It's impossible to predict the crypto market...
One thing I learned every early doors in my crypto adventure is it's impossible to predict the market. The last couple of weeks have been a stark reminder of that reality.
Ass-backwards
If you would have told me that the New York Attorney General would serve a lawsuit to Bitfinex for allegedly covering-up $850 million of missing client funds using tether collateral funds. That Binance was to be hacked for 7000 BTC followed by talk of reorging the chain. I would have bet the house on BTC being closer to $4k than $6k.
Yet here we are. With Bitcoin at a six month high soaring past $6k per BTC.
Similarly with EOS, in the run-up to Block One's June 1st announce the expectation was for a May pump. What we've had so far is a dump (in Satoshi terms) as the DPOS chain struggles to keep pace with Bitcoin.
EOS is not the only one.
STEEM is a all-time lows in Satoshi terms despite looking like it was at the start of an altcoin rally a couple of months ago.
Chasing the tail
It is tempting to chase your tail wondering what the heck is going on. To wail away hours searching for an edge in the market.
However, most of the crypto 'technical' and 'fundamental' analysis is just speculation on the direction of the market speculation. Confirmation bias will invariably draw you to the narrative you most want to hear.
If you're desperate for prices to go down, there are plenty of 'experts' to reassure you that bitcoin hasn't bottomed yet.
If you're desperate for prices to go up, there are plenty of 'experts' to reassure you that bitcoin bull market has started.
Depending on who you ask, sometimes same 'expert' telling you both things in the same sentence!
Stay ready
My approach nowadays is not to try to predict or second guess the market. Just have a plan for if my holdings go up and a plan for if they go down. To run through the mental plan of what I will do when certain price points are hit and my rationale for doing so.
Bear in mind though, even if you have a well-thought-out plan. Something as profound as buying low and taking profits high, trading or investing in Crypto is ultimately a test of nerve.
When the time comes can you pull the trigger? Especially when, at that moment, all signs point to you being crazy!
Can you pick up cheap coins when everyone else is fearful? Can you lock in profits when everyone else is over-exuberant?
If there have been no seismic changes in the interim, having a plan and sticking to it is the best thing you can do... for your sanity if nothing else.
Sometimes you will be wrong. The trick is to take those lessons into account when drawing up your next plan, rather than chasing your tail trying to patch the holes in your current one.
Image by Robin Higgins from Pixabay
You have hit the proverbial nail on the head. The experts talk out both sides of their mouth, both encouraging and discouraging so they can always say they were right 😂
You have to plan and then execute your plan, some times in the face of everyone doing the opposite of what your doing. Buy low and sell high sounds great until everyone is selling into a crashing market. Then your metal is tested.
I may yet be proven a fool, but never want to be proven a coward, who was afraid to follow his own plan, which would have made him rich.
—Shortsegments
I have plans too and I hope to stick with it too. Its good to invest in cryptocurrencies when you can...
I agree with you, you can only rely on your plan and your ability to stick to it.
Exactly I like your rhetorics towards the end, cryptocurrency is volatile and nothing is ever certain, the truth is that something what brings crypto success is the difference in the decision making of people, can you when others can't?
Oh my... If only I understood trading. Lol I should be keeping an eye on the market and try to learn a bit more since the content I create is for decentralised platforms that reward with crypto lol but I guess I have been to lazy to do that. So I just go with the flow and don't create any expectations when it comes to the prices lol
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Sounds like a plan!
That's all we can do right. Otherwise not being professional traders and not understanding AT All the market we will just go crazy 😂
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May and June will be a red month for e-currency This two months correction and investment will be at this time
This just means that steem or SBD could pump any moment but if it does...
its really impossible to predict this market but this time its gonna be fun to watch alts fly
Don't stress out and invest on what you truly understand in the crypto sphere.
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Speculation is only for traders
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Just like saying have it, there are two ways to live a life, one is to live as everything is not miracle and two is to live as if everything is a miracle. With is in mind you Won't be too shocked by the unstability of Cryptocurrencies. Nice post boss.