Bitcoin Takes Another Shit On The Market

in #steemleo5 years ago

bitcoin to the moon.jpg

Okay but imagine the picture above except underneath the rocket-fire are a bunch of altcoins being burned alive. 100% upvote for that picture lol

As predicted

Even though I know that altcoins are under attack and I predict that their market caps will dip even lower, it's still hard to believe. Are the people in control of altcoins so afraid that they sell whenever Bitcoin dips no matter what the actual fundamentals/analysis of the coin in question are doing? I guess this is the case.

I've been predicting this summer bull run for a long time, but I never thought it was just going to be Bitcoin and a handful of altcoins that made gains, all at the same time during every dip every coin falls evenly.

t.png

Okay, Litecoin bottomed at $22 and is now at $101. Ethereum bottomed at $80 and is now $270. Makes sense. Hell, Binance bottomed at $4 and is still $30. Nice.

However, our beloved Steem and other lower cap coins are almost back to their local December lows. Sure, there are a lot of exceptions out there and a lot of chaos, but for the most part a lot of these coins are mirroring Bitcoin's downward movements while staying stagnant during the upswings.

WHY?

Well, I don't know why. No one does, and anyone who claims to is selling you something. I'm not here to speculate on that. I'm here to tell you how I plan to cope with this Series Of Unfortunate Events.

drawing board details confusion complex plan.jpg

Plan == Hedge

Crypto is volatile. Really really volatile. There's really no reason to make that volatility worse (say with margin trading). No, quite the opposite. We should all be working to lower the risk of this extremely unpredictable asset class. Clearly, the vast majority of the people in the cryptosphere are not comfortable losing this much money. By lowering risk we lower the chance of going on tilt and, in turn, making even more foolish decisions in the heat of the moment.

If we get an altcoin bull run this summer, fabulous. We don't need to take any action. However, if Bitcoin continues crashing (I think it can go all the way down to $7500) then altcoins (and Steem in particular) are going to get stomped into the ground.

My personally strategy will be to save everything I have and invest it slowly in the fall. I'll split all the money I saved into 8 pieces and invest each piece for each week of september and august. That way I'll get a nice cost average.

PowerDown.jpg

Powerdowns

There have been quite a few powerdowns lately and Steemit Inc. is still programatically selling no matter what. I think there is a very good chance that we could dip under the local low of 22 cents. In fact, I think it could go all the way down to 16 cents. If that happens, I'm going to be a very happy camper. I'm here for the long haul and I'm looking to accumulate as much Steem as possible at this point. What about you? Are you trying to sell now? Or invest in your future?

Conclusion

If you can't handle the market falling lower, then you've overplayed your position. You should always have a little wiggle room to play the market. The coming months may be a fantastic time to capitalize on the fear of others. While it certainly isn't ideal to engage in these kinds of zero-sum games, sometimes that just the way the cookie crumbles.

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We can play as well with the SBD, if it keeps maintaining its peg it could be a good strategy in order to buy Steem on sales

im glad you mentioned this. SBD is the best stable coin that you can invest in, because it already has a history of being able to go x13. also it dipped to 50 cents per coin. all these movements are free money. it always comes back to the peg.

Why does it always comes back to the peg @edicted? I've been trying to figure out "powers behind it" and I simply can't. After all isn't all about demand vs supply?

Yours
Piotr

"I don't know why. No one does, and anyone who claims to is selling you something."

This. This is so important. I see so many people out there pulling like 10 graphs out of thin air and trying to say they know the future. Yet somehow, all of those people seem to have been wrong when they were talking about the inevitable upcoming increase in STEEM value a year ago. We need to all just admit that we don't have a fantastic way of predicting the future price of alt-coins.

None of us can know how people will react (or overreact) to a small change in price, when a new big creator might bring people to the site, when a new coin might change things up, when a new update might draw in new users, or when a horrible update might ruin the site. You can look at trends for years, but they'll never show you all of that.

Dear @pirateofthedtube

I see so many people out there pulling like 10 graphs out of thin air and trying to say they know the future.

I see those users as people, who are trying to understand what's happening, reasons behind price movements and predict possible scenarios. Noone obviously can "predict the future" but understanding TA, market psychology, history etc. is a must.

Yet somehow, all of those people seem to have been wrong when they were talking about the inevitable upcoming increase in STEEM value a year ago.

My impression is a bit different.

I'm here over 1 year and frankly, all I can hear is how STEEM can only go down because of lack of demand and inflation. There isn't probably that many people who truly believe that price of STEEM will go up (however many people seem to pray to make it happen).

Cheers
Piotr

If you can't handle the market falling lower, then you've overplayed your position.

This! Weak hands sell. I needed 5k Steem Power to meet my objectives in earning Steem with Steem by blogging. But cheap Steem means more investing in Steem. I also like to buy in fall.

Steem value in BTC is even more depressing than USD =( because it does tempt me to focus on other blockchains.

Posted using Partiko Android

I will not change anything and keep going to produce my content and accumulate from the platform.

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That's a way to go @chesatochi :)

This whole situation makes my brain start to come up with conspiracy theories. Why has no one been buying in before now enough to move the market higher? Look at where the caps are. It makes no sense! Unless someone's manipulating the market. Now all the alts are down...why hasn't anyone taken some profits from BTC and moved them into some alts? There have to be alts that people still believe in. Are all the true believers just holding bags? WTF is up with all of this shit?

There have to have been people that made sales with the spike in BTC. Then they went liquid...and I doubt they made all their buys. Are none of them interested in any alts? Or have they just not seen their moment to buy? WTF!

It feels like all the real movements in the market are fake, done by huge algorithmic traders.

It is incredibly suspect. Meanwhile, everyone else seems to be acting like it's totally normal. It's almost as if Bitcoin has been weaponized against the rest of the market. That's alright, I'm patient. I can easily wait to see what happens in December. I'm expecting some real fireworks considering how this all went down.

It's been kinda weird before even this latest movement. And it's not like there's some really good crypto columnists out there that I've ever seen. Every time there's a movement it's like they just make up some shit and write an article about it pretending like that's absolutely the reason...then later we find out, no, it was some idiot liquidizing some massive stack from someone that died. Similarly, when things aren't moving...we still don't really know. Perhaps the best thing about going more mainstream is that we'll possibly get people that are a lot better at examining the market and writing posts and things in mainstream media.

As to what's gonna happen...I'm waiting for the cork to pop on the alt-market sometime in the coming days or weeks.

I agree with your price prediction. I'm also here for the long run and I've been waiting for this moment for a while. I think steem still has potential to grow massively! We are just in the beginning. Let's go! #newsteem

If you're in crypto for a quick buck you're going to have a bad time unless you're doing some sort of day trading but if you're trying to time the market with a short term HODL well you're just wasting your time and money. I would say it's a great time to be picking up now if you're going to HODL long term which I have. I already made my principle back and reinvested for the long term.

Eventually, once the bear run takes its bubble form I'll dump on some noobs and buyback, these small price changes don't really phase me, all im about is stacking Satoshis. The more Sats I have the better, comparing to fiat is only going to confuse you.

Dear @chekohler

I would say it's a great time to be picking up now if you're going to HODL long term which I have.

It's indeed a great time ffr those who care about influence on Steemit platform :)

Yours
Piotr

I’m glad I sold some bitcoin at 13k, going to enjoy another increase in my holdings when I buy it back hopefully <10k!

The fall will hopefully bring back some lows, I’d like to increase my main holdings and give my friend a chance to enter the market. He’s feeling like he’s missing out but I told him don’t waste your time and money until I tell you to go for it. He’s HODL some cash right now!

I would go wild for .16¢ steem. I would certainly drop a 100$ or so! Best for long term.

Time to buy some steem

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