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RE: Bitcoin (BTC) Morning Update: A Third Alternate Count
Thanks for the awareness, but sadly the average investor is going to panick. The next step is really going to weed out the amatuers and the pros.
Agreed
Pros don't sit on their hands, believe me. Pros also sell when a coin free-falls, to catch it at a lower rate. You can call that a panic sell of course, no problem. The panic seller who sells at 12500 and gets back in at 11400 is better off than the hodler who waited it out and missed that little deal, no matter if the coin in question rebounds a day later or half a year later. Thing is, he has to get back in and not sit and watch wide-eyed from afar.
Good point. I try to have cash on hand so I don't have to sell my coin to catch a bargain. But I see your point that you can profit more by selling your hoard during a free fall.
I usually have 30-60% of my funds in cash, preferably in Euros (dollar isn't programmed to rise, ask the FED).
Frequent ins and outs are better than relying on a coin to do what one expects, but it's f course also more of a job ;)
But why would someone ride out a dip of days or weeks if they can make a deal of it ? To be able to say "I'm not a weak hand, I'm a hodler ?" I'm not sure if such people exist, there will be many who are simply indecisive and therefore prefer to ride it out, which is understandable if you're unprepared.
I normally just buy every level of the free fall when it comes to my lovely btc
Good. So if you adapt to this being choppy sideways market on the whole and stop dreaming of 20k for awhile, you can keep earning a lot of money day trading. Just be alert, to jump out an in again in case of a major drop.
Learn from the victors, act like an algo ;)
The big question is will the alt coins also take a hit...
I don't think we'll see a "6 months of drought" scenario... these scenarios have happened to bitcoin in the past, but there's so many people getting into crypto...
plus, instititutions.
It just doesn't rhyme.
But with the lack of faith right now, it's still possible that we get another reaal dip, w came from 19k down to 11k, that was $8000 - form 14k to 8k would only be 6.000, nit that bad. But of course most alts would initially suffer...
In the end, Haejin is right. It's a healthy correction, at least for Bitcoin. If everybody just stayed calm, it wouldn't be a problem and when it's over, we would be rising again.
However people are anything but calm, and there's quite a few, likely less here but elsewhere, who came into crypto on advice like "buy this, it's hot!"
Binance registers 240k new people in one hour, others 100k a day, that's still crazy...
So things are a bit more complicated than usual.
I think many of these folks are still transferring funds and waiting to make a decision...
Cool. Thanks for your extensive explanation. I just got started not long ago, not knowing much but i jumped in it to learn as I go, since no theory is worth much without experience.
I'm not the panicky type and I believe in the future of crypto because of the value they bring. But for me I think it was a mistake to jump in on random coins posted by haejin predictions and now being bit skeptical of it because of all the red numbers.
I believe for me a much better choice from now on will be matching fundamentals with TA, just for the ease of mind and confidence that I would have when the market looks shaken.