Bitcoin Fork Takes a Big Bite as the Market looks for Logic | Hacked: Hacking Finance
Hacked: Hacking Finance

Cryptocurrencies

Bitcoin Fork Takes a Big Bite as the Market looks for Logic

Posted on .

Bitcoin Fork Takes a Big Bite as the Market looks for Logic

Introduction

This article was posted on Tuesday, 20:40, UTC.

If you are depending on fundamentals to trade any digital currency you will end up frustrated and broke.  In reality, digital currencies do not have the kind of fundamentals like stocks, and in this early phase of fat tail volatility, you can only depend on technical support and resistance levels to guide you. Anticipating and translating the media cycle news will not help you make money in digital currencies.  Staying with the trend in assets is a proven winning strategy.

// -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- //

I can tell you much of the chatter today about the selloff in Ethereum is related to the Bitcoin fork, now I have zero idea if that should pressure prices lower, but it did, and it spread to all DC ( digital currencies ).  I noted also during this decline that all of the important support levels for DC top 25 are intact.  Let me also say that if you are trading digital currencies from the short side, or day trading them, you are a member of an elite club that is currently the fastest game in town, and you are holding firecrackers in your digital wallets.

The Trend is Your Friend

During trending markets, it is always practical to trade with the trend versus bucking it, so if you are involved in these currencies you will find it more manageable to trade from the long side.  I suggest you watch the next up-move and watch how these DC’s (Ethereum, Litecoin and Dash) have melt ups.  This frenzied buying reflects the trend, and as long as the support levels remain intact ($165 in ETH) the melt ups will continue.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

The chatter about the Bitcoin fork is irrelevant, and the movement in DC could have easily been related to Trump Jr releasing his email string to wolving reporters.  If you look at the stock market today as soon as Jr tweeted all assets sold off.  So the Bitcoin fork is just an unnecessary piece of silverware at an epicurean buffet.  You don’t need a fork, just load up the plate, run back to your table, and trade all DC from the long side with the trend.  Pick a digital currency and become an expert, it is important to be a ground floor follower in any asset class.  This way you are super experienced when volatility hits and will allow you to make better decisions; with this comes profit.

Fundamentals on the Sideline?

Fundamentals will have little connection to pricing for the next few years, developing trade-able fundamental metrics related to expected actions is a fool’s journey.  Stop looking at how they made the sausage.  Invest in digital currency as an asset class for the long-term.  Know that stocks like Amazon traded with the trend for a decade, real estate had 1 or 2 blips in the last 20 years, and buying pullbacks in assets is a proven winning strategy.  Over trading is for losers, cocktail chatter about how they make the digital sausage is mind numbing.  Research an asset, have a long-term investing plan, and stick to it.  Stay long any good asset, and it will be what is was intended to be – a long-term investment that will bring you security – not an unnecessary salad fork at your table.

Featured image from Shutterstock

// -- Get exclusive consultation for as low as $249 per month on MoneyMakers.com -- //
Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here.



Feedback or Requests?

Steve Kanaval

Steve Kanaval

Steve began his career at the Chicago Mercantile Exchange in 1980 and ran Morgan Stanley Derivative Prop Trading for the firm. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90's. Steve is known as an expert in trading stocks and digital currency and has published thousands of articles and archived video with important market participants related to US Equities, private shares, and crypto currency. He offers a humorous, unique insight related to volatile stocks and the related back stories and drivers. He is a featured speaker on the conference circuit specializing in market volatility, liquidity and emerging market assets.

Navigation
The team:
Dmitriy Lavrov
Analyst
Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years of trading experience. He covers Forex, Commodities and Cryptocurrencies. He is among the top 10 most Read More
Jonas Borchgrevink
Founder
Jonas Borchgrevink is the founder of Hacked.com and CryptoCoinsNews.com. He is a serial entrepreneur, trader and investor. He shares his own personal journey on Hacked.com. // -- Discuss and ask Read More
P.H. Madore
ICO Analyst
P. H. Madore lives in Arkansas with his wife and children. He has covered the cryptocurrency beat over the course of hundreds of articles for Hacked’s sister site, CryptoCoinsNews, as Read More
Mate Csar
Analyst
Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive Read More
Justin O’Connell
Journalist
Justin O’Connell is a cryptocurrency journalist who works have appeared in the U.S.’s third largest weekly, the San Diego Reader & VICE. // -- Discuss and ask questions in our community Read More
Mati Greenspan
Analyst
Senior Market Analyst at Etoro.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Important: Never invest Read More
Rakesh Upadhyay
Analyst
Rakesh Upadhyay is a Technical Analyst and Portfolio Consultant for The Summit Group. He has more than a decade of experience as a private trader. His philosophy is to use Read More
Pamela Meropiali
Account Manager
Pamela Meropiali is responsible for users on Hacked.com. // -- Discuss and ask questions in our community on Workplace. Don't have an account? Send Jonas Borchgrevink an email -- // Read More
Joseph Young
Journalist
Joseph Young is a finance and tech journalist & analyst based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering Read More
There are worse things in life than death. Have you…