So, Bitcoin finally cooled off a bit. Hopefully it is done charging for a while so that the alts can recover. SALT has not had a very big bounce yet, but both the 4 hour and 1 day charts are looking good and ready for a decent recovery. Like I said in my original post for my entry, I am perfectly comfortable holding this coin at whatever price it is in the market because I know that I can redeem it for $27.50 on their lending platform if I were to take out a loan backed by crypto.
Here’s the 4 hour chart:
As you can see, the 4 hour RSI has begun to turn up. The first test is the resistance that was formerly a solid support. If we can get past that, I’d be comfortable calling it a recovery. If BTC decides to go again, we should drop down to the descending support line.
Here’s the 1 day chart:
Same thing here. Bounced off our new support and looking to cross the former support turned resistance. RSI is at the bottom. Hopefully all signs for an incoming recovery.
If things still refuse to go our way within the next couple days, holding this coin long term is not a bad decision. The arbitrage change is very appealing. I might take out a cash loan on SALT’s platform and pay it off with the discount tokens we’re getting now just for the 300% gain. Before I do that though, I’d prefer to be able to see 300% gains against BTC if at all possible.
Thanks for following along!