Vlog #88: Crypto Correction day. Distracting myself as a Hodler from watching the markets.
It was bound to happen at some point. A correction.
After reaching $5000, BTC is now down to $4300. A $700 correction so far.
It sounds like a lot but when you think about it in percentages it's not that bad. Only 14%.
We have seen way worse. I know I have.
Still, I have this annoying happen to uncontrollably watch the markets when they go down even though I can't take much action.
Distraction is what I need.
So I went to the gym this morning where I reached a new record on the benchpress. 100KG. YES!
A much better way to spend my time.
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The first thing I saw when I loaded up the dtube video was this:
I wasn't expecting to see an upside down exyle but it did make me laugh which is the amazing thing when unexpected things happen.
Me and 'Bijunka' lmfao Well I'm glad that you had a great time at the gym and that steemfat is still going ahead despite the parties that have happened. It is always good to find a balance and enjoy everything without giving up too much.
It is good to do some weights with cardio and that is crazy how you were able to do 100KG. That is absolutely insane. Great Job @exyle, I guess you are gaining more muscle and not losing it according to that inaccurate machine.
I heard that China has banned fundraising through ICO now and that explains why NEO has been getting absolutely butchered recently. I guess that was the biggest problem as the Chinese government could shut their whole operation down and making ICOs illegal is the biggest hit to the organisation.
It would also explain why so much money has been taken out of the market, probably by all these huge Asian investors that fueled the rise of Bitcoin and Neo as of recently.
I guess another factor leading to the selling off of bitcoin was it hitting $5000 which seems like a figure more people were aiming towards before they dumped and pulled out. I think we will experience a bloodbath like in July.
It doesn't matter if the markets are not looking good but it seems like panic and FUD seems to spread to everyone even if you are a long term holder and are confident that crypto will go up in value.
It looked like Steem was going to break resistance and maybe we will see that when the markets have recovered. At least it gives me another chance to accumulate some more Steem Power before prices begin to rise again. My dream of hitting 10,000 SP probably won't happen anytime soon but hopefully I can accumulate enough as time goes on.
Well keep up the great work with steemfat and I bet you will be in tip top shape @exyle! :)
If we're expecting a bloodbath, call me "Elizabeth Bathory", for I will be ready, with wallets wide open...
There is no way to fix it once I made the mistake. I did ask in discord. Luckily I could fix it on my Steemit blog.
Congrats on the new record for the benchpress. A correction was bound to happen. I'm kind of hoping Steem goes below a dollar so I can pick some more up. Also, EOS seems to be attractive to build a position in since I believe it went below a dollar recently.
If you like Steem at $1, why not at $1.10? We all can be pretty sure that $2+ is in our future.
It's more of target value level I have in mind. Basically, any value below $1 is a good price to buy into Steem preferably closer to $0.80-$0.85. I think it will reach the $2 level eventually.
I'm the same.
Yes, these things will happen when an imminent target is reached.... $5000 is such target where traders want to book profits and buy back when the price falls, this is again a great opportunity to invest and hold while the next imminent target of $10,000 is reached.
Hitting $5,000 definitely put a bit of downward pressure on crypto markets - BUT, I don't think that's it. This is probably directly related to China's recent decision to regulate ICOs in a very serious way - see Dragos's recent post, he sums it up well: https://steemit.com/bitcoin/@dragosroua/icos-declared-illegal-in-china-markets-turn-red-all-across-the-crypto-spectrum
edit: And this was bound to happen. In today's political environment, with the insane proliferation of ICOs enabling people with little or no experience to raise millions... IDK. When I see dozens of million dollar ICOs run by people who have never actually built a business before (no, becoming VP of marketing at an established company doesn't count) - it's just not right.
Hopefully a small downturn in the 10-15% range now can save us from a much more catastrophic event down the line.
It would be great if your forecast is successful :)
@exyle Pullbacks give us the opportunity to add to our holdings. I am actually hoping that STEEM will pullback close to a dollar since I have some funds on the sidelines to be used for some purchases if it gets close to that. Congrats by the way on the Record at the Gym. Since getting involved in Cryptos around the beginning of the year I have always waited for RED Days or pullbacks in price if you will to make additional purchases. Love your consistency and keep on doing what your doing...............Slow and Steady WINS the Race....................
Well done on the bench record! I told myself I will buy when price drops to 4200 a few days ago.. not sure if I should now at 4300 hehe.. made that mistake once before when I thought that was it and then got another 30% drop the next 4 days. :)
@exyle
I predicted that once the price hits $5000btc it will falls back...
good one
mee tooo predicted the same :)
Me same. :)
@exyle,
Every time it corrected the market, it searched a new peak! We should not forget it also :D
Anyway, personally I like to see BTC drop and BTC rise up! Coz whatever happen I feel happy :D That's the nature of BTC :D
Nice article and thanks for sharing!
Cheers~
I believe btc will still bounce back ..right now it's in a reset mode ...
it's good thing lot of investor have taken their profit from the market
sure, it will bounce back... i think the crypto is trying to hit it baseline for awhile before surging higher onces again
I hope the time in the gym was not in vain @exyle. As for correction, I think, as whales will catch hamsters, the rate will be even above 5000 dollars :)
Exactly right @exyle it was going to happen but for some its opportunity and because bitcoin is so big it will only be a small percent dont let it get to you its a roller coaster ride.