[0226] Bitcoin Blues: Not Everything is in a Bear Market
Ever since the lunacy of prices in January and the subsequent "crash", the crypto market has been in a down trend. But if you look at the chart above, that doesn't apply to everything. Check the time frame.
Yep! That's the bear market. Notice the uptrend?
Since the mad bull run of 2017-18, the complaints on the internet have escalated as noobish investors realized that HODling in a falling market was not a good strategy. To be honest, I don't get the whole "HODL or die" mentality as I think that trading the dips allows you to gain financially and secure more Bitcoin or the coin you want to support. I don't know of any other market where HODLing works, so why would it in crypto?
But I digress, I was talking the bear market blues. After the peak of January faded, stories began to surface and bodies washed up on the shore of noobish investors who watched portfolios plummet from $300k to just $3k. HODLing all the way down and then crying about the losses.
Who the heck does that? Better still, who the hell can afford to financially?
Personally speaking, the bear market has yielded some good returns. Two of my best long term trades yielded a 5x on #Lympo and then another 5x on #GoChain the next month as I swing traded from the peak of one to the dip of the other. Literally, these two 30 day trades yielded 25x what I started.
In a bear market.
Admittedly, not all my trades have been home runs or perfectly timed peaks like those two. But I have managed to make a nice 5% here and 10% there since February. Gathering nuts for the Winter and increasing my bags of various coins for the bull run.
To me, a bear market is a time to do your research and securing small gains. Actually securing gains as opposed to hoping for moonshots.
Looking around the interwebs, I think that there is a "reverse hysteria" in the crypto bear market and many people have either disappeared or gone to sleep at the wheel. I'm no seasoned veteran but I do know that each market attitude - bear or bull - has it's mindset. And strengths. And if you play the market with the right mindset then you can yield returns.
Going to sleep in bear market is not what a bear market is about and plenty of people have done just that. Snoozing away in a cave despite the opportunities being there.
The narrative of many is that "Crypto is in a bear market. Nothings paying out. Go back to sleep". Yikes, what a mistake!
Check out #PHX...
Just the other day, #PumaPay was up a whopping 550%. But even if a coin is up 10%, that's a solid gain in my book. Especially when you are compounding. The problem is people are HODLing against the market ( and mathematical logic ) or only looking for moonshots. Rather than sniping the market. And securing smaller gains via long-term swing trading of trends.
To be honest, I don't know why people are complaining about the market. It is what it is. It's the current weather. It seems like a lot of people are too busy lamenting losses and not looking sideways at what's paying out in the market.
The market has been paying out all this year and quite frankly, I like the slower, steadier pace. It's like being at the supermarket late at night and you have the place to yourself. You can casually buy your coins at a price you like. Which you can't do in a bull market.
The blanket mentality towards the crypto market is strange. The mentality that everything is down is hogwash.
If you look at the charts of individual coins, the bear market hasn't has a negative effect on everything. Not everything has fallen. If you check the charts of #Binance coin over the YTD, it's been strong. Better performing has been #Smartlands ( see chart above ) which hasn't cared much about the bear market at all and has maintained a strong, perhaps suppressed, price. Which has annoyed me greatly as I have been waiting patiently for a good dip to buy in.
Anyway, the bear market has been a good learning experience. I've learned a lot from it and in the next bull run / bear market cycle, I will know what to do. I will trade it. What I won't do is get depressed because that doesn't help me retire someplace warm.
Thanks for watching,
Brendan Rohan - Indie developer of 'next gen' natural medicine from Melbourne, Australia
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