I failed to buy the dip 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. https://read.cash/@nomadghada/why-am-i-holding-slp-tokens-12da7f1e 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: *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 *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 *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?
11 comments
I don't like this dip. I just hope Bitcoin cash value will improve better than it was and not stay in the dip.
I am also tired of the dips
Well just hold on a bit we are at 277 and still going down
I have already canceled that bid, lol.
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.
That's what I am trying to do, except on CoinFlex because my wallet doesn't give option for flexUSD Swap.
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.
Happens to me all the time, that's why I am a HODLer rather than a trader, Lol.
Yeah, these days I only hodl too
I always have a local currency in my wallet so I have fund which I can easily access when I need to buy something.
Nice