Dear Diary: I Am Very Patient For Cryptos
I learned a lot from crypto trading, it is news-driven which mean when there comes a news from powerful if not famous people or government or even a rumor may it be bad or good, then the market reacts. The technical analysis from people gets vetoed when such news arrives.
So when a technical analyst says that this or that is a buy or sell point and then some good or bad news came up after then the analysis just pointed you in the wrong direction, all because of some news. That is why some traders becomes "rekt" as they coined it from the word "wrecked" meaning that they lost or had gotten forced to hold or "hodl."
But the crypto world is wild, so much that sometimes trades are like gambling as you bet on a coin and see if the price would go up or down and if it goes down then sometimes the trader will "stop out" to take some minor loss to avoid a major loss when the prices continue to plunge.
So I just do what I am best at when it comes to trades, just set to sell for profit and than wait for it to execute. I will not change my game nor listen to my own feelings and be patient at it like an Eskimo waiting for to strike at unsuspecting Seal from a breath hole.
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Hello @cryptopie,
the bitcoin price must find his bottom..
There was a huge manipulation last year when it shoot up to nearly 20000.
Now the price is still 160% !!! more then as at the same time last year, so there is still much space for move down to the real value.
And the other reason is, there are no new buyers.
Where is the bottom?
Nobody knows, all other things are only speculations.
So let's do it like the Eskimo, you're right.
Best regards
Tom
One reason also for the price shoot up is that the banks stopped people from using their debit cards and credit cards to buy cryptocurrencies and it is now one of the major problem in some parts of the world.
Yes, that's absolutely true.
And everybody who think or tell the people now it's the best time for buy is on a very dangerous road.
We have to be patient and look forward for the next months.
You are definately right the crypto market is driven by fundamental news and fake stories, any time there is news about government intervention or an exchanger been hack or something in relation to crypto market , the market will react sharply according to the news either positively or negatively. I trade crypto currencies based on news . The market will rebounce back with time, so for now I am buying some valuable coins @cryptopie
To catch fish we need a lot of patience. In the same, to earn cryptocurrency we need same patience. You have a great idea. Thanks for sharing.
yeah in the crypto world its need to be more patient particularly when the prices go down.
We all are my friend, you are doing well. Keep up the great work
Well you had me little brother until the Eskimo example. :/
Really good observations @cryptopie, you are into trading ,too? I just wonder why you're not touching your SBD. Is that an strategy also?
God bless you. https://steemit.com/@biblegateway