Daily Market and Steem Update + Thoughts and Predictions + Tips for Trading and Hodling Crypto! (10)

in #cryptocurrency6 years ago (edited)

Hey guys! The last couple of days I've been releasing these mini market updates and some of you seem to find them quite useful and informative, so I've decided to try and pump one out daily!

The overall market

Today has been quite a sideways day. Since the FUD from the SEC's decision on ETH was just FUD, we recovered a bit but haven't seen a full rebound. I'm expecting if no more FUD comes out, we should see some price movements upwards. However, with crypto it's so hard to predict, one major FUD piece could completely derail our bull run.

Steem Price

Steem has been quite under-performing recently. We have dropped from rank 25 around a couple weeks ago to rank 32, the lowest we've been in a while. However, I reckon with SMTs coming out soon we should see some price action! SMTs are very exciting and I can't wait for them, I'll probably do an article about SMTs soon (I've been saying this the last 3 updates, I SWEAR I'll post one soon!!!)

My Prediction

I feel like after a small bear trap a couple days ago, this sort of recovery indicates that we are indeed once again bullish. I am very confident that we will be breaking $500 billion soon and nearing all time highs again within months.

As for Steem, I'm kinda hesitant about a prediction. If you're looking to swing trade, I feel like buying some Steem now and dollar cost averaging down in case it falls more is the way to go as I think it will reverse soon due to the overall nature of the market and Steem being "on sale". I think when SMTs get more attention, Steem price will be bullish again due to speculation.
Note: I am not a financial adviser nor trained in economics

My Tips!

DON'T FORGET TO TAKE PROFITS! Especially now in a bull market!

This was my mistake. I felt on top of the world when my portfolio went x100 in less than 6 months but I only withdrew about 3 times my initial investment... before things started going to shit. Since then I've withdrawn around 10 times my initial investment altogether, which is not bad but could of been a lot better if I wasn't so greedy.
I recommend taking out your capital asap and withdrawing a bit every time you hit a personal goal, for example withdraw 1-2% of total every time you go up 50% from last target or something, set objective targets or else you're never gonna take profits and you'll get burnt like I did...

Don't give in to FOMO or panic + little story

Even at the worst of times, think rationally. For example, my previous largest holdings COSS took a massive hit, dropping around 40% within hours. I sold and soon regretted it, but didn't buy back in due to FOMO, I waited. Not before long, I bought back in at a profit (in terms of COSS), and bought more and more and eventually had around 35% more COSS than I started, then COSS went back up and I sold all of my COSS again. However, even after I sold it kept going back up but I didn't buy back in to FOMO,I waited and today if I buy back in I'd have around 25% more COSS than I had before. I sold near the bottom, bought again at the bottom and then sold again way before the peak. Although my profit wasn't maximal, it was around 15% of my capital and I was very happy with that in a day!

I will be quite busy all the way until around late June, so I might be not replying to all the comments, sorry!

Thanks for reading!

Follow me for more informative posts and your chance to win free Steem every week by simply being active! More information here!!

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You're right. We should all keep our eyes on the price and not give in to panic selling. I also think this is just a phase... Steem is definitely on the rise

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crypto news is always benefited news.keep sharing.go on your way

Informative article @cryptoeater.
I would definitely keep an open eye on the price.

Now have got some updates, all thanks to you..

Then you advise us?
Do not sell them yet?

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