illustrates the level we are currently at. If we see Sub break this resistance I suspect we have a decent run that may ensue. Although I will be selling half of my bag at 0.00011 btc for some quick profit should it continue to trend up and then buy back during a sell off or increase in BTC price. The second line I've drawn is where I will be selling half of my bag should SUB not reach my price target and trends downward instead. However, given the sentiment of cryptocurrency lately I do believe we will see prices go up especially since we've been growing at tens of billions a day and only consolidating at what I would call healthy levels. I don't want to explicitly say we're in a bull run until we are actually in the bull run but sentiment is heating up. YouTube channels are returning out of the wood works, there's positive sentiment from syndicated television shows, CEO's and religious leaders are embracing cryptocurrency, namely Bitcoin of course, and generally there's just a lot of good news coming out. Oh and of course, Substratum is now open source and has proof of a working product.
Something I would like to grow my skill in is valuating a company. My intuition (no maths) tell me like many cryptocurrencies out there, Substratum is overvalued until they have their first customer. A working product and open source is great but this project is still a gamble until some partnerships are announced. I am a huge fan of Ripple and don't see that as a gamble. There is inherent risk but Ripple's track record shows that is has major potential. But once again if we have a bull run, Substratum will most likely benefit from it. I mean there are still coins like DogeCoin around.
Please don't mistake some strangers ideas for where to place your money or when but rather learn why people make certain trades and learn from their mistakes.
All the best!
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