Hello fellow steemians. So as we all already know, the crypto currency market is red and has been pretty much like that over the weekend. All this is due to long term corrections. I reckon that "panic selling" has a lot to do with it as well. I mean, what can I see, if you can't stomach a long correction period, than trading is just not for you.
When this happens, selling should be the last thing that you should do (if your looking at it long term). Instead, you should be looking the strengthen your position, if you can afford do to so that is. If you're in it to make a quick buck, then by all means withdraw your funds and go about your business.
Just take a note, that this industry is still at an infancy level and a lot of these cryptos on the market are still highly speculative. Only a handful are working on further development and those that do they will stand out among a growing crowd.
I don't know about you, but red day only means it's shopping time for me, an opportunity to get your cryptos at a bargain. Again, only spend what you can afford to lose. It's just silly to put all your savings on an industry that still doesn't have mass adoption just yet. It will be in the near future, don't get me wrong, but you have to understand that not everybody knows about crypto currencies and blockchain technology just yet. A lot of people I talk to about this still think I'm speaking alien.
The way you gotta see it is that you're an early adopter to something that's gonna flourish one day, all you need is a little bit of patience.
Now I am no financial adviser, but one of the things you could do is keep adding to your portfolio. Start small, little amounts per week or whatever you can afford to spend. Before you buy a coin, study it, research it, don't follow the hype. What is the coin/token or platform trying to solve, who is the team behind the project? All please PLEASE, when your trading leave emotions at the door, for it will do you no good! For example, if some supposed "guru"is giving you a signal or is claiming to know how to read charts. Don't be scared to do your own due diligence first!
Thank you for reading my fellow steemians! Have a fantastic week and steem on!
Oh yes this is a buying opportunity...the fundamentals are still in place and crypto's are a free market and as such there is a lot of volatility.
Buy cheap, sell expensive. If you're a short term trader that is!
I always think managing your portfolio is incredibly important in these situations. Don't ditch crypto all together, but certainly don't HODL a coin that's going down further than others. There's always the opportunity to short your favoured coin as the market trends downwards.
You would actually have the guts to short "actual" bitcoin or some other crypto? You had better keep a years supply of antacids on hand every week you employ a shorting strategy. :-) Now is a good time to have been short and it "likely" won't be time to buy until anyone who boguht Bitcoin at $2500+ is downing the Maalox. :-) I just posted this at my blog. Even the hedge funds who were actually "controlling" and creating every single rally for the past 2 months are now having difficulty finding "traction." The 3 hour live chart is showing how the "buy the low" strategy is not working for the first time in weeks.
http://bitcointicker.co
I could see shorting the U.S. exchange traded bitcoin tracker but I doubt there would be shares available to short as brokers would want every single share out there on file just in case people actually do panic. :-) But if this was "shortable" you could get out in 5 seconds. Try that with 'actual" bitcoin.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=gbtc&x=40&y=18&time=18&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
Well when I say short I certainly wouldn't be attempting it on margin, simply selling alts into Bitcoin or fiat at a high, say ETH at $350, then buy back in now. Essentially shorting it that way. When the market bounces back you got a lot more.
Not true shorting, but it works.
I can see that. I advised converting as much STEEM to bitcoin (and preferrably to dollars) last week because I know the price of STEEM is going to drop a bit more than the price of bitcoin during this selloff. I'll check out your blog to view your call to sell Bitcoin at the recent highs. There were very few who were saying that. In fact, I thought I was the ONLY one here who was saying it. :-)
Neither! I'm buying 🤑
You are wise lol
I think saul "suggested" that you wait for "panic" selling before you buy. We haven't seen panic selling since the Th thru Sat of Memorial Day weekend. We will see panic though. It'll be interesting to see what all of the advocates are saying as Bitcoin takes out the Memorial weekend low of 1880.80. I'm tracking bitcoin via the U.S. exchange traded bitcoin tracker GBTC at my blog. Currently holding a full short position.
Very minimal panic selling going right now, it's mostly corrections happening at the moment. But I have a feeling panic sell day will come as the bitcoin soft fork day approaches.
I'm "expecting" a break below $2000 this week. Don't be surprised if you see it break below $1500 before the selling is through. As I said, I am monitoring it and will give my take if and when ANY short or long term buy opportunity materializes. The bitcoin "gurus" you spoke of have had it waaaay to easy. Time to see how they handle "high anxiety." Should be fun to watch and of course the commentary at the blogs here should be a very good case study of what "the sheeple" are saying at panic buy lows. We already know what they are saying at the highs. Everybody is definitely under the ether. Time for a wake up call methinks. The reason for a selloff is becuase price is controlled from within. Until the crypto's are more universally accepted the only buyers will be the computerized daytraders with large coin holdings who manipulate price with no end. And bitcoin will never gain universal accepetance with all of the problems it has now that haven't been solved yet...including the ability for price to be easily manipulated by so few. If you were told that the price of a home could drop 80% in 1 day of trading like ethereum did last week, you wouldn't even consider buying a home. It's no different with cryptos. Most people are smart enough not to stick their dick's into the meat grinder that is bitcoin.
With all that happened with ether last week, any crypto newcomer would pay no heed to it. Little do they know what ether was worth 6 months ago. I believe it's still undervalued but I won't go as far as speculating that it will be worth 1000$ by end of summer. I leave the speculations to the gurus. I'm looking forward to the day that will say that bitcoin and altcoins are a bubble and they will look for other ways to make money online. But I do agree, whales have their say in the market making it volatile. A reason a lot people would turn a blind eye to the crypto world.
Actually, what happened to ETH last week "should have been" the wakeup call to anyone holding either of the two that the hedge funds are going to play with, BTC and ETH. The lesson is >>> Do not set a stop loss order if you keep your holdings with any of the exchanges because if you do it will "likely" be hit. And worse yet, since there are 250 sell orders going thru a window that can only handle 25 orders at any given time, don't be "shocked!" if you lost 80% of your funds when it "finally" is executed. The rebound back up thru $350 took care of the losses of anyone who didn't have a stop set. They got a chance to "rethink"...and the thought has now cost them $80 or so as ETH is well below $300 right now I believe. I only track bitcoin because everything will do what bitcoin does. And bitcoin will do what U.S. exchange traded bitcoin tracker GBTC does. Always look to things that trade on the exchanges (even if it is OTC) for warning signs of what is ahead. And as my spews about it have outlined/warned, there are no "surprises" in the world of "reality."