Do Not Sell Your Altcoins Cheap!!!
If you have noticed, since the announcement of Bitcoin Cash, many of the altcoins have started to slid in terms of value vs BTC. Especially the top ten coins like ETH DASH XRP ETH ETC...... This is mainly because almost everyone are anticipating the hard fork of BTC which will happen in 1st Aug. What do I mean? If you are holding altcoins, the natural instinct to profit from BTC hardfork is to hold as much BTC as possible. Therefore you have to sell them for BTC causing a downward spiral for almost all the altcoins. When the price of altcoins drop to a certain level, it also triggers more sellers to cut their losses further bringing the price down.
If you have sold the altcoins early, you would have hold the maximum possible BTC at this moment because so coins like ETC, DASH, LTC all have their final pump before the dump. I have anticipated that to happen and sold most of my altcoins leaving only some like steem which are locked in SP.
So what should you do now? According to the technical charts I see, the altcoins are currently cheaply priced against BTC. I m not saying it will not go lower but if you still have any altcoins left I will not suggest selling them at this moment. Technically the risk is too high and reward is moderate if you intend to sell altcoins for BTC to profit back the difference. You might have already miss the boat for BTC hardforked but its ok, there will be more opportunities around in the crytocurrency space so no worries. Dont rush into it now or you will be victims of sharks. Hold the altcoins you truly believe in. I believe in steem and EOS. So I m still holding them and although I love to buy them cheap, I dont hope to profit from ignorance people. We can grow together and profit from the whales. (I wish haha)
I usually like to do the opposite and buy against the market. When people are selling I m buying. When people are buying I m selling. I cant say I m always right but I m lucky (finger crossed). Anyway remember to keep all your coins in a hardware wallet if you have more than $2000USD worth of coins. Have a great day and cheers!!!
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Great post my friend! Thanks for the explanation.
You are most welcome my friend!!!
Hi again.
I made a full post regarding Bitcoin Cash and how to buy/sell/trade.
Maybe will help others too and resteemit.
bitcoin cash – how to buy / sell / trade / claim – after august 1st, 2017 fork
https://steemit.com/bitcoin-cash/@ilvstranger/bitcoin-cash-how-to-buy-sell-trade-claim-after-august-1st-2017-fork.
I tried to centralize more information with updated info.
Hope will help others too.
Good advice re: holding...
Thanks a lot for your nice explanation ~
Your most welcome. Do follow me n resteem if u like the post.
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Good point. Nobody knows what is true from what is happening. What is fake or not, the simple ideea of holding all you have in one asset is the worst ideea. Nobody knows what will happen. And if it is bad... it is bad and nothing can be done.
If you can hold in more assets is better. And from what i see, i believe the drops for altcoins should be because the hipe with bitcoin cash (BCC or BCH, kraken uses last one) and people buying more BTC in detriment of altcoins, nobody knewing what will happen.
But, it is a possibility to be good, so everybody can do what they feel.
It is also good to be people with good intentions, just to wake up in us, newbies that simple things.
I believe BTC will regain its dominance level to about 60+% before everyone's going back to altcoins. As for now I m bullish on btc and for altcoins just hold don't sell
We will see :-).
It all depends on the people reactions after the split. What masses will choose will influence for sure what will happen, at least for the first week.
If transactions will be adopted on exchanges, then will be a unknown road again for BTC. Only time will tell... now being in 1 day diff till split.
Regarding altcoins, i was looking on charts in the last two days, for my choosed ones and i saw small ups and downs... could trade them to play a little, but i felt not to do that :-). Maybe i could do small trades and buy back BTC... i will see :-)
Nice post. Am holding ant coin at the moment not gonna let go off it anytime soon
Great!!! Strong hands!!! Don't be fooled by the market!!
Hello @lawrenceho84
I'm new in this community. help me to grow up as like you.
Thank you
Sure follow me n comment on my post I upvote all comments.