Daily Market and Steem Update + Thoughts and Predictions + Tips for Trading and Hodling Crypto! (11)

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

We have had a pretty rough week so haha... many (including myself) believing market cap was going to hit $500 billion didn't take profits from the last bull run until we hit the $500 billion mark. I guess that's the downside of putting bets on mental barriers like that, the smart people sell BEFORE the mental barrier which means people like myself don't get to take profits! If our market cap hits $470 billion again, I'll be selling around 10% of my crypto as I only have a couple hundred left in my wallet haha

At the time of typing this, we seem to be bouncing back from the most recent dip. Hopefully this is a true recovery and not just ANOTHER bear trap. Over the last few days, there have been so many bear traps that I honestly don't know what's a trap and what's a real recovery anymore, BUT this is the most confident I've been so far in this latest bear market that this is truly a recovery.

Steem Price

I have been quite confident in Steem's price especially with SMTs coming, but this bear market has affected Steem quite a lot, like all the other alts. We're down more than 30% in the 7 day charts but it's alright, I have belief that we're not going down much more (at least not in the btc/Steem markets. I doubt we'd break the 30000 sats wall even if we go down.

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 this weekend so I will likely not be replying to many comments. I will be less busy in a month or so when my exams will be over!

Thanks for reading!

What do you guys reckon about my predictions, tips and advice? Discussion is welcome!

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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I like it

Very informative article sir.
I would from now on withdraw 1-2% of my total every time I reach up yo 50% of my last target.

And please sir I want to ask? What if I don't, what will happen.

If you don't take profits, there's a chance that your coins will go down in value and you might lose out on potential profits.

Okay now I get the big picture..
Thanks alot..

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I really like your post, bermamfaat, hopefully more successfulU5dt5q8RDd1euAHiEnbtoVaZyyrDnqh.gif

Never FOMO, you'll always get burned.

Good work buddy for the steem and crypto news is fantastic

I was waiting for this post because of the big drop that the coin had

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