CVC - Close your eyes and market buy
Updated
Soooo there is a "first mover advantage" announcement coming for CVC in this month. I got out earlier this month for around 30%, might hop back in now as it's held support here leading up to the "announcement". There's definitely a lot going on behind the scenes, and some market participants who are much smarter than me know something that I don't. Stop loss so we dont get rekt to hard, but looking for 50% on this.
Note
Reason for the trade: Even at this price and with a market cap of 139MM, on both a fundamental and technical basis, CVC is undervalued in my opinion. It is, as I have mentioned in prior trades, on of the very few altcoins that offers a real-world use case and has a working application. I believe the market has underestimated the potential of this coin before, and capital has flowed into coins with more hype / community around them. However, the smart money does not operate on hype. They look for potential and value in the long-term, before making decisions with institutional-sized capital.
Vinny Lingham, the founder and CEO of CVC, has plenty of connections in the VC world of Silicon Valley. If anyone can pull some strings and form strategic partnerships, it's this guy.
Time frame: 1 month. Although I believe in the project long-term and know that it will be one of the few projects left standing in the space in years to come - I am not a fan of the trading style where one becomes a long term holder / community member of the coin. I prefer to make my $ where and when I can, and move on to the next one. For the next month, I live and breathe CVC, but after I have sold my position, the outcome and future do not worry me.
THE PLAN: Average down from 4490 sats as far down as possible to 4000 satoshis. If it starts fading below that level, I may look to close the trade and concede defeat. As mentioned, I do not want to become a bagholder aka. a community member.
Note
Comparing Civic to another altcoin that ICO'd around the same time and also has a use-case and working product - Basic Attention Token - we see that the two have been closely correlated for a very long time.With more products and partnerships also coming this year, BAT has performed relatively well and thus we can get an idea of what Civic may do as a result of the announcements coming this month.
BAT does have the advantage of being on Binance, however, I still feel that they can be compared with one another, relatively speaking
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Up 10% and great volume today. What scares me is Bitcoin looks primed to make a violent move to the upside. Let's hope alts pump alongside!Note
aaaand the biitcoin market tanked, causing alts to sell off with it. Looking to add a bit cheaperNote
Didn't close at stop (can't use a stop on Bittrex, by the time I got up the market had bounced anyways). Instead, averaged down - position average entry now 4264.Consensus week is coming up, should be exciting!
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