Beginning of Massive Sell-Off or Just a Temporary Dip in Cryptocurrencies?

in #bitcoin5 years ago (edited)

I was fast asleep last night when bitcoin supposedly touched $5000 (I never saw it live) but woke up this morning and realized that it has retracted by 10% and $13 billion has left the crypto-currency market cap. I'm not panicking as I am a LONG TERM investor in Bitcoin, Ethereum, and Steem. I see IOTA and EOS belonging to a speculative portfolio.

Crypto Market 9-2-17.jpg

Looking at the Top Ten Cryptocurrencies today, I see that all 10 currencies still belong in the $1 billion market cap (as of the time of this writing) but each has suffered between nearly 9 to 19 percent drop. IOTA was the worst loser with nearly 19% so far. I'm watching IOTA closely as I've been trading that token between 80 to 90 cents in the past week, now dropping to 65-68 cents.

We have seen this before in June when I remember bitcoin dropping to the $1900s and ethereum in the $180s but they promptly shot back up to $5000 and $380 in less than two months. So this is a good opportunity to add more tokens to my long term portfolio however I'm just wondering about the timing.

Steem lost 16% to $1.32. Will we see Steem price drop under $1 so that we can buy more at a bargain? Only time will tell, but one thing is for sure: this is another opportunity to start accumulating more Steem Power.

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Haha - yes @Tytran betting boxing and tennis is much simpler. This competition will require a lot more admin

Everything is simpler than it seems, buying after a down sells after a raise. Luck!

Trust me I've experienced that so many times. I analyzed a price trend for a week and I tell myself "I got it! I'll just buy at 0.8 and sell at 0.95 several times a week and make $500". When the actual trade happens, the fluctuations change! Betting tennis is so much simpler don't you think?

I'm actually waiting for it to drop over $0.50 or even a bit lower... we've seen a huge pump this summer in the kryptoworld, so now it's dump time... regarding Bitcoin I think it pays to follow a contrarian view, so when everybody said that after the fork it'd fall it actually continued to rise and now that everybody was saying that it was approaching 10000 before the end of the year boom!! time for a correction... and since most of coins trade on bitcoin they all have followed

Let's see how it develops... above 4400 it's still very bullish, so depending on the next few sessions this could be just a bump in the road or the beginning of a more profound correction

I'm in it for the long term as I assume so are you. I just want to make some profits to reinvest into more Steem Power. I was also thinking IOTA @ $0.50 is the magic number but I also want to make trades between 0.65 and 0.75 as it appears that those are the new highs and lows at this point. When the crypto market recovers it would go back up to $1 guaranteed. That is as sure as Mayweather outlasting McGregor.

Oh absolutely the krypto potential as I see it it's still huge so each correction it's an opportunity to increase our portfolio... as soon as the different regulatory bodies make their minds about digital currencies we are going to see a tremendous boom in the market as more and more hedge funds start to enter the market with their big wallets

Man, 3 months ago I didn't know crypto existed, now I'm buying. Buying and holding. If the price drops, I buy some more.

I think this drop is expected as well. I think the uncertainty about the november Bitcoin hardfork is causing some FUD.

interesting post I have followed you friend and will see your next post ... please help me in this problem .. i like how to share you @tytran.

The markets are often that way and its what makes trading very interesting. By the way, @kingscrown wrote an article about bitcoin shooting to $10000 very soon and i think its really feasible. All the best with your long term investment. Dont wait too long to buy in for they are all still undervalued

Hello my friend trading is a best business in cryptocurrency

Exciting too.

It because CHINO is blocking all ICOs. or at least the ICOs from china

Two words come to mind: Red Pulse.

1 day small correction can't brake weekly UP Trend

Thanks for the reminder.

Welcome, it will takes coaple weeks to change the TREND

I'm disappointed in the fall of Neo. The rest of the coins will return, it's understandable ...

Don't be disappointed. Be thankful you have another chance to buy during the sale. NEO price got hit due to the Red Pulse ICO announcement that they will not allow US and Chinese citizens to participate among other nations, but also due to the sell-off, so it suffered a double whammy.

This is like Black Friday for cryptocurrencies. Not sure how long the Black Friday will continue though. Prevailing wisdom is to ride the wave. Wait it out then start buying when it is rising again.

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Much more FUD... BTC ~~~> $600 anyone?? 😆😁😆

good luck man and thanks for sharing...

I, was upset too, but it happens. We hope that soon it will recover to its previous level.

Hmmm. We'll see. The blockchain technology is still on its infancy. Too early to make a conclusion.
upvoted and followed.

Everything is simpler than it seems, buying after a down sells after a raise. Luck!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

interesting post I have followed you friend and will see your next post ... please help me in this problem .. i like how to share you @tytran.

I am investing in Cryptocurrency :)

today chinese closed ico and again all red;)

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