Welcome to FUD week 9/17 - best buying opportunity since the hard fork
I am predicting this will not be a one day downturn given that this week's FUD has multiple (if suspect) causes, from China banning exchanges (heard that before) and ICOs to Elmer FUD himself Jamie Dimon warning JP Morgan employees to stay away from Bitcoin because it's a "scam." I am sure the numerous crypto-enthusiast employees at JPM are laughing their butts off.
But it was enough to panic some of the big institutions who have already invested in Bitcoin and cryptocurrency in general and has prompted mini-selloffs all week, followed by today's BIG DIP.
I think whether one panics or is seized with FOMO at this point may depend on one's years in the market. As someone who has traded stocks for many years and taken quite a few risks, I have long since gotten used to seeing my holdings take giant, gut-wrenching dives, often, though not always, followed by climbs back to where I bought them. It is something you just have to take in stride and view without emotion when you are trading. If you believe in the fundamentals of your holdings and the long term (or even the near term future greater than 1 week out) you will relax and HODL.
If you are like me you will immediately trying to sell anything not nailed down (and even things that are), your blood, your own relatives, to raise quick cash to take advantage of these jaw-dropping bargains. Bitcoin under $3300! Ether under $225! OMG at $8!! Civic at $.31!! Steem for $.97!!! I'm like a kid in a candy store who only has $.50 and everything is rushing at me, dazzling my eyes, begging me to buy it.
And even now as I sell off loser stocks in my portfolio that I should have gotten rid of before and race to get that cash wired to my trading account, the prices are recovering.
Will this be a one day FUD-fest or are we going to be in anxious times off and on for a while, nervously reacting every time some pundit declares himself against Bitcoin or the Chinese government makes some further restriction? I don't know, but something tells me this time we're going to see a slower recovery from the dip than usual. And that's exactly what I am hoping for.
I made a big post regarding that fud with some news and think that will make a new one with some news i heard, but wait for more confirmations.
The FUD, the FOMO, the FUN... is crypto world. Since late july when i entered, fun is all around. Only in mid august was a little calm waters, but not too long ;-)
The chinese will ban things just to appear they make changes.
Their government also should take profit from this market so new rules will be applied.
Normally they shouldn't close all the exchanges or let some new ones entering the market after the new rules. But if they will, they will can't take the HODL-ers away ;-)
Their mining profitability is a golden goose for them so open doors will be left for sure.
And regarding dear Jamie, if he was not already hodling, now he for sure entering at a low position as he wanted to ;-) gg mr. Jamie
This is almost the best time to buy. Of course, watching charts and waiting for the lowest entering point.
They can't ban all the world movement. At least not for long.
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Bitcoin up
nice post. . . .