Cryptos took a dive in August fueled by doubts if SEC would allow crypto ETFs to become functional. Thankfully, as posted in my July 1 portfolio update, I was determined to manage the risks better this time.. Had a Stop Loss for BTC at 7400, for ETH at 10% and for LTC, XRP and XLM at 20%. All the Stops got triggered except for XLM.
So here is how the portfolio looked like by mid-August, after all those Stop Losses were triggered:
5000 XLM @ 0.20 1,000
TOTAL 14,120 (Original investment was $15,000 in Jan 2018)
My conviction for Aug was that BTC wont go below 5600-5700 in any case. And that one could buy it if it tests below the 6k zone & bounces back above 6300. Also, Bitcoin Cash (BCH) may be a better buy considering it has more elasticity.
Hence based on the not-so-happy experience with ETH, LTC and XRP, I decided to exclude them from the portfolio and narrow the focus down to just 3 components for the time being: BTC, BCH & XLM.
Patience seemed to have finally paid off as BTC bounced back above 6300 eventually, and my Buy order at 6400 got triggered. And along with it, the planned BCH Buy order at 520 also got triggered. Meanwhile I also decided to add some more XLM at 22c.
Here is the current status of the portfolio (as of Sep 1, 2018):
Now let us wait & see how the month of September plays out for BTC & the other cryptos. Will post some charts in a day or two.
Click here for the July 29 update
Click here for the July 1 update