Become a dolphin by trading the alt coin correction!steemCreated with Sketch.

in bitcoin •  2 years ago 

In a previous post I wrote two weeks ago, I discussed the the different phases of a bubble as well as where analysts believe we currently are. This information was based off of Ken Goldberg's, original article, where he explained that we are in the final stages of the manic phase, which is the last phase before the last big pump will occur, which will send us to unexplored reaches of the galaxy.

There is no doubt that if you hold whatever cyrptocurrency you own, it will most likely go up over time, but if you want to expand your portfolio by at least 50%, here are three indicators you should look for before reentering the market in the coming days or weeks.


Source


According to Goldberg,

  • We will see Bitcoin's price drop below $1850, and go no lower than $1450.
  • We are now in the last phase of the bubble where we will experience a price push to $2800
  • After we exceed $2800, be on high alert because the price is expected to soar past $3000 before Bitcoin's burns out like the phoenix it is.

I encourage you to read Ken's original post to get your own interpretation on what this recent price action might mean. I am not a professional trader, so all of this is purely speculation. I however, doubled my portfolio in the last month by using technical analysis and advice from traders like Ken. It is never a bad idea to hold, but if you are currently a minnow or even a baby dolphin that has been dreaming of swimming with the big fishes, then this is a perfect chance to take advantage of good ole history repeating itself.

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Thank you for this analysis. I wanted to wait until the weekend to buy some coins. I guess I was right on my assumption that it will keep going down as masses are panicking.
Now the question is: should I buy BTC and keep it, or toss it around in altcoins?

Thats a great question! My plan is to buy the alt coins when they are low so I can maximize my profits! I'm trying to get to dolphin status, so alt coins all the way!

Part of me thinks that this isn't necessarily a bubble where we will see a crash in the price, but perhaps a slow grind lower over time back towards the mean. There are a lot of people that will buy the dip no matter what, and if the combined pockets are deep enough there will be no crash, just a slow move down towards a support point.

That is definitely a possibility! Howevever the price action has been parabolic in the last month, with no real consolidation in between. This is normally a sign of an unsustainable market or in other words a bubble. I do agree that we will fall towards support, but their is so much hype influencing price action, that I believe it will drop faster compared to a more gradual decline.

Thanks for this... just getting started in crypto and this helps. Will be watching for more!

Hey happy to help! If you just got into crypto, you should do your do dilagence into researching which coins have sustainability before you invest!

Thank you, appreciate that! There's so much to learn!!

If you really want to buy low, Bitcoin should be low on the weekly charts. That's still a year away should we have entered a bear market again (which I doubt).

I think we entered a temporary bear market and will see a correction below $1850, which is healthy and to be expected after this unsustainable parboilic movement. Then I'm expecting another push to test that $3000 mark before we go into long term consolidation. The crypto space has been evolving at an unsustainable pace and if it's to keep growing and gaining value, we need a period of consolidation.

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I totally feel and know that this is the right strategy and that it will go this was so I resteemed it. This was very good post, too bad it got little votes! Hoping forward future posts, good luck.

Hey I appreciate the support! I'm not too concerned about the votes though! Like anything in this world, It takes time to grow and become successful, so i'm enjoying the journey! I'll keep trying to contribute quality content to the community, so thanks again for your encouraging comment.

Thanks for the link! I just check out that post and the analysis is very sound! Even though I was bearish in this post, I am bullish long term for crypto currencies and only made this post to play devils advocate! In other words this post just got me very excited! Can't wait to see the price go through the roof!

what you don't factor in your analysis is the outside events like brexit, financial crisis etc... If you just think in term of cryptocurrencies, yeah you look for usual economics and trading indicators. But I think the picture is bigger, way bigger.

Thats a great point I never thought of! I wrote this post a few days ago, and I expected the bears to be really strong going into the weekend, but it seems like the crypto space has rebounded nicely. Thanks for the comment!