I think because the price of BTC is always changing, the USD will be a better reference, I usually use USD charts and then USD to BTC converter to set my BTC buy or sell price, maybe there are better ways, or i am completely wrong but seems like its going well so far.
RE: LBRY (LBC) Update: Double Cup & Handle!!! Unusally BULLISH!
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LBRY (LBC) Update: Double Cup & Handle!!! Unusally BULLISH!
I see, maybe what your saying is correct- that it's a more stable reference for the price of the coin if you sold it for bitcoin and then changed the BTC to USD?
I just don't understand how the price can be different for a USD amount vs the btc amount.
So you're basically saying the USD is the price you'd get for that coin if you converted it to BTC and immediately sold your bitcoin for USD ?
Thanks again Phuzz, appreciate your help !
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Nice one
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Yes, the sell price will be the USD sell price in BTC.
To make the example easy, Lets say 1 BTC = 1,000 USD. and 1 Litecoin = 100 USD, this will make 1 Litecoin equal to 0.1 BTC, so you set the sell price at 0.1 BTC, but next day BTC "Kaboomed!" and went up to 2,000 USD, this will make your Litecoin worth 0.05 BTC instead of 0.1 . even though it is still 100 USD so you position wont sell. So referencing the coin to USD seems to hold the "actual" current value of the coin in a way.
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I’d very much appreciate if I could get an explanation how to set stop loss and limit orders in case of alts related to btc. How do I count the future $ price if btc is changing all the time?
Couldn’t find any explanation anywhere. Really counting on you guys here:)
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In pairs where USD is available I use that, when I pile up some USD then I buy chunks of BTC if the price of BTC is good at the time, or if one of Hajeins' magical posts shows a price jump of BTC, I buy BTC with the USD I had earlier and sell at the higher BTC price. For me, It is working best with USD pairs on Bittrex.
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I get you now. Thanks so much for your generous explanation.
I wish you massssive profits!
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