I failed to buy the dip

11 54
Avatar for nomadghada
2 years ago
Topics: BCH, FLEXUSD, SEP20, SmartBCH

BitcoinCash price dip

As you are aware the price of BitcoinCash has fallen below $300 just recently and while it has been up for sometime now it is still not above $300 as of now.

So I thought I'll buy the dip this time

How I went about it?

I thought I'll use the flexUSD tokens that I had and sell those for some BCH

I even made a post about it at my NoiseCash at: https://noise.cash/u/nomadghada

Spoiler alert: I failed to convert my flexUSD into BitcoinCash

My SLP tokens

Couple of months ago I thought I want to try the direct interest on on flexUSD, so I converted $10 worth of flexUSD from SEP20 tokens to that of SLP tokens to hold in my bitcoin.com wallet.

I used Coinflex for this purpose and yes I started to see daily interest transactions in my wallet.

Selling my tokens

So why did I decided to sell my flexUSD?

There are 3 main reasons:

  1. Uncertainty regarding SLP tokens - SLP tokens are losing relevance in the world of smartBCH and many of the platforms are dropping support for SLP tokens, so I didn't want to be left holding

  2. Interest on tokens was less than expected - I held my flexUSD tokens for about 1 and half month and received about $0.09 worth of tokens which is way less thaan the advertised 10-20% APY

  3. The price of BCH was falling - I figured I'll buy at low price to get some good BCH to increase my holdings

My failed bid

So I placed my trade order at $267 and realized the CoinFlex doesn't take orders below 2 decimal points so I could only set the order for 0.03 at some $8.-ish price.

Ok I thought still let it be and placed the order and left it sit there over night.

The price of BCH

So the reason I placed my order at $267 was because after my technical analysis of stochastic and Relative Strength Index (RSI) I though it would be a good price to set.

And oh boy was I wrong,

First of all, It reached about $268.-something and second it kept rising ever since.

And I am left with the order still being unfulfilled which I have canceled and placed at a different price which is also unfilled as I write this.

Basically I screwed up.

What's next?

I don't know,

I can either sell at market rate or transfer my flexUSD innto either in SLP or SEP20.

Not sure what I'll do next.

What do you thing I should do?

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Avatar for nomadghada
2 years ago
Topics: BCH, FLEXUSD, SEP20, SmartBCH

Comments

I always have a local currency in my wallet so I have fund which I can easily access when I need to buy something.

$ 0.01
2 years ago

Nice

$ 0.00
2 years ago

Ahh, we live and learn every day. I sold my BNB and then wanted to buyback the same amount but the price kept rising or stayed above my buy order for weeks, so I gave in and just converted it when it was close enough to the price I sold. Oh well. I have no head for trading these days.

$ 0.01
2 years ago

Happens to me all the time, that's why I am a HODLer rather than a trader, Lol.

$ 0.01
2 years ago

Yeah, these days I only hodl too

$ 0.00
2 years ago

What I did was to swap my bch to flexUSD when it's high and flexUSD to bch when low. So I will gain profit by doing this. Hehe.

$ 0.01
2 years ago

That's what I am trying to do, except on CoinFlex because my wallet doesn't give option for flexUSD Swap.

$ 0.00
2 years ago

Well just hold on a bit we are at 277 and still going down

$ 0.01
2 years ago

I have already canceled that bid, lol.

$ 0.00
2 years ago

I don't like this dip. I just hope Bitcoin cash value will improve better than it was and not stay in the dip.

$ 0.01
2 years ago

I am also tired of the dips

$ 0.00
2 years ago