Welcome back everyone, I am sure most of you wonder how long the correction in Bitcoin as well as other cryptocurrencies will last. Before I answer that question, let me remind you that corrections are necessary for a healthy up-trend. I have mentioned a correction in last week’s post “Bitcoin – Forex Combo Strategy: What’s Next for Jesse Lund?” (forex broker) where I also explained why I took a 500 Bitcoins short position at $8,800. While there is a possibility that we extend this slide down to $6,380, I happily booked my profits at $7,500 earlier today which resulted in a net profit of $650,000. I am not adding to my 100 Bitcoins which I hodl and will remain on the sidelines until the next move materializes. Patience is key to successful trading.
Before I dive into the exciting NEO upgrade, let’s round-up what happened to my cryptocurrency portfolio (start currency trading) . As stated, I keep hodling my 100 Bitcoins which I bought on January 14th 2019 at $3,500. My $10,500 price target remains intact and I will close out this position around that level unless circumstances change and result in me revising the price target to the upside. As cryptocurrencies (forex currency) moved to the downside, my 10,000 Ether short position which I took on May 15th 2019 at $220 is moving closer to profitability. I am ready to add another 15,000 Ether short position above $330 if Ethereum will be pulled higher after the end of the current corrective phase. Honestly, I am not sure it will reach that level this year. Ripple pulled back after I bought 5,000,000 Ripple on May 23rd 2019 at $0.3700, but my position remains in the green. The three images show the most recent price action moves across my cryptocurrency portfolio.
Top Exchanges for Trading Bitcoin & Cryptocurrencies
One of the reasons why Bitcoin is so popular among day traders is that there are many different Bitcoin exchanges available. Finding the best Bitcoin exchange will depend on many different factors. These include your home country, the preferred method of payment, fees, limits, liquidity needs, and other factors.
Here are some of the top cryptocurrency exchanges in the forex market hours:
- Coinbase is the world’s largest crypto exchange. Available in the United States, Canada, and the majority of countries in Europe. Offers several payment options.
- Binance is the second largest exchange that trades over 130 different currencies. Has low transaction fees (0.1%).
- Bitmex is the third largest exchange and only trades BTC. Great for short selling and margin trades.
- Bittrex is a US-based exchange founded by ex-Microsoft security professionals.
- Robinhood is a new exchange with 6 million users and takes zero trading fees.
- OKEx is a Hong Kong-based exchange. Trades over 145 different cryptocurrencies.
- GDAX - United States based exchange that allows users to trade Bitcoin, Ether, Litecoin, and other cryptocurrencies.
- itBit operates as both a global over-the-counter (OTC) trading desk and a global Bitcoin exchange platform.
- Coinmama - Allows you to buy and sell easily. Accepts credit cards and has a large global reach.
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