Like every other crypto investor, we all go with the idea of buying coins when they dip. From last week when major news on Tesla made waves against bitcoin, the crypto market has stumbled creating several dips. The dip you might consider long might be a short to another dip. Consequently you end up loosing on in trade for the short term.
So what do you do when the market drop?
- Hold - For long term investors, daily dips should not be a major issue of concern since every investment, whether the risk free government bond or crypto currencies, in the short term, sees upward and downward movements which necessitates trends in markets. If you are a long term investor then you shouldn't bother yourself a lot with the daily dips of your prospect coin.
2.Understand chart analysis- Some of us want to see candles move in a straight line for about 30000% anytime there is a positive news on a coin. Ripple in the later part of the quarter won several lawsuits and tHat propelled its jump from $0.5 to about $1.9. But this jump was not seen as a single long candle movement but a series of candles on different time charts. If you expect a coin to increase in margins, the expectation will be a series of trends which is both upward movements and dips .
https://www.coindesk.com/price/xrp
To my fellow steemians, let's embrace ourselves. The future is still bright in the crypto world.