The crypto correction (crash, dip, whatever you want to call it) is here in full force, with Bitcoin barely hovering above $8,000 and most altcoins 60% off their all-time highs. With the market getting smashed right now, I'm taking a step back to set myself up for future success. Here is how I'm doing it:
- Consolidating my positions of highest conviction
- Doubling down on research.. Now is the time in my opinion to really deepen your understanding and knowledge of the crypto markets.
- Evaluate potential ICO opportunities (if they're still out there)
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** This is not financial advice and these are simply my own opinions, as such, this should not be treated as explicit financial, trading or otherwise investment advice. This is not explicit advice to buy these cryptos, do you own research.**
In log scale things don't seem too bad... you could even say we're still in a bull market
I just posted this: https://steemit.com/steemit/@verydicey/cryptocurrency-market-still-holding-uptrend-in-log-scale
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I can hear that
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Good time to buy. Good time to HODL. Worst time to sell.
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Yes i agree. Just bought Bitcoin at 7,200 nice discount.
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good purchase
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you're right! hold
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With doubling down on research, do you mean technical analysis?
If yes, this might be relevant: https://steemit.com/bitcoin/@smallstepschange/reaking-btc-technical-analysts-warn-the-bearish-frightened-cat-pattern-is-forming-bitcoin-is-doomed
😁 (be warned, this is leads to a satiric post about technical analysis and a Steemit contest)
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I did some light shopping. Really just added to my ETH and BTC pile. (small pile that it is)
Added a few EOS and well some STEEM
Part of me wishes I sold everything Jan 1st could double is not triple some holdings.
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Coins mentioned in post:
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Got into Bitcoin at 17,000 a couple days before it it 19,000 crazy how this market works. I Do believe in the Tech so this is a great discount to buy crypto.
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Really great post at a perfect time as well to prevent more people from panic selling. I look at this dip as a means to do things you can't do when the market is climbing at an unprecedented rate. This includes, like you mentioned, further research and looking into potential ICOs. With my research, I have come across some great ideas, my favorite being the outlook of participating in NEO ICOs, as they have incredible potential on that platform. For example, Bridge Protocol's whitelist opens in a few hours and is available to US citizens! I see this as my next short-term move and I'm looking into further long-term moves to use this dip to gain a further understanding and intelligence of the market. Great post and thank you for the information Crypto Bobby!
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Deepening understanding is good though, but moving towards ICOs despite the scams, frauds (whatever you say) is rather risky.
Well, best of Luck and take calculative risk for sure.
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Definitely a good time to do homework and invest in yourself as well. It will lead to better, rational decisions. No need to rush in now as we will have good opportunities to get in for the long term.
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It all ain't so bad. Peace
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Profit taking is not BAD it's SMART. The best using charting fundamentals unlike a vast majority of the crypto traders in the current space. The chart doesn't always tell the whole truth, but it doesn't lie. Indicators let you know what is happening and when to take your profits, and vice versa when to enter or re-enter after a reversal. You can HODL and that's definitely one effective strategy over the long term, but traders are however showing their hands even through this downturn if you look at the charts. And if you can trade effectively based off the momentum and fundamentals of the chart, you can outpace the growth of bitcoin over the long haul, while missing very little of bitcoins gains.
We're now entering the channel of where bitcoin would have been if it never saw that explosion through the end of the year and you can see the volume of the run up returning to close to it's previous levels. If you didn't take profit during that time you missed out, big time.
I missed a few exit points for myself and I'm kicking myself as it is wishing I had taken profit when it was there.
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@cryptobobby great video and especially informative for someone who is a relative beginner when it comes to crypto's. I have to say even though the market is taking a serious dip i am personally very excited about future prospects
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Great video once again, always good to hear from you. There's only a handful of YTers that I check in daily and you're one of them.
Some sound advice from you especially on the portfolio consolidation. While diversifying reduces risk, almost all of the crypto space has been badly mauled this last month so you might as well refocus on the coins/tokens that are surviving this crash and then thrive when the market bounces back up.
Any hints which of the 14 or so coins you have are being purged and why?
You hinted about NEO: I am already increasing my position on NEO as I think this will do well in 2018. I personally think that this coin will do well and may chip into the area currently owned by ETH.
Am also a long-term LTC holder and the froth about LitePay is great but am with Charlie Lee on this: let's concentrate on mass adoption rather than price; so am just accumulating a little bit each week.
Finally, some sound advice about taking profit. If you've made +50% profit on paper; you would be foolish not to take some of that out as Fiat. Most of us in the crypto-space are not so anti-fiat that we have to avoid it like the plague. Taking profit isn't akin to being a 'weak-hand'. Panic selling is.
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Howdy!. Met you on FB first and it's cool to see you on Steemit. Thanks for all the info and insight : ). I'm doing the same as the tips you gave. I'm at my original investment level now, but I want to research and invest more in my favorites too!
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