RE: Fear and Loathing in Los Cryptos
Just two cents ? That's so very fickle of you ;)
The general opinion (which is what eventually congelates into "God's will" over several weeks) now seems to be, "before all the new people entered the market and Bitcoin became parabolic, it was at $8000 - so it might sink back to that level once all the weak hands are gone" - and some are still there now, though there's less and less, as we can see in the sideways movement - no need for Elliott Waves to determine that. Everybody is talking the market even more down at this time, I also did my part - so I'll stop now ;)
When I got out of Bitcoin, I changed part into Lumens, thinking "better to hodle this, as an experiment."
I'm not into anything else at the moment, I took the ripple train but it almost burned me when the servers froze. Too much psychology these days, all the herd animals thinking they're highly individualistic, acting like one in ballet-like movements, us moving along with them... Still, there's money in day-trading Bitcoin as it goes sideways - but only if you're in the mood for it ;)
Yes, psychology is ruining so much, I lost so much when I first got into cryptos because of panics and weird tweets by some crypto celebs, which was only 5 months ago, I am planning to go back to sideways trading as soon as my portfolio reaches a certain target and when I feel im skilled enough, I will trade in amounts i can afford to lose, but now I cannot afford to lose anything :D
You need a bit of confidence that it's going to keep going up in the long run... as long as that's the case, in a stable upwards trend as we were used from bitcoin, you can buy the small dips and sell the small lows several times a day and if there's a dip that goes deeper, you just wait till it goes up again. Nothing else can happen. In times like this, you can never be sure, so you only buy when there's much corroborative that an up is real. As long as that's not the case, you stay out.