Cryptocurrency Bleeds Heavily - What's Your Thoughts and Plan?
As everyone is aware ... the overall cryptocurrency market is bleeding red ... like severely bleeding red.
It makes sense that the overall market would need to correct several times from the excessive price growth between December 2017 to January 2018 ... however, the corrections have carried on much longer than most would like ... where we did see one chance of upward trend between April 2018 to May 2018 ... but mostly through the summer til now .. we are back at levels seen from November 2017 and prior.
What's really causing all of this?
It could be numerous reason.
Because Prices are not like the highs of January 2018.
I feel that the first one is that now the general public just lacks the interest to get into cryptocurrencies, seeing that prices are not like they were back in January 2018.
Many of those bought in during the craze, and are now huge bag holders of cryptos from their peak highs or near highs, and most likely sold out in fear.
People Don't Understand the Value of the Crypto They Bought
Many people just buy into cryptos for the hype ... without reading the whitepaper or understanding what the specific crypto does.
Speculative News Are Not Panning Out
Most recent example is that the Bitcoin ETF did not end up getting approved. So perhaps that negative news has made people less confident with not only Bitcoin, but the general blockchain and cryptocurrency world.
Blame Astrology and the Cosmos
We even have some people turning to the cosmos to explain the cryptocurrency downfall ... trying to cite that the numerous planetary retrogrades, particularly Saturn retrograde as well as both Uranus, and Mars retrograde for contributing to the cryptocurrency bleeding.
While that can't be proved wrong or right ... have to take that with a grain of salt.
So what to do?
Regardless of the outcome .. I'll continue to post on SteemIt.
SteemIt has been the place that I've been able to voice my opinion on a daily basis, or at least vent out any thoughts in my mind.
Yes, Steem and SBD have been far from their highs back earlier this year ... and right now as of August 10, both Steem and SBD are near the $1 or less mark.
And yes, that's why the popularity of Steem and other cryptocurrencies is down, since people mostly care about "price" .. .but again, this has happened before where price of Steem was down so low ... just keep posting, keep accumulating your Steem and SBD, and one day again, the price will go back up.
Keep Steem-ing Forward!
Above Top 9 Cryptocurrencies according to Coin Market Cap on August 10, 2018
What's your personal thoughts and plan?
I think that now is the time to buy and a lot the prices will not stay that low long time
I've been buying some ... but would like to see a true level bottom before buying further ... they say buy the dip ... but that works when one knows when the technical charts show a potential upward swing. I like to buy just right after the start of the swing upwards to ensure that it's not buying on the down.
What are you buying if you are?
If you feel like taking the risk, you could always go short on the market to cover your losses from buying late (not trade advice). The downward trend in the market was kicked off from MT Gox selling their holding to pay off law suits (don't quote me on that). The continued trend has been sustained by bot trading activity. A simple way of explaining it is seeing price fluctuations as the actions of one man: Mr. Market. He does as he pleases and sometimes, he just doesn't make sense. If you fight what he wants, you will pay dearly! lol
Going short would have been better at the peak time. Now, i'm just holding still and not doing much til I see some kind of stable bottom. LOL, i keep thinking its coming soon, but who knows. My next guess should be a turn around the time period of early September we should start seeing slow upward trends.
A good rule of thumb is to not guess what's going to happen and just go with the trend. You could have theoretically gone short at the peak if you could have predicted it with a crystal ball, but then you would have sold right at the peak as well. It's also a good rule of thumb to not take a loss as well. I would say if you have new money to put into crypto, use it to go short through poloniex and go long when the trend changes. You can profit on both ends.
Very great post. That just it. The price has no option than to go up... Especially now that it's close to rock bottom.
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