So the #cryptocurrency market is taking a beating this month and it seems like every single coin is down. There are a few coins holding steady like #litecoin who has been a stud lately but mostly everything is in red. This is a time for everyone to make a decision, are you going to hunker down and HODL your coins or are you going to run. That really depends on when you got into the crypto market.
For the newbies it might be too much for them and they may run for the exits but if you are like, me and believe that cryptocurrencies are the future, then this is just a small blip on the screen. Remember, if you would have invested $1,000 dollars in Bitcoin at the very beginning you would have 70 millions dollars right now, BUT you would have lost 80%-90% of your value four or five times. This is a very volatile market and the emotions can run high but let me tell you how I handle this.
When the markets are in a severe downturn just don't check the markets for a couple of days and don't read the crypto news. People get paid to act like it's the end of the world and that we're in a bubble so investors read their articles. Just calm down and relax and have faith that 3 years down that road this was nothing but a buying opportunity.
Look back at some Bitcoin charts and see the major dips and imagine how the people felt who sold at that point, they should have bought more instead of selling and then repeat step 1.
People love the feeling of selling a stock or coin at a profit and they hate the sinking feeling when they buy an investment and it immediately goes down. If you really feel that cryptos are the way to go then relax and maybe even take the opportunity to buy some more. I really believe that the market is nervous about the August 1st deadline for Bitcoin. We need to stack our coins, my Crypto Cousins!!! Keep stacking those coins. I bought Amazon at $85/share and sold at $92/share and now it's at $995. Don't do that!! I am not selling any cryptos until 2020, that's just my game plan. Develop your game plan and stick to it and let's HODL and profit in the future!!!!
Agreed I think a breather is good (and healthy) right now to reset some of the froth and easy money expectations.
Feels ugly in the moment but when the total market cap of crypto goes from 20B to 110B in 6 months, a 30 - 60% pullback is completely healthy and reasonable and still leaves us within the context of a long term uptrend.
Plan your trade. Trade your plan.
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