Hey guys, Rules for Rebels here. It's a little before 8am here in Chicago and I woke up to see Bitcoin is down around $3800, Ethereum is down in the $265 range, and Litecoin is back in the $50's.
I made a Youtube video last night telling you guys to keep a close eye on Bitcoin and crypto prices, I had a feeling there would be some volatility yesterday evening as they were waking up in China to see that not only had the price slid, but also heard the rumors and if it turns out to be true potentially the news of Bitcoin exchanges being banned in China.
I was up til about 1 or 2 am last night watching a documentary and keeping an eye on the charts. I picked up some Bitcoin at around $3980, picked up some Ethereum at around $280 something and some Litecoin at around $62. I was going to make a large buy as lately I've been seeing prices dip at around 1am and then rise in the morning, was hoping to make a few bucks on a quick pop. I wound up deciding to make a smaller buy of each and see how things shook out this morning and I'm glad I did that as things continued to slide after I went to sleep.
In about an hour or two people on the west coast should be waking up and I imagine some people will freak out and sell.
One thing that's especially bad about this pullback in my opinion is we have a lot of people new to Bitcoin who aren't used to the volatility who are going to freak out about this and sell off and that could make the slide even more dramatic.
One thing to keep in mind is you havn't lost anything until you've sold.
I have been pleasantly surprised to see some cryptos holding their own such as ARK and Lisk.
Anyhow guys, as always want to hear your insights and opinions. Drop a comment below
One of the big things to worry about are the n00bs that chased the price up. Suddenly they get scared and they need the money for bills. They thought they were going to get in and get rich in 2 months but then when it doesn't happen immediately they get worried and they start staying awake at night. Then they throw in the towel one by one.
We will see though.
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I totally agree with you. I've talked to people on forums and reddit who are like well people bought at $100 and now its $5,000 so if I buy at $5,000 it will be $100,000 or a million.
I'll be honest even I kind of got caught up in the hypee and got used to bitcoin doing nothing but going up and maybe got a little cocky maybe got in a bit heavier than i should have etc.
i agree though the china thing is bad enough but i think the timing is really bad that were getting a lot of people getting in for their first time. they got in at high prices and also aren't used to dips and they are going to selloff making an already bad situation worse.
as for the china thing, i would rather just have china come out and say were banning bitcoin than have this uncertainty drag on
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I've been uneasy for a while with the whole situation...I have seen my portfolio decline 36% form its peak...I had a feeling that things were heading this direction once the initial China ICO rumblings began...So I decided on a couple of things in order to keep my cool during this time...For one...I'm not a trader...Two...It isn't worth me buying and selling between coins as I just end up with Bitcoin that I sensed would get hit as well in this current regulatory uncertainty...Three...I don't want to commit any additional funds since when all is said and done...who really knows if any of this survives? Finally...I am sticking with my original premise on what intrigued me most...I don't have a lot of faith in dollar based assets...the stock market...and not a big gold bug...I saw this opportunity to go outside the box into something based more on the world's citizens establishing its value and on a new technology that I think will take the internet to its next level...hopefully I'm not too opportunistic with holding on to what I have built...would hate to lose it all...but..in any evolving market...many waves occur...if we survive this one...I think the next wave will be huge on the upside...
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Im going to put my two cents in although I don't know much about the coins and I learn a lot of it from my boyfriend. We talk daily about the coins . He tells me about China and markets and how peepole (I spelled it like this on purpose to be funny) freak out and pull their money out, plus the coin being banned in China. When I see the plunge, I tend to get scared but on the other hand I am glad because I will be able to buy some coins while the prices are down.
The joke between me and my boyfriend is that we won't touch the coins until 2020. Ha ha
So I agree with @bobreedo and I will stick to what I have. I quadrupled my money on LTC but I still didn't sell it because I am in this for the long term and I want to build it up. So , I think we should hold on tight.
It does piss me off that Chinese government is getting involved in this.
I thought it was supposed to be decentralized no?
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I'm wishing I would have sold LTC at the peak. I had this idea I wanted to own a millionth ie 84 coins so got there and continued buying. I should have sold my excess in the 90's, you live and you learn I guess.
I think its going to be rocky until china makes some concrete announcement at this point its still really speculation and rumors although we do have BTCChina comming out saying they are stopping accepting new customers no w and stopping operatinons sept 30.
Even if there was bad news about China I think it would be better to just get it out there than have uncertainty.
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I am only slightly sorry I didn't sell at peak at $97 . It will come back up. What goes up, must come down and vice versa. I am in this for the long run and China needs to take their "toys" and go home and leave "us" alone. If it goes really down, I will buy even more than I initially set as a standard for my buying, but I will also tell you that yes- my heart is sinking a little when I see LTC down to $51. OUCH.
One thing tho- I really think it will be ok. Just do this for the long haul. Day trading is pretty bad right now right? Breathe ,breathe , breathe... it will be fine.
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