If you're in altcoins, you probably feel pretty bad, but remember: If you sell now, you are selling low and buying Bitcoin at all all-time high

in cryptocurrency •  5 months ago

They say 'Buy Low, Sell High', and if you're still in altcoins you're really way beyond the point of where you should have sold. I know how you're feeling, because I'm 95% in altcoins as well. I am feeling sweaty hands, just as you are.

But don't get caught up in the FOMO, is advice any experienced trader will tell you. Chasing the profits is usually the worst course of action.

When you feel down about your altcoins, remember the great bull run they've had in the recent months, and then look at this well-known picture below.

We've had the bull run, and right now we are at the point of 'Despair'.

Instead of succumbing to the Fear, uncertainty and doubt (FUD) during this crucial moment, realize that this is the moment you should be holding. Right when it's down at it's lowest, and everybody feels despair and is ready to give up, is when the big profits are made. Buying in at such lows is what makes millionaires.

On the flipside, Bitcoin is at the 'Delusion' stage. It can't go on much longer, before a correction is due and a reversal takes place.

With the excruciating long time that this current altcoin dip is taking, the prices are really repressed. Practically all the weak hands are being shaken out, and all that will be left are hodlers who weren't going to sell at these levels anyway, or they would have. The longer this takes, the more repressed the prices get, the more explosive the return to median should be in my opinion.

If you haven't sold already a month ago, my advice is to just hold. Prices may go lower still, but we are at such lows that it is hard to imagine. You do not want to be caught selling at the absolute low-point: Murphy's Law will make the trend reverse the minute after you've done it, like you've probably experienced many times. Sit back, try to relax, stick to the plan and just HODL. Nothing you can do now anyway. It's two more weeks of hodling strong, it looks like.

hodling hodlhodl.png

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I am LOVING the downs. I have been using my stockpile of Doge to buy, I even got a little bit of Steem while it was at about $0.82. All you gotta do is HODL HODL HODL! (and buy more. This is a perfect opportunity to get in deep.)


Oh yes if you're buying these are great times, certainly.
But for those who are out of spare FIAT, it is torture!

It is certainly a tough time for alts. But those with a balanced portfolio holding BTC will at least have hedged their portfolio and feel a bit better


Yep, lesson learned :(

HODL is so true. I will add also buy soon and take profit for Christmas :-)

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Yea...it's all about BTC right now. Alts are just taking a breather.


OMG is so low now


I never purchased OMG in the past. I'll check it out and do some research. What do you think a good price entry is?


Well to be honest I never thought it would drop this low. I have been buying ever since 140K satoshis, so the dip down to 80-ishK satoshi's is an absolute steal IMO. But nobody knows for sure, Segwit2x is still two weeks off. It may go lower. I was very tempted to buy more today but it jumped back up before I could.
In dollars I'd say anything below $6.80 is a pretty good price, lower is better obviously.

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Patience has taught me alot. This whole time I played a little but I last night I made another 1k from Rise and cashed out. I know one thing BTC forks will hurt altcoins because of what I noticed with Bitcoin gold fork. So I actually didn't even buy bitcoin. I held out. I am still holding out, I think next week will be a great buy time, but I will start laddering soon here. Because i expect alts to get little pump here and there but overall fork will hurt them. HODL for those who are in, I know its a torture when I was all in with no spare cash. Trust me sitting out is losing nothing, when you get rid of FOMO its the best you can do. Patience is key in crypto.

i think we are at the first sell off, institutional money is just now starting to come in. Good chart i but think you are a few years ahead


When the total crypto market cap is in the trillions then we will be at the new paradigm !! :)

Do you mean HOLD or is HODL an acronym that I do not know of? @pandorasbox



They are common crypto acronyms:
HODL = Hold On for Dear Life. FOMO = Fear Of Missing Out.


HODL is a misspeling of 'hold', which is a popular meme amongst cryptocurrency enthusiasts. It all started when a drunk guy posted on a Bitcoin form years ago and made a type, that turned into a meme

For me it's very hard to hodl, but I do day trade the drops with about 50 percent of my alt holdings. I wake up every buying back more than what I had the previous evening on the bitcoin surge but at least I'm holding more coins. Some coins like omg, my position is not strong enough so it's a hodl. xvg I sell 30 percent of it twice a day and wait until it drops 5-10 satoshi. It's a crap shoot but one I've been way ahead on now as bitcoin rockets. When I woke this morning I was afraid to look at my exchange wallets after seeing bitcoin price. But I am 1/3 bit coin and 2/3 alt. Sooner or later many of the alts will explode

Yes, torture when your out of cash and the prices are incredibly low :(
Bitcoin is making it's way to Wall Street (CME) and that money is taking notice.

Holding, but I did take my earning from the $2,000 rise in Bitcoin to purchase from Vertcoin. Which I didn't know anything about until very recently. It seems like the "bronze" version of Bitcoin if Litecoin is the "silver".


I was tempted, because of the hype. But I remember similar hype, because of similar reasons, three years ago regarding Vertcoin.

I decided to stay away. I always ask myself: Do I want this or that coin... and oftentimes, I don't, usually. The main reason I want many coins is because I want more bitcoin and I think those coins are going to get me that. But I've had more success with coins that I actually believe in, like NEO, than the wild bets I made on stuff that other people said was great.

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