I'm not sure what to do during these dark times in the market?
Part of me wants to go into fiat, to wait until the cryptocurrency market stops bleeding, and another part of me wants to just hold and buy more on the way down.
Does anyone have any clue as to how far the market will continue to fall?
Oh, and what are you guys and gals doing during this super painful, gains destroying bear market?
We are VERY far from the end of bear market. I forecast 2 to 4 years of downtrend based on 2013-2017 data. The worst is ahead.
On the other hand, there are bright spots in the market. Where some real product is being build.
So your task is to:
Whoa, that's a pretty long bear market, and maybe a well deserved one to boot. The media and governments sure put a hurting on the cryptocurrency space lately, and I think it may take some time to claw back from it.
Thanks for the advice, and good luck!
I do believe that things can go up just as fast as they come down in the crypto space so lets hope we can all pool together some rocket fuel of good news to send our portfolios to the moon again!
I love your enthusiasm Lucy, but please be careful, and no when to wait things out.
We still may have a long ways to go before hitting the bottom, but if you're just invested in Steem you'll be good to go, because with Steem, you can always earn more by posting and commenting. 🐳
I totally agree with you! I wasn't suggesting buying more crypto (as you know I am going to sit this one out ;P). I just meant we really don't know what'll come next. For all we know the tide might turn anytime and start the upward trend! At least I am hoping so :D
Very true, but the charts aren't looking good for Bitcoin, and although I am not devout chart believer, the other signs are on point as well.
I am following your advice to leave my crypto portfolio alone until the end of the year. I don't have much money left to buy in the sale as I already bought last week thinking the sale was coming to an end! :D
Don't feel discouraged Lucy, none of us can accurately time the market bottom, and I think your advice is sound... I may just do exactly the same!
I recently saw a tweet of a guy on twitter who sold his bitcoin for $14 taking huge losses. He had 1.5 BTC. Now down the road after 5 years his portfolio would have been almost $12000 even at current prices.
Oh my, I sure hear ya, but most of us humans tend to get caught up in the moment unfortunately.
People that invest with knowledge is jumping out, governament rules and exchanges been banned. I think most of the fall is because of that
Any ideas of what a bottom might look like... price wise?
Since prices seem to blow through resistance lines without contempt, I was looking for some indicator of trend reversal. I came across the “sushi roll”. It is an engulfing pattern, but instead of two candles it contains 10 candles.
Essentially, once the latest 5 candles (say on the daily chart) engulf the previous 5, you have a reversal.
Look at the last reversals, it works.
If this is what we are waiting for, we have some waiting to do…
October time-frame?
My guess is that we get there way sooner.
I'll be waiting... with a smile on my face!
Hahaha you and the entire Steemit gaha
Ha ha, too true Sir... too true.
I've been thinking of the same thing. Withdraw some of my coins. But then I already had a huge loss, so I'll wait. This bearing trend will pass. My advice is too increase the digits of your crypto wallets
Sorry about your losses, and thanks for the motivation!
Looking at ETH-USD MONTHLY chart on Tradingview Bitstamp feed shows you exactly 6 candles. That's it, 6!
Not because ETH is only 6 months old but because things in the general crypto space are in infancy. It's a good perspective to look at it that way. Many years of progress and development ahead. If you are buying quality platforms with real applications and problem solving abilities, it is only a matter of time before the sun will rise again.
I never buy anything but, but my mindset at the moment is what if I park in fiat, then buy back at much cheaper prices?
The dollar is losing value, just look at the DXY index:
(Sorry, I don't know how to post that chart, but here is the link)
https://www.marketwatch.com/investing/index/dxy/charts
The stock market has already gone parabolic and the party could end soon:
The yield curve is flattening and bonds are dropping.
Precious metals are not being allowed to go up and with interest rates rising may actually drop for a while.
Real estate is very high and CAP rates are ridiculously low.
What am I missing?
Setting a periodic deposit is fiat ready for deployment seems very reasonable. I won’t try to time the market, but I am not catching a falling knife either. I am waiting for a trend reversal and then buying cryptos again.
Seems to me that cryptos are as good an option as any.
Amen to that, and maybe I will do the same, thanks!
I invested in bitcoin only from my saving. This is the money that i would have usually put in buying bank bonds or mutual funds. These are usually locked in for 1-5 years. Sometimes provident funds are locked in till retirement which is 58 years of age. Thus i am free from this concern of market crash in cryptocurrency. I am not going to be bothered about this. I can't say i am not worried. My portfolio has almost come down by 50%, but still i would like to check only after 5 years to see if i have made losses or profit.
This is the way to do it, and this is my thinking as well, but the one itch I keep getting, is to switch to fiat, then buy back in at lower prices.
That is a good approach. As long as you placed your money is strong projects with future potential you are doing it right.
Really bullish on crypto, but can’t shake feeing like unhealthy and potentially deceptive exchange practices are going to result in some dark times for the market. Tether as a substitute for USD and the prevalence of wash trading are a major concern to me right now.
Yes, you and everyone else with a brain is very worried about Tether, and what it will do when it finally comes crashing down... I'm not looking forward to it.
I'm going philosophical. Just yesterday I wrote a long blog of my success story. Writing blogs and expressing myself while the market is bleeding.
https://steemit.com/life/@blog-beginner/7-years-journey-in-it-industry-my-success-story
Day trading too is a nice option. Have a small reserve of fiat and day trade for some money in this bumpy ride.
I refuse to day-trade, because I'd like to live a bit longer to see my returns on investment. 😉
Haha. Good one.
Past few days have been very easy for day trading. Buy the dip and sell at high. Market immediately falls in a day. 3 reds are being followed by a green.
Yikes, 3 reds per 1 green... how sustainable is that cycle?
Just look at Ether. It has fallen past $800. It keeps on bouncing back on the green days. $1000 is a normal range for Ether on green days. Unfortunately I dont have enough time and money to invest in crypto day trading. Else I would have made some 100 Steem for myself.
The overall trend is down though correct?
Yes its down. But buy when it dips and sell when it rises above ur buy price. A sinusoidal wave is perfect for day trading.
Try not to day-trade bud, it's generally a losing mans game.
I guess most serious analysts see BTC going to about 5k and then bouncing back. So you will have to wait for some days or maybe a week for this to happen and the markets to see green again.
Best thing is either going into bitUSD or other smart cash at bitshares or to just hold and power up STEEM, because it´s the only crypto that works for you even in times, when the markets are crashing.
How right you are about Steem, and converting to BitUSD is a great idea for the time being.
this is the time to buy into products in crypto that will bloom in a year or 2 from now. of course it sucks using your money and buying coins that will probably drop even more. for example i bought PFR for 1.5k 2 days ago at the price of 0.11$ each because i think that's 'cheap' for that coin, i like the product especially because they offer a dividend sharing system like COSS wich i also own some of.
Interesting, and if you have the bank roll, dollar cost averaging into this crash is a great idea!
i like crypto, but i also like money. so my investments always have a return system of some kind. wether it be POS staking dividend sharing or another kind. that's the future in my opinion. and a lot of new project seems to share my opinion.
Hey, I definitely do not blame you, it's one of the many reasons why I love Steem so much!
yea differently! i hope to build a network on Steemit and be able to make some steem on here weekly while i am studying :P takes a while when you are starting up but it's a challange i am up for!
Do it man, and have fun in the process!
@tolkatore
There were several reason for surge in crypot market
1.merge in no. of global investment
2.announcing of japan bitcoin as legal tender
3.bitcoin future announ. By Cboe global market..
Also the govt of INDIA, CHINA, SOUTH KOREA
Are continously putting statement against crypto
Which making in unstable..
I will suggest use mantra of ROTSCHILD:
1.Buy when there is blood in street
2.HODL
3.wait till others countries follow Japanese
4.HODL till more ppl use crypto globally and spend it wisely... 😃