Alt coin bloodbath in May!

michaeladamparis (61)in #cryptocurrency • 7 years ago (edited)

Today the Poloniex rivers are running red!

Most alts are in the red, with steep dives. If you notice, many of the coins that have dropped 15-25% have dipped to the 50% Fibonacci line. STEEM flirted with the 38% line before retracing back up a smidge. But a correction in the inflated alt bubble was bound to come. Don't be surprised if we see some coins dip to their 38% support lines.

Am I selling all my alts to get out of this blood lust? Nope. I haven't sold a single coin. Selling in a red candle, especially after three consecutive long candles, is not wise. My philosophy is to buy red and sell green, so instead I bought the worst performing coins today. Chances are good that they will bounce back within a day or two, if not in a few hours, gaining 10 or 20% in no time. Selling now and buying later on the way up is pure insanity.

So, yes, I am holding my STEEM on STEEMIT, and also the small amount I have on Poloniex. If the bloodbath continues into tomorrow, I may have to take out a payday loan to buy up all those wonderful alts that will probably never see such lows again.

What did you do today? Buy, sell or hold?