I am not a trader, but the fundamentals for Bitcoin is so strong right now. Sure it could trade sideways for days or even weeks, but just look at how confident Bitcoin, and the entire Crypto space really - is acting.
Litecoin found support at $75 - currently trading at $84
Ethereum at $325 - currently trading at 365$
The entire Crypto market fell to $160 billion yesterday from a $178 billion record day. Today we are back up to around $171 billion.
Yesterday I said it was another quick sell off, profit taking from a very select FEW people with a lot of money invested in Bitcoin who has made millions of dollars. They want to hedge themselves which is understandable.
Now, what happens is that a lot of people who didn't catch the train during the past couple of weeks bull run, jumps on. Those of you who panicked yesterday and sold away your cryptos for cheap, without any proper gains, are the ones who are losing out.
But also, some of you who panicked and sold, bought back in. I know how this works when you're inexperienced. It's just to have a look at my own trading pattern from when I thought I was a trader. It looks psychotic. I cringe when I look at the orders, and how many they were. And how I consistently lost money.
The good thing is that you gain some experience each time you think you're a trader, or you panic. When you experience the same thing happening to you tens of times, at some point you learn - unless you are insane of course.
So let's try again. I made this Infographics for you.
"I cringe when I look at my trades" oh man tell me about it. You describe perfectly how a new trader like myself feels while trading. Making mistakes like forgetting a decimal or just buying high selling low. It's getting better though. somebody once said "We win or we learn".
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That's why I started investing instead. You reduce the risk of a heart attack, stroke or psychosis - and you are more likely to earn money. Win win! ;)
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I am happy to see the rise of price in Litecoin. It has bigger transaction capacity and miner consensus than Bitcoin, and that is worth much more than current price in my opinion.
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This post has received a 7.58 % upvote from @booster thanks to: @scandinavianlife.
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