Cryptocurrency Bloodbath! Sell Everything We Were Totally Wrong!

in #money3 years ago (edited)

Just kidding.

The cryptocurrencies have taken a big hit in the last few weeks, however, just as we said they would.

On June 11th, bitcoin stuck its nose just above $3,000 and is currently near $2,377 for a pullback of 20%.

Ethereum, which I warned on numerous occasions had gone way too high, way too fast, touched $400 on June 13th and fell below $200 this morning. On June 26th I wrote, “Vitalik Buterin Death Hoax Brings To Light Risks In Ethereum”.

In that article I said how we had been telling subscribers to take profits on all cryptocurrencies, especially the altcoins, and Ethereum. Another call that turned out to be very prescient.

The total market cap of all cryptocurrencies, including bitcoin, hit a high of $112 billion on June 11th and is currently near $82 billion for a loss of 27% in the last month.

It’s interesting being in the financial newsletter writing business. You get a massive amount of new subscribers who all subscribe wanting to know what to buy… right when they should be selling!

For this reason, many newsletter writers don’t even tell people to ever sell.

But, I wrote about this exact thing to subscribers recently.

In a recent newsletter to subscribers (subscribe here) I wrote:

BUY OR SELL CRYPTOS?

I have seen a number of subscribers posting in the private TDV Facebook Group that they are beginning to give up on gold and silver and are thinking of selling and buying some of these high flying cryptos.

That would be the opposite of what I would advise at this moment in time... and I touched on this in the last
Dispatch too.

To sell gold and silver to buy cryptos right now would be the worst time in the history of the world to do it. I don’t say that just because gold and silver have been slumping lately... but because the cryptocurrencies have gone parabolic.

It is hard to imagine them continuing to make massive gains much longer without a serious pullback first.

Here has been my buying and selling strategy on bitcoin for years. The selling strategy is simple: I never sell.

The buying strategy I’ve had is to keep buying more every month. But I buy much less and even stop buying altogether when bitcoin has increased by too much, too fast. For example, when it went over $1,000 in 2015 I was not buying.

When it hit $250 in 2015 I was buying as much as I could.

And the same strategy goes for the altcoins. And I suggest you do something similar. The cryptocurrencies are going to be massive. We haven’t even started yet. But it will take time and there will be plenty of ups and downs along the way.

So, if you want to buy more, wait at least for the next “down”... where bitcoin falls $300+ for whatever reason. It’ll happen. It happens all the time.

So, don’t get too caught up with the crowd at times like these. The cryptos will have their pullbacks and we’ll
be here to give you the best advice on when to buy and which ones to buy at that time.

As you can see from our gains above... we’ve got a pretty good track record!

Conclusion

We had many new subscribers in the last few weeks get very angry at us for not advising them to buy any cryptocurrencies.

Some of them were telling us that they were going to invest everything they’ve got into cryptocurrencies because they will never go down in price again!

Yes, some people really said that. That’s a big part of the reason we knew the cryptos would soon have a large pullback… when a lot of people begin to think that we have reached a new paradigm and a certain asset will never go down in price ever again… that’s when you sell some!

This isn’t to say that we think the cryptocurrency market is over. Not at all. In fact, in many ways it is just beginning!

And I hope many of our subscribers took our advice and are getting ready to buy back into the market when a bottom looks close to being reached. It’s not quite there yet.

We’ll be letting subscribers know in our next edition of our newsletter coming out in the next week or so. And, in the next few days I’ll be letting subscribers know about a new crypto that hardly anyone knows about yet that I think is an “Ethereum killer”.

We recommended Ethereum at $2 to subscribers last year and, interestingly, came out and said Ethereum was a sell near $400… it has since fallen to $200. So our track record has been ridiculously good.

You can get access to all this information by subscribing here.

And if you still don’t understand cryptocurrencies or why they are changing the world, check out my free four video webinar here.

On major down days like today many people feel really bad. We, and our subscribers, are loving it as we took profits and are ready to deploy that capital at lower levels.

It’s called buy low, sell high… and it’s a lot harder to do than it sounds. But stick with us at The Dollar Vigilante where we have the best record in cryptocurrencies in the world and have been covering them since 2011 and made 100,000%+ gains since.

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this is good I get to buy at a discount... how low will it goo...?

You should wait until a bottom is CLEARLY built. You can identify a sustainably bottom with methods of chart analysis. Look at the btc chart from 2013 - 2015. A BIG "U". But this time it will not take some years, but some month. Watch the vola and the sales numbers on the exchanges. They both need to be low.

This is GOOD advice. Waiting is the key point to "buying low." People are panicking and they will remain fearful for some time until the dropping levels out, which can take weeks or months. But, the collective psyche will eventually forget and other zoom upwards will happen. That is just how all markets work.

I remember when prices were high, and I was willing to pay those prices but wished the prices were this low.. So I say if you feel like you missed the boat last time they were high then here is your chance!

I've been doing some daily analysis for Bitcoin in my blog. If you're interested just click my username to see my posts. I won't link it here out of respect for @dollarvigilante.

Suffice to say, we need to work out some of the irrational exuberance that propelled BTC to the 3K level. Its a cycle that we've been through before. I've been tracking BTC since 2011, so I understand this - as does Jeff.

Def much lower

Think so too, 1 aug....?!

How much longer do you think we are in this correction until it starts turning the other direction? Bitcoin getting down to $2250 or more like $2000.

Sold everything before I read just kidding. Oh double darn!

collect more crypto babe...

Meh!!! Dude you don't mean it i guess

Lol

Nice title :D

Guys, have a look at the Coins which relatively lost less compared to all the other Top 30 Coins and based on that pick the ones with real life use cases and not only concepts. Then decide and reallocate your portfolio based on the gems e.g. Dash, Steem, Iconomy, TenX Pay Token, And more

Yup... TIME TO RUN FOR THE EXITS!

(NOT)

Seems to me people just lose sight of the idea that investing in high volatility assets means that there might be... ummmm... high volatility? And it's not just a nice straight line to the upside...

The dips always seem sharper when you have a lot of newcomers investing in any asset class... everyone slips out and hits the "sell" button the moment there's even a small bump in the road. Which can be a nice buying opportunity for those who are in it for the long haul....

Indeed a lot of people can't just chill out. Afraid or Greed? I don't really know to be honest.

Many get upset including myself when there is a big correction and that we didn't sell and then be able to buy back in at a much lower price. In this case I didn't sell either and I am a bit mad however you have got to look at the long term picture. The cryptocurrencies are probably going to astronomically high in a few years so why get upset over not selling and buying back in. Cant get to greedy. Just relax and hold and in a few years reap the rewards.

Agreed.
It is hard to see losing all the gains we made, but I strongly believe the mid- to longterm trend is up!

I'm having a hard time relaxing... ;-) But feel exactly the same way as you @kp33 and @buildyourdreams, trend is up!

Thanks for sharing all of this good info

This comment has received a 0.07 % upvote from @booster thanks to: @hamzaoui.

It certainly has been a bloodbath. I am buying up as much bitshares as I can in preparation for then up and coming blood river.

People chill please. As if you could retain a 100% pofit each month;)

I WANT TO PUT 1K INTO CRYPTOS, ANY IDEAS ON WHICH WILL RISE THE MOST IN % TERMS? :)

I like Dash a lot! Look how relative stable Dash is.
Besides Dash & Steem you should consider Antshares (Ethereum of China), Iconomy (kind of a crypto fund)and I like TenX Pay Token.

Dash is a good idea, even if there are a lot of DASH haters. These people will have to look at the soaring price without being invested soon.

Dash is advancing day by day. Once the Dash community becomes more popular in Asia ( in Korea Dash is already established) it will go a long way.
Besides that the number of coins available is compared to so many other Coins quite low. If you throw everything in market cap is still cheap.

Its only because they mined 2million coins in the first days.
But they are doing good promoting job.
Mixing coins on blockchain is also not very useful.
Because if people would use dash like btc then even the 8x more transaction per second are not enough.
But like i told. Good promotion ;-)
And hopefully good evolution software.
Or is it out allready?

Speaking of Dash, there is always the option of PIVX either way we are in a really interesting time in terms of where currency transactions are heading in the future.

Might be, but Dash is superior simply of the infrastructure already in place and in particular their 10% budget which allows them to finance projects, talents, marketing, you name it.

I think bitconnect is the deal.

Spread your dollars around! Unless you know somebody inside with specific inside information you can trust, sow your seeds in a wide swath to increase the chance of bounty and minimize risk.

Same here! If anyone has any input on various coins, let us know

im glad to hear all opinions

Take a look at ParkByte, OKcash, Breakout coin

learn at first mate, then make your own decision

MaidSAFE... very aggressive project.

We all saw this coming though

the market was too hot, and there was WAY too much ICO hype

millions were pouring into the network from people who dont even KNOW what cryptocurrencies are, just people looking for a quick buck... this is the result

hats off to everyone who has been buying during the dips

Because we are going to profit again from the Highs

Good post! Thanks for advertising steemit on Youtube, i am on steemit because of you and your work. 👍

Steemit is a great place to be and hearing of steemit from Jeff makes it exciting

Fucking craig wright drop bitcoin, want to fork fork yourself!

I sold most of my ethereum at $200. Wish I would've waited another week or two! I'm hloding bitcoin and dash, though.

hahahahah you should contemplate buying as much bitcoin and ethereum but you must wait upto 26th of August

Good read! I'm still new to cryptocurrency, posts like these are useful for me to understand the game.

oh damn, I saw the title and sold all my currencies.
Came back and wanted to tell evrybody that I sold evrything just on time and then started to read the rest of the article- what a fail- what I have done

This is in fact the great opportunity to buy our favorite coins and hold, this would be far most profitable strategy. After BTC Hard Fork all will go up again...Just sit tight and enjoy the ride by purchasing on dips.

Dang, thought you were serious for a second lol

Honestly this got me insane

Just keep buying on dips and HODL 😬🤑

I believe that cryptocurrencies are basically the money of tomorrow. Even if it drops in price every now and then, it comes for market correction. The rise will be there.

If Bitcoin is the Napster of cryptocurrencies then there will be others that will overtake it and be more popular and stable.

We should have the keen eye and the do our research deeply in each of the currencies we want to invest in.

Some will die but some will go up. So getting into the market now is one of the best times.

I did a little buying on the downturn, will do so again.

it is an itnresting post. i agree. people seem panic. some of my friend private massage me to sell or hold. if asked from last week, then it fine. today is not good at all to sell. unless u are in margin.

"And, in the next few days I’ll be letting subscribers know about a new crypto that hardly anyone knows about yet that I think is an “Ethereum killer”.

The suspense is killing me...

I follow the "COINBASE RULE" (Which I made up myself): Buy and sit on whatever Coinbase has to sell. If they aren't selling it, you shouldn't buy it.

Alt coins have slightly better odd than a lottery ticket. Only bet what you have to lose.

I will make an article around this... I think I know what it will be...

You have been very accurate with your reports @dollarvigilante
I can't wait for your new Dollar Vigilante report comes out.

well said !i stickthe same age old adage buy ;ow sell high ! cryptos i never buy unless theres been a 68% fibo re tracement ! this is my safety zone

This seems to be good advice. Could you give me example or explain in detail, please?

Fibo tool any trading software !

When the correction will come, steem will fly. The SP mechanism prevents massive supply

It's true - buy low sell high is extremely hard emotionally! Until you master it :) it is the greatest feeling of all!! I subscribe to The Dollar Vigilante for a couple years now, using their advice (for one) as guidance I have learned this tool and look forward to those moments when I execute it, and receive the feeling of I am the smartest, luckiest, and wealthiest because I learned to sell high :) There is a lot of good people with good advice out there, and all of them encourage this one motto to learn to live by - buy low sell high!

I am still learning it! You are lucky that you are able to do it. I hope to be able to do it soon also. I am learning hard way. But it is getting better. How do you know it is high enough? Or low enough to buy? How ofter do you sell and what kind of profit you are looking for? Do you sell all or at parts somehow?

Time to buy as prices fall because very soon they will be rising, maybe bitcoin will get to over $3000. Thanks for sharing, upvoted and resteemed :)

ripple has a bottom now. To high volume on a good support trendline..asd.png

Great post Jeff, it's hard to deal with emotions when it comes to trading in the beginning. Right now we are a team of people holding chaincoin (50% of the market) and will not sell it the coin reaches high numbers. It has worked out great this couple last days with 500% gains and almost no drops! The community in the cryptoworld is amazing.

Good info. Cryptos up down up down always. Hold on people its just getting started. Peace.

Don't bother with btsc on wallstreet though, unless its gets down below 0.055 but how low will it go. Lost almost half its value when I bought high.

I don't see anywhere for bitcoin to go but up!

Time to collect!!!😁👀👍🏼🏁

I have been a member of the DollarVigilante newsletter for a long time and I really appreciate their advice. However, I need a lot of energy to understand everything that affects the cryptos because my native language is not English. Would any of you have french resources to suggest me to be sure I understand everything that affects cryptos (choose a wallet, sites to buy, etc ...) Thanks in advance !! :-)

Il y a longtemps que je suis membre de la newslettre du DollarVigilante et j'apprécie beaucoup leur conseil. Toutefois il me faut beaucoup d'énergie pour bien comprendre tout ce qui touche les cryptomonnaies car ma langue natale n'est pas l'anglais. Est-ce que quelqu'un parmi vous aurait des ressources francophones à me suggérer pour bien comprendre tout ce qui touche les cryptomonnaies (choisir un wallet, les sites où acheter, etc...) Merci d'avance !! :-)

buy the dips, hold, mine, repeat.

scotty_ETH_donation_pub_addy

PS, Jeff, when is your rap video premiering? your dog walk videos are my new favorite thing fyi…

TDV4life

Awesome contest @dollarvigilante... 👍👍
You are doing a great job of keeping your followers safe from being brutally slaughtered in the bloodbath at the crypto market, these days. I would definitely look forward to your recommendations before putting my money into any of those crypto currencies. If you believed in Ethereum when it was $2 then would consider you to be the jeweler who knows how to distinguish diamond from ordinary stones. Way to go sir. Peace ✌️

Exciting, but also frightening.
Truly a thrill!
Let the prices drop just a little lower or remain as they are for a short time!

Ya i too was waiting till 1st to see the effect in bitcoin. Nice post thanks for the information

muy buen post...a propósito estaría bueno que ustedes las ballenas nos den votos a los que recién empezamos para poder crecer mas rápido...y en el futuro ser también nosotros que ayudemos a los nuevos...es solo una idea

Am often wonder why people are scared of blood. Little do they know that that is the best time to buy

Honestly the one coin I thought that should be taking the most hit right now would be bitcoin due to Aug 1st possible issues. Surprisingly though that ones down 3-4% while everything else is just flat out tanking. Curious what else could be fueling the sell off right now besides panic.

I, too, was getting caught up in the "irrational exuberance" of the market and wanted to buy, buy, buy at the height of the market. While I bought some on the way up, I'm holding onto it all now. And, I'm ready to buy more when it appears the BTC questions of SegWit, SegWit2, UASF, etc. are all solved.

Now I stay on the sidelines and wait it out.

This is the best thing ever! Entree for round two! Hah! We could use more downs. Spam that buy button. Cheers!

Buy low sell high

this is really good...what is the best price it is going for? really love it

Good post. I just vote up ;)

I bought about 10 different tokens, now all have fallen. But I'm not going to sell, I'll just wait.

It's taking a bloody good kicking lately and I'm just watching the Keizer report and he reckons everything is good? Cheers mike

Thank for sharing the strategy. I will follow that.

hahahaha anarchist sense of humor, gets me every time :D It's like: ooooww I guess we where stupid after all, we'll have to return all this money we made...

Buy low sell high, right ? ;)

Good post. This is the best opportunity to buy whatever coins at lower rate.
@polaleye50

Don't you think a 50% decline or more in many cryptos would signal a great deal now??

Great insights, love your blog!

I feel like after this crypto dip, they are going to be sky high. Can't wait.

Jeff we greatly appreciate your contributions to the Cryptocurrency realm!!! Thank you for bringing me to Steemit

Gods Speed

Thanks for the post. My friend recently got me into cryptocurrencies and my head is spinning:) However, articles like this are very informative and help with the learning curve.

it's getting very interesting! i'm confused

Damn, Why do I always gotta get involved with something when it isn't at its best, lol. I mean I knew something was up when my introduction post only gained like $5 for way more content then people who would post a couple of photos and got like $90 for it.

Just my luck, I'm telling ya but Imma still make the most of it. Cause I got big plans I tell ya, Big Plans! #Upvoted

thanks for every thing i have bought gold silver and crypto food en water system let the crisis start

Very tempting to buy now. But more pullbacks will come soon with the intro of BIP148? So buy now are wait for another pullback? :)

A laugh a minute and wise too

this a an awesome analysis of altcoins in the financial market you expect that the curve will always be normal,,,mmm the big question is can bitcoin come to as low as 100$

Hey! make it go up always, will ya. Geeze.... We expect parabolic to the parabolic's degree! Stomps feet

Jeff just exposed so many followers lmao! Half of yall sold before you even read the article 😂

Let's buy more cryptos :)

What is crypto? Please explain, I do not understand, I just heard it ... @dollarvigilante

lol, good title...

it's time to buy cheap and HODL!

more great content. thanks for posting.

Kudos for your post.

Great post. I am just learning about cryptocurrency, but your videos and posts make it very accessible. Thanks!

I'm just curious but what exchange do you gather trend prices from? Thanks

I hope you advice cloakcoin ;-)
I am sitting on it and wait...
Its not to much the deal. But its building on bitcoincore code and solves the problem for privacy a little bit just over the nodes. Easy implementing for bitcoin core...
from my understanding.

ps. i had the same thought about bloodbath today all day at work.
oh man i still go to work.

ps2. i think trace mayer sold his pivx. 2x-3x for him in btc value :-)

Ethereum is going much lower. Bitcoin? I dunno, possible

Yes, you were right. I won't sell anything. Yes, I believe it can go lower.

This is Just a Trailer.......The All Movie is Coming

This is very true and you are right about buying low and selling high, or if you have the assets, just buying and holding. It's definitely been a test for me to invest right before the market dropped a few weeks ago and see everything i invested plummet, but it's also not stopped me from continuing to invest, especially since the market is cheaper and cheaper. I'll just buy and hold and put my investments in stocks that i believe will be valuable in the long run.

Yes. A bit late to sale and a bit early to buy.

It's the best time for shopping!

No thanks! I 'm holding and buying.

Right on schedule, the tide is low, time to go swimming.

The hardest part — is just wait=)))

I am sticking with the Dollar Vigilante ...

this is my chance mehn

This is the absolute best time to start buying and accumulating good coins that will be around for the long term.

Nice article Jeff. You got the proof in writing of what you said and when.

How many shaking hands! XD

Looking at this like a sale, chance to stock up for some good prices. Looking at the longer game. Another great read thanks.

Prices going lower
Hold on it's gonna be a wild ride

Be fearful when others are greedy and greedy when others are fearful.

I'm not as optimistic on Gold as I used to be, though =/

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I wont buy now even with this prices, everything its posible in crypto, so seeing this actual situation it can get worse, the next 10 hours we will see the real floor i think.

Bitcoin and many of the other block chain currencies have all the fundamentals going for them, but like any other investment it never goes straight up on the charts. Every currency, stock or commodity that has seen a rapid growth or appreciation will ultimately 'pull back' to the statistical mean - an average price at fair value. It is at this price that buyers will be waiting to buy some more at discounted prices. I would suggest people look at the technical price formation on a chart to find good value spots to get into the market - it always pays to get in at a lower price. NEVER buy at the top.

Like I said Bitcoin and the other digital currencies have a lot going for them and the true fundamental reasons are there to form a base for their success as 'the peoples money'. Many great minds have expressed their opinion on Bitcoin - I have an article on it here for those interested: https://steemit.com/bitcoin/@nzfxtrader/what-famous-people-are-saying-about-bitcoin

Great post, up-voted! Cheers ...

You know, when you look back at the Bitcoin charts, you see a large spike, then a drop of about 25%-30%. It then holds for a while not really going anywhere, then another spike and pull back. We recently had a spike, and about a 30% pull back, I agree with you, it is about time to start buying again.