It’s the Labor Day Crypto Sale! BTG, DGD, OMG and BCP
Time to find those underperforming charts and identify some opportunities. Why buy these underperforming coins? Because the market is very bullish and as the old saying goes: Rising waters float all boats. In a bull market/bull trend I like to find the charts that are not showing any bullish movement. Why? Because Cryptocurrencies are so heavily correlated. Currently, there are rare deviations of Bitcoin’s direction in this market. That will change as the market cap goes up, but for now, anything lagging is a profit magnet.
Bitcoin Gold. It’s one of my personal favorites based on its focus of decentralization. It’s also one of the most beat up charts around – which is what I like to buy. Bitcoin Gold had some bad news recently: it’s getting the boot from Bittrex. Which is kind of weird and shame on Bittrex. Long story short: Bittrex wants Bitcoin Gold to cover a loss they sustained from a 51% attack that happened some months ago. Bitcoin Gold said they couldn’t covery that and so Bittrex gave them the boot.
This is kind of like getting invited to a party (Bittrex exchange) and all these people you don’t know are there but you’re having a good time. Then someone steals from both you (Bitcoin Gold) and the host of the house party (Bittrex). The host then tells you, ‘uh, hey man, suck right? you gonna pay me back?’ and when you say no, your friend kicks you out. Never mind that this friend has no problem having all sorts of crappy friends (really crappy coins) that are all about taking advantage of others, but that’s cool because your friend’s house party sucked anyway because it was small and nobody really showed up – that’s a dig at Bittrex’s low volume.
On a serious note though, I expect Bittrex to actually overtake almost everyone in the next couple years. Once they get all US Dollar pairs trading, they’ll blow up. But still, it’s really crappy what Bittrex did to Bitcoin Gold. But that makes it a good buy opportunity for me.
Buy entry: 0.002954
DigixDAO – this is an odd one. It’s digitalized gold backed by real gold reserves held in custodianship. Let me share my opinion on gold: Unless you have it physically, it’s worthless. The same goes for trading CFDs of Gold, or Gold Futures, or paper gold – it’s pointless. Now, the project I really don’t care much about. Here’s what I do care about:
- It’s on Binance, so it has liquidity.
- It looks like NANO’s chart from a month ago (This trade idea I posted here on CoinClarity back on August 15th, entry for NANO was 0.000185).
- It’s at yearly lows and near all-time lows.
- I am interested to see how DigixDAO performs when the actual gold market catches a bid.
Buy Entry: 0.007113
Another beaten up chart sitting at both yearly lows and near all-time lows. And OmiseGo is actually a good project.
Buy Entry: 0.000600
This is one of many ‘credit’ coins out there. Don’t care really. I like the chart because it’s so sad looking.
Buy Entry: 0.00001433