Steem price up today - what is to be done?

in #steem7 years ago



The crypto market is presently a blood bath. As of last week, my $4000 investment in Gold Reward token (grx) dropped to a worth of $40! I have since then deliberately stayed off coin cap, unwilling to get a heart attack. Better to hear of the crisis through rumors! I guess that is easier.

But of course that is only with the exception of steem and SBD. That would have required me to avoid steemit as well, but well. No way. I have you all good friends to chill with.

So I have had to watch the value of steem/SBD follow suit and drop to the deep, watching, albeit with one eye as steem hodlers lamented …..So on and on, I kept peeping until today when boom, steem price climbed up by a whopping +46%.

Pfoooooooooooooo, I sighed. I don’t have to tell you how loud it was! I am sure even you sighed.

Mine of course was louder, and longer than usual. I have a few steem, but considering I have only just recently ventured into the crypto industry, forgive me but I had to. This first experience of making first venture loses is not an easy one. So yes, I had to sigh longer, louder.

But no sooner had my sigh ended, than another dilemma arose: what next, now that the value has climbed a little?

Should I pronto cut my losses, just in case the drop returns? After all, this year the price of most crypto currencies has all but kept rising one step up, two steps down. It is not farfetched to think today’s steem price resurrection will be followed just as soon, by another crucifixion.

But then again, what if the value just keeps rising, and rising, and who knows, maybe up to even last year’s $7, or even higher? Of course then I would make massive profits.

Such is my dilemma, I am wondering, what should i do? Should i hold or sell?

Will somebody please help me resolve it

Sort:  

I would give you my personal opinion as a trader.
This is not the good period to sell but if you really need to do it, do it into several parts.

Sell 20% now, 20 % in 2 weeks and so on.

Can the market continue the drop after this break out UP? For sure....
Is it the beginning of a nice UP trend ? It can be also....

By selling in several parts, for sure you won't have the best price but it will protect you also to sell now and see the STEEM at 5$ in one month...

Now if you can hold, I don't think it is a good period to sell because all the cryptos are oversold but again it is only my personal opinion.

Take care and do your own searches before any action ;)

Thanks a lot for your guidance. i will use it t augment my own ideas.

It depends what your strategy is. If you are looking for short term gains by speculating, cut your losses and move to another coin you think will give better returns.

On the other hand, if you can't think of another better opportunity, stick to what you believe in and wait. Patience seems to be missing from a lot of crypto investors.

PS. Try and avoid buying junk that has no underlying tech or any real use case.

Coin Marketplace

STEEM 0.15
TRX 0.16
JST 0.028
BTC 68487.80
ETH 2454.84
USDT 1.00
SBD 2.61