thegoatiest (OP)
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Merit: 12
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October 13, 2018, 04:14:24 PM |
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Hey,
Seeing as Bitcoin leads the way. Would it be wiser to make your trading decisions on Altcoins by looking at a bitcoin chart?
With the latest drop in price. There were much clearer indications it was going to drop looking at the bitcoin charts than at the Ethereum ones. EOS seemed to have better indications than Ethereum that it was going to drop in price.
So I'm wandering; going forward does it make more sense to plot trendlines on bitcoin charts and make your trading decisions off of that - (even if you don't own bitcoin, only altcoins)?
G
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ShadowBits
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October 13, 2018, 05:01:24 PM |
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Hey,
Seeing as Bitcoin leads the way. Would it be wiser to make your trading decisions on Altcoins by looking at a bitcoin chart?
With the latest drop in price. There were much clearer indications it was going to drop looking at the bitcoin charts than at the Ethereum ones. EOS seemed to have better indications than Ethereum that it was going to drop in price.
So I'm wandering; going forward does it make more sense to plot trendlines on bitcoin charts and make your trading decisions off of that - (even if you don't own bitcoin, only altcoins)?
G
Yes, this is very true! It is obvious that the charts of other altcoins is following Bitcoin's moves so it is really wise to always see the chart of Bitcoin other than any altcoin. |
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Koadharber
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October 13, 2018, 05:08:05 PM |
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So I'm wandering; going forward does it make more sense to plot trendlines on bitcoin charts and make your trading decisions off of that - (even if you don't own bitcoin, only altcoins)?
Good observation and you can actually use this stuff as long it can give you out positive results but be cautious yet not all the times bitcoins price would lead up the entire market or altcoins would follow it yet there are times that it wont collaborate when it comes to price movement so theres still a risk. If you do trade mostly in alts then I do prefer on using or looking its chart than focusing on bitcoin but well we do have our own ways. |
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Marcel666
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The Premier Digital Asset Management Ecosystem
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October 13, 2018, 06:22:00 PM |
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Bitcoin does not always lead the way, and every altcoin does not follow the direction of bitcoin in the market.
As a trader any piece of information can be vital in determining the future value of a currency. But u would rather handle each asset individually.
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Wall_Streeet
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October 13, 2018, 08:15:25 PM |
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the price of altcoin always depends on the price of bitcoin, because bitcoin is like the General mood of the market
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rodalutor
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October 13, 2018, 09:41:05 PM |
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I think it's best to pay attention to both and not neglect one or the other. Price of alts is largely driven by the market for bitcoin and so if I had to pick one to pay attention to it would be bitcoin. It also depends on the goal of your altcoin trading, personally I look to gain bitcoin rather than dollar amounts.
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Fuhre
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October 13, 2018, 10:06:10 PM |
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I think it's best to pay attention to both and not neglect one or the other. Price of alts is largely driven by the market for bitcoin and so if I had to pick one to pay attention to it would be bitcoin. It also depends on the goal of your altcoin trading, personally I look to gain bitcoin rather than dollar amounts.
I strongly agree to observe two graphs, there are often people who talk that the crypto market is very difficult for anyone to guess can change 90 degrees even though it is very risky if it is done depending on one point with a simple analysis like that, don't lose more value than market trends that can be said to be still in the bear market round. |
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exstasie
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Merit: 1521
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October 13, 2018, 10:24:34 PM |
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Seeing as Bitcoin leads the way. Would it be wiser to make your trading decisions on Altcoins by looking at a bitcoin chart?
With the latest drop in price. There were much clearer indications it was going to drop looking at the bitcoin charts than at the Ethereum ones. EOS seemed to have better indications than Ethereum that it was going to drop in price.
So I'm wandering; going forward does it make more sense to plot trendlines on bitcoin charts and make your trading decisions off of that - (even if you don't own bitcoin, only altcoins)?
Since they're correlated, you definitely need to pay attention to Bitcoin. I've seen altcoin charts that were quite bullish from a technical perspective but ended up crashing anyway because BTC turned bearish. I usually avoid going long on altcoins until BTCUSD is stable or bullish. Conversely, when BTCUSD is crashing, I like to short altcoins because they will fall harder than BTC. |
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rodskee
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★Bitvest.io★ Play Plinko or Invest!
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October 13, 2018, 10:54:36 PM |
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depend on you as trader every individual traders has have an own monitoring strategy
But for me do not relay all into bitcoin chart monitor both altcoin and botcoin charts
Because the price increase itself individual coins depends of the demands in the marketplace
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DJohnson
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October 13, 2018, 11:14:59 PM |
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I think volume is a good indicator to where you need to be watching. If altcoins have little to no volume, they are likely not leading prices. If a particular altcoin, like Ripple is experiencing a huge amount of volume compared to normal, it could be leading. Typically it appears Bitcoin is leading, because it is the standard in the market.
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udidrone
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October 13, 2018, 11:51:42 PM |
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I only see bitcoin chart before buy altcoin when bitcoin down, because for now, even down or up altcoin price will down and almost all of it. Actually not really can be mentioned as reason, but it is worth to do.
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metribitcoin
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October 14, 2018, 08:24:57 AM |
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If we trade altcoin with pair BTC, we should be first look in to chart of Bitcoin to predict the trend. And after we have prediction about it, we can buy altcoin by use technical analysis and is better doing short trading because anytimes the price of Bitcoin can be go higher. But if we trade altcoin with stable coin is not necesary to see the chart of Bitcoin.
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rodalutor
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October 14, 2018, 07:35:04 PM |
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I think it's best to pay attention to both and not neglect one or the other. Price of alts is largely driven by the market for bitcoin and so if I had to pick one to pay attention to it would be bitcoin. It also depends on the goal of your altcoin trading, personally I look to gain bitcoin rather than dollar amounts.
I strongly agree to observe two graphs, there are often people who talk that the crypto market is very difficult for anyone to guess can change 90 degrees even though it is very risky if it is done depending on one point with a simple analysis like that, don't lose more value than market trends that can be said to be still in the bear market round. Too many people try to trade against the trend and that's when they lose out. In this market scalping or short term investments are really likely not to perform well because the market is always just a small step away from a small drop in price. Whereas in a bull market you can wait a little longer if things take an unexpected downturn. |
﹏﹏﹋﹌﹌ WPP ENERGY ﹌﹌﹋﹏﹏
☆═══━┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈━═══☆
≈ WORLD POWER PRODUCTION ≈ █
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Dissident991
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October 14, 2018, 08:12:05 PM |
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If we trade altcoin with pair BTC, we should be first look in to chart of Bitcoin to predict the trend. And after we have prediction about it, we can buy altcoin by use technical analysis and is better doing short trading because anytimes the price of Bitcoin can be go higher. But if we trade altcoin with stable coin is not necesary to see the chart of Bitcoin.
In altcoin trading you need to look on btc charts even your alt is traded in pair with usdt or fiat because most of coins are correlated with btc. Bitcoin shows the mood of whole market. |
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