Interesting. I guess it means it’s not a good idea to buy any alts right now, especially those which appreciated considerably in value over the past few days. And I wonder if it’s a good idea to sell bitcoin right now with the hope of buying it at a lower price later on, I guess not considering that we don’t know the direction of the market yet.
RE: Market Update: Bitcoin Price on Life Support?
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Market Update: Bitcoin Price on Life Support?
Hi @getrichfast, actually I think altcoins are in a good place to buy right now, look for those that have retraced on both their Bitcoin and USD chart and hold those until the next alt season. As far as Bitcoin is concerned, although I think that last move was pretty weak, there are still a number of factors that could help BTC get momentum. If I had to guess, I'd say altcoins going crazy while bitcoin consolidates would certainly bring back some liquidity in the market. Finally, you have to decide if your BTC is an investment (in which case you want to buy more as it goes down, not sell) or a trade in which case you'll have to determine a trade time-frame and targets and worry about timing the market (which is much more difficult since Bitcoin is trading mid-range). If you have spare money to spend I think some low-hanging alts is a much better play right now :)
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