RED day
There is always a risk buying during a bear market, and the 'smart money' will wait until there are signs that the market is turning around. I am exercising caution today. I used to go crazy and 'buy the dip'. Today, I am restrained. I am planning on not buying the dip, but rather buying in at the bottom.
When is the bottom? I hope it is soon, but looking at some charts, it could be a while yet. I think we will know when things are turning around. Just know that a lot of games are played with traders that have a whole lot more money than you. They plug a bunch of money in to get others to do the same and then the rug gets pulled out and someone has lots a lot of money.
Exercise caution. I am a very strong believer in blockchain technology and Bitcoin. Gambling on the markets is not a way to get ahead in life for me. Hard work and smart decision making is how I am going to get ahead. That being said, I am going to buy more steem next time I get paid as I have decided to buy steem every paycheck no matter what price it is at. I am not going to plug a bunch of money into the space until I feel that the time is right.
If this is the bottom, and I miss it by a few days, c'est la vie. If it goes down a whole lot more yet... I will be glad I waited.
I think BTC will not go down much lower than $5900. I have been wrong a lot, so I am just putting an educated guess out there. It has tested that support a few times in this bear trend. It it hits it a few more times, it could drop below it. How much lower will it go from there? Your guess is likely better than mine.
The fact that there is so much more mining hardware today than last year, it is hard to just go off of the charts alone. The mining factor is often overlooked. If BTC goes down past 5900, miners are going to shut off their machines OR hold the coins and put upward pressure on the market. I am not sure how it will play out... but, I think that the bottom is near. But I am waiting for now.
This is not advice, just me letting you know my thoughts on the market. DO your own research and make your own informed decisions.
I think it is good to by every 30 days . It is impossible to know where the bottom is.
Do you focus to buy only steem? Or also bitcoin and more?
I do not like the big up aand downs. Think it is one reason why crypto has a long way to mass adaption.
It does have a long way to mass adoption. I am buying mostly steem at the moment, it is my favourite. I will be looking at diversifying when I think the smart time to buy in will be. I am buying steem every payday and will put in some real money into BTC when I "think" the time is right.
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