Ouch

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Well guys the title of this video is ouch. Bitcoin, Litecoin and Ethereum have continued to slide overnight. I'm actually kind of surprised, I would have expected the slide to have happenned yesterday morning but things seemed to have stabalized later in the day yesterday and then I wake up this morning to see the three big guys down, but even worse is seeing how hard other altcoins have been hit.

If you're in mental anguish today head over to the R/aww subreddit and look at cute pictures of puppies and cats and penguins waddling around and ignore your portfolio.

There is still no official news out from China, however Bitcoin China said they are shutting down at the end of the month. It's still unclear whether Bitcoin will be banned? Whether exchanges will be banned? Whether exchanges and peer to peer sales will be banned?

I've also heard that this isn't that big of a deal and that there's some antiquated old rules in China about exchange licensing that exchanges and that exchanges will need to get regulated and then they can continue on as before, it's just uncertainty right now which is what I think is driving the prices so low.

I havn't lost hope in Bitcoin however this recent dip has brought back into focus that Bitcoin does haev risk, it isn't always going to go up $1,000 per month. It's made me realize not so much that I'm too heavily invested but it has highlighted the fact I should probably take profits from time to time and lock in profits and not let everything ride.

I think another thing really hurting the price right now is that we have so many new people involved in Bitcoin. If someone hasn't ridden out these dips before and bought in at $4800 and is seeing their money being "wiped away" keep in mind you havn't lost until you've sold but to some peoplee they just see their money disappearing and freak out, we have those people selling which on top of the Chinese selling is really going to drive prices down.

It's really sad to see months worth of gains getting wiped away. Bitcoin will come back as well as other cryptos but it's going to be a slow rise back up IMHO and we don't know where the bottom is.

In this video I also call out a few other altcoins which I feel are buys right now if you have some cash and the stomach for it.

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