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TrendFollower

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Everything posted by TrendFollower

  1. Well Palladium is at an important juncture right now. If it breaks below $1356 then there could be a large move downwards. If it holds this level then we could see some of short term support.
  2. XBT Provider which is a subsidiary of Coinshares (UK) Ltd has now released an Exchange Traded Product (ETP) for Litecoin. https://xbtprovider.com This allows investors to invest in the Cryptocurrency without having to physically acquire it, open a wallet, etc. It also means those who do not want to trade such a volatile and high risk asset class can merely invest (buy and hold) through a normal online broker. The broker I use for my XBT Bitcoin and Ether investments does not offer this Litecoin product yet. Also I am not sure which UK broker does so if anyone knows then please do share with this thread and with the IG Community. It seems XBT launched this in March 2019 prior to the major recent rally and near possible lows so excellent timing from XBT!
  3. I should have done this at the start of this thread but will share Litecoin's website for those who are interested to look at. https://litecoin.org
  4. I thought this was a good opportunity to share Bitcoin Cash's website. https://www.bitcoincash.org I should have actually done this at the start of this thread but only just realised that many may not be aware of the difference between Bitcoin and other alternative Cryptocurrencies.
  5. I think this is a very good article on Forbes in relation to Blockchain and Africa. Blockchain - Africa Rising https://www.forbes.com/sites/tatianakoffman/2019/04/04/blockchain-africa-rising/
  6. The Biggest Winners from April’s Early Crypto Market Rebound https://www.coindesk.com/the-biggest-winners-from-aprils-crypto-market-rebound Which asset class can give you returns like this in such a short space of time? Now add leverage to the mix and one can begin to see the staggering returns on offer.
  7. Of course there is a short term shorting opportunity here depending on if it follows Fibonacci retracements or something else. For anyone wanting to go long they must let the drop occur before entering long. This is the same for any of you who want to add to your positions. As the increase was big, sharp and quick, the drop should respond accordingly. There is always the risk that this was a false rally but time and price action will confirm that in due course. It is important to stay focussed on the price action as taking your eye off could mean you miss some of the best days in the year which make a lot of difference when looking back at overall returns.
  8. The question now is what sort of retracement Bitcoin Cash experiences. Will it adhere to traditional Fibonacci retracements? We are about to find out.
  9. @JamesIG, Thanks. Palladium is an interesting asset to trade though typical of IG it is showing the following message below: Closing only: Market unavailable to open
  10. @DanielaIG, IG’s UK Spreadbetting platform may be worth looking at as I got my data in relation to Bitcoin Cash and Litecoin from there. You may also want to look at my threads within the Cryptocurrency and Blockchain sections which may also give you better insight into what is actually happening in terms of current price action.
  11. The sell off I was expecting came overnight. The question here will be how deep the sell off will be? If the Cryptocurrency market is being controlled by a few 'whales' then they may entice further long positions by dropping the price so that it seems like they are getting better value than yesterday before any next upward move materialises. Then there could be a 'rinse and repeat' operation until exhaustion. If this rally in Bitcoin and Cryptocurrencies is serious then there must be another move serious move upwards. I would prefer slow and steady but that does not seem likely based on the past few days price action. If this does not materialise then ensure you have an 'exit plan'.
  12. @MaxIG, I assumed that with the picture of Bitcoin that there would be some mention of it.
  13. PayPal is now getting on the act when it comes to Blockchain. The article below may be of interest to some of you. Paypal’s First Blockchain Bet: Digital Identity https://www.ccn.com/paypals-first-blockchain-bet-digital-identity Now when large institutions start getting involved in Blockchain like you PayPal's and IBM's then they are large enough to be able to drive it into the market and offer solutions to problems that many have not thought about or considered dealing with yet. Even during the Cryptocurrency mega downturn Blockchain was still gaining traction and this is evident in the large corporations starting to not only embrace the technology, better understand it but apply it to real businesses. This has the potential to be a huge market.
  14. On any other day - Ripple making 5% and Stellar making 8% in a day would be classed as a very good day indeed. However, when one compares to Bitcoin Cash and Litecoin then it looks pale in comparison. The one thing to remember with Ripple and Stellar is that their minimum bet size is £10 per point for Ripple and £25 per point for Stellar meaning though their gains in percentage terms are not as high, when you look at the £ per point and use of leverage then both of these would have resulted in exceptional gains. This is when one looks at the £ per point on each and the margin requirements.
  15. It really is anyone's guess where Bitcoin will begin to correct and see a large sell off. It will come, that I have very little doubt about. The question is when should one exit as any smallish drop will trigger tight stop losses and it could then continue going upwards. So a more wider stop loss is required at the expense of losing some of the monumental gains but that is an individual decision. It is a nice but a tricky decision to have though. I mean the one thing for sure is that a lot of capital is being allocated to Cryptocurrencies which has been patiently waiting on the sidelines and boy has it arrived in style. It could just be 20 - 100 millionaires flexing their muscles to make such a move possible. Add short positions being triggered and this move taking lots of stops out then it really does amplify the move excessively.
  16. I was just looking at the volume on both Litecoin and Bitcoin Cash and they have gone up substantially over the past two days. This means the price action is being supported by volume which is something I try and look for.
  17. Bitcoin Cash up a staggering 40% today! Add leverage and I think I am feeling dizzy. The one thing I have learnt with Cryptocurrencies is that more complex technical analysis can be overkill and persuade / convince you not to trade. Add the fundamental uncertainty and most definately most will stay away from them. I tend to concentrate on the price action and when they are in bullish mode like present then there is no asset as aggressive as this. For me Bitcoin Cash and Litecoin have just proved to be exceptional trading opportunities which some will no doubt stay away from as in their opinion this is junk. They may be right or not but if you can make stellar (excuse the pun) returns on junk, why not? Surely it is better than making a loss or not much on quality? For me the beauty of price action is that you can detach yourself from the actual asset and just trade the price action rather than concentrate on what the specific asset is. This is a distinct advantage of Trend Following and part of the excitement of it. It can be one trend in one asset and then another trend in a totally different asset. It does not matter what the asset is. It is the trend and price action which is important and is what you are trading.
  18. @JamesIG, Thank you very much for sharing this. It is very much appreciated. I want this IG Community to be proactive and ahead of the game in relation to the 'Cryptocurrency and Blockchain' section. I believe that there is some serious traction in 'Tokenisation' and some really exciting opportunities being developed too. We may have to add 'Tokenisation' to the section title very soon in the future once people start understanding what is happening now and what plans are in the pipeline for the coming future. It may well be: Cryptocurrency, Blockchain and Tokenisation
  19. @IGMan, I cannot say I have had the same experience since updating to iOS 12.2. Which iPhone do you have? I am just wondering if it is an older model which if reports are to be believed end up getting slower and temperamental as it cannot cope with the update.
  20. It takes the risk out of physically owning Bitcoin which is not regulated and whose future is unknown. However, trading Bitcoin is still high risk so conduct plenty of research and analysis before attempting to trade it. There is plenty of material on IG’s website to get you started.
  21. Cryptocurrencies are moving fast and sharp upwards. How long it will last I don’t know but there is some powerful and strong trading going on with this asset class.
  22. Bitcoin Cash is up over another 30% today. It is more than double the next best performing Crypto on IG which is Litecoin at 15%.
  23. Stellar and Ripple are still not performing as strongly as the other Cryptocurrencies like Bitcoin Cash and Litecoin. This could be perceived as a positive as it means the fall in these two may be less when the mighty sell off arrives.
  24. The way the chart is spiking upwards like a rocket, I personally cannot see anything other than a large sell off / correction phase coming soon. Stop loss management will be key as one does not want to be stopped out if the move continues upwards. Likewise one must exit should the price decide to plummet. Setting effective stop losses is extremely difficult when you have a volatile asset class like Cryptocurrencies which are trending strongly upwards but you know a sharp sell off can occur at any point. Trading Cryptocurrencies is not for the feint hearted and it is certainly not easy. A high tolerance to risk is required.
  25. From what I am reading this morning via online media it seems the so called Crypto experts have come out and started giving price targets of $5200, $6000, etc. There is a strong possibility of another Crypto frenzy and FOMO taking place. This could drive up prices presenting a large disconnect to the fundamentals. In the back of my mind, I have the 'large sell off' thought appearing. This is likely to happen but the key for me will be whether Bitcoin can stay above the $4200 level or not. This to me will determine whether this is a false breakout originating from thin air and speculative capital or whether it can consolidate strongly at around the $4200 level before any continuation of the trend upwards. Right now it is all about taking advantage of this price action and using leverage to maximise any returns. It will be just as important to exit with a profit than to be left with a loss or be a latecomer to the party when others are leaving.
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