Crypto Night of the Long Knifes!
Last night things started normally as they do on most evenings, and the Asian crypto markets began to become active. Then at some point around 2am my time the floor fell out and I saw a 40% drop in my overall portfolio. Seemed like 99% of all crypto's took a massive selloff, and I'm sorry but that seemed more like traditional wall street behavior just before Christmas and not what we normal see. I searched and searched for news, and was even on twitter, and found nothing. At that point I did what I have always done in my trading, and bought when there was blood in the streets. Picked up LTC, BTC, and BCH at a 30% discount.
This morning I can see that the prices are still dropping, and it appears this time zone is also taking profits as well. At this point I'm expecting a major correction, and then we will see a rise once again. Crypto investing requires a strong stomach, and you must have what you think are strong long term buys or you might go insane.
There is some analysis that shows Bitcoin hitting around $11,500 - $11,900 and if so then I will be buying again around those levels. One of the questions I have is why the sell off, and why now. Obviously Christmas being close needs to be considered along with profit taking, manipulation by Miners, and major banks such as Goldman Sachs, JP Morgan Chase, along with central banks.
So what will the next few days bring, and how will certain cryptocurrency fair will have to do with the coins that make obvious moves to the upside, and I am a little suspicious that a large group of market movers may have decided to cause certain crypto to be more dominate in 2018.
Now this is just an educated guess but I suspect that Ripple is going to benefit from this re-alignment. I already have some and will add a little more.
What this also tells me, and is sending me a message deep into the secret areas of my brain is this. It's time for me to load up on all cryptocurrency with strong privacy blockchains. I am going to start making a list and checking it twice to ensure I have even the obscure ones listed, and have holdings with these privacy based blockchains before the masses figure out that GOV backed banking cartels are trying to manipulate our markets.
Until next time!
If you look around the poker table and don't see the obvious stooge mark. YOU are it. ;)
Sometimes it does really seem it it, but when your riding higher since 2012 it's hard to expect corrections. I for one love them because it allows me to be better positioned for the next year.
FYI Verge is also on the move today, and may come out of this correction in better shape.
With most of our impacted reversed less then 24 hours later we see Verge, and Ripple moving higher then the rest of the market.
What about your support of Monero long term.
Keep mining and collecting Monero, and buy more on dips.
Should we keep our STEEM?
Yes continue to keep STEEM. Remember it builds your upvote, and has long term value that you can sale at a later date when it's at $100 :-)
This post was resteemed by @steemvote and received a 49.05% Upvote
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This post has received a 12.54 % upvote from @booster thanks to: @johngentry.
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