Bitcoin Blood in the Streets | Be GREEDY!
Bitcoin is crashing, altcoins are crashing, the world is collapsing, everybody panic! Blood is in the streets for Bitcoin and this is the time to open up your wallets to buy Bitcoin and other cryptocurrencies. Almost like a small gift before Christmas...
Moments like these test your ability to be emotionless as you lose money rapidly and watch your paper gains evaporate. There is no other way to feel those emotions aside from extreme scenarios like these as test trading or theoretical questions rarely reveal the truth of how you will actually respond. If you feel fear, or frustration, or anger, or depression when price collapses like this, try and shift that feeling to excitement (contained of course, logical only). If you can't, then either your position size is too large or you should slow the frequency at which you check Bitcoin's price.
Unfortunately, this particular correction bounced back up prior to my limit order executing. This is another test in emotions because this will happen to you countless times and it is very easy to FOMO with price. I've found that it is generally better to remain adamant and miss an opportunity rather than to FOMO and have price sink back below your limit and have regret over not sticking to your guns. We'll see if another opportunity arises for my limit to fill.
Bitcoin dominance has begun creeping up just a little bit, although it's still relatively flat overall since my last video (given it's only been a few hours). I will continue to monitor this closely as we potentially see increased volatility over the weekend.
What are your thoughts about this recent panic selling? Do you see Bitcoin going lower or was this the correction it needed before it starts rising again? I tend to think there is more blood to come, but I've been like that for a while so take what I say with a grain of salt! Thanks for watching / reading.
Great content!
I'm gonna share my strategy when BTC tanks like this:
Move altcoins for BTC right before the fall so you keep your portifolio stable in terms of bitcoin and surf up with it eventually,
Remember: surf it up and when it stabilizes the first altcoins to move up right after are Litecoin, BCH, Dash and so on.
After that go back to your former positions in other alts.
Doing this you'll freeze your BTC during the fall and get the run up when altcoins go up.
Well, it's nice to say 'move altcoins for BTC right before fall' but no one can predict such falls. But yes, I agree with the notion in general - is why I recommended BTC over altcoins in previous video given the fact that I suspected market to fall soon. It's nice when the market proves you right so quickly!
Alts don't tend to catch up, from my experience, until Bitcoin slows down (in either direction) so should be interesting to see if Bitcoin bounces back or has a sustained period of time of trading at lower prices. I'll be monitoring the situation closely, but for Bitcoin is likely the superior play when everyone is panicking. Thank you for the comment.
Any reason you don't use a USDT type coin to improve your bitcoin before its run back?
Listening to this video again just to calm me down , your video makes me not stress over this , really therapeutic honestly . Thank you ang good job
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Awesome content! wish you would make more videos!
I like the emotional-disconnection in your videos.
I'm bleeding pretty bad lol. Bought 10 LTC few days ago at $360. Now it's $280. Lol. I seriously laugh at it. I used Coinbase and bank transfer so I don't even have them yet lol... It's part of the game. I have no plans to sell until January so I won't worry about taxes until 2019... Ever will be alright.
Beginner tip for this is rather than exposing yourself to a market all at once is to average in over a few days/weeks. Also, don't use Coinbase to buy mass amounts of currencies, the fees are awful and you're better off waiting for the money transfer to GDAX.
Thanks. I'm definitely new and my emotions got the best of me.
Yeah that's painful - is why I am generally cautious when market becomes inflated like this and keep some in cash just so I don't have to lose sleep at night (which, for the record, I slept very well). Best of luck!
How many millions of dollars of bitcoin would I need to manipulate? Would 40 bitcoin be enough? Or do I need like at least 1,000 bitcoin?
Some people have been mentioning how I talked about a fairly low amount (a few millions) to manipulate Bitcoin so figure here might be a good place to clarify. It becomes easier to manipulate Bitcoin during sell offs and pumps because the order book tends to become thinner, which is the opportune situation for wealthy individuals (as proven with the Bitcoin Cash pump when it was listed on GDAX). 40 Bitcoin would probably be enough to do some damage if you used it properly while order books were relatively thin. But the big players tend to have over 100 plus an equally sizable amount in cash.
Crypto market is not that huge compared to stocks or Forex. Even 40.000.000 $ can turn it all red or green. Besides there are a lot of small not institutional investors who are very easy to panic-sell or FOMO-buy. Once the crypto market gets mature and bigger in volume it will become less volatile. But the time to strike big is now.
Really enjoy watching the videos and learning how the whole currency trading dynamic works. I agree completely that emotion drives the broad market, and that manipulation will occur with thin trading.
Do you think the ETFs recently added for trading will affect the 'thin' manipulation? If nothing else, would it not draw attention of regulators and potential sanction?
Thanks again for the content.
@smartbot tip @cryptovestor 20
Σ$$$ Tipped @cryptovestor
Σ20 SMART! Comment@smartbot helpto claim. Currently the price of SmartCash in the market is$0.137 USDperSMART. Current value of the tip is$2.74 USD. To find out more about SmartCash, please visit https://smartcash.cc.It's hard to say - I think it depends on who the primary buyers of such an ETF are: Retail or Institutional? Naturally institutional investors are always going to be a huge chunk, but there are cases where retail ownership goes fairly high and if that happens, manipulation would still likely be fairly easy. If it's mostly institutional, then they tend to have stronger hands and it would be difficult to manipulate the spot market as easily.
Great video as always. It's hard to predict how low this dip will go, but I tend to think that the crypto space will likely have a decent pump in the aftermath of Christmas and any current losses may very well quickly be undone in a short period of time. Man this space is fast paced and exciting, a literal financial roller-coaster ride!
Much appreciated upvote @tamim, you legend you!
Funny enough, February tends to be a bad month for crypto kind of like October is for stocks. Shouldn't really matter as there should NEVER be seasonality in prices, but given this is dumb money I wouldn't be surprised if what you say comes to pass.
Any idea as to why Ripple is flourishing in this market? I assume people are using it as a hedge from the uncertainty that is BTC/ETH/LTC/BCH.
Ripple is different from other cryptos in many ways. It is got good very good chances to be the fuel of interbank wire transfers to replace 40-years old SWIFT system which is a) slow; b) expensive c) obsolete. If that happens, imagine what value will ripple have.
Right after BCC went up on Coinbase I saw some top comments speculating on r/cryptocurrency that Ripple would go up on Coinbase next. I don't know how widespread that meme was.
Personally (total noob here) I bought Ripple a few days ago because I heard it was a centralized currency "made by the banks". While that sounds awful to me, I also thought betting on the banks in this nascent market while Ripple seemed cheap would be a decent move.
Honestly, finding it hard to separate what I think will happen from what I hope will happen...lol me
Don't worry, it isn't just you that struggles with that.
just watched this video on youtube and came over here. Very helpful, I definitely will buy a little more BTC in this dip. These dips are always the same, yet it is still hard to control your feeling, just like you said.
I have one question: You say "BTC's first mover advantages are always gonna stay very very hard to get by". Can you explain in one or two sentences why you think that way?
Because most people who hear about this space only know about Bitcoin, meaning a lot of the new capital flows to it and it only. A lot of time is being invested into Bitcoin over other cryptocurrencies since there is incentive to do so. The financial world is all aggregating around Bitcoin now with futures, options and ETFs. And in the event of a sustained bear market, Bitcoin tends to thrive while altcoins get slaughtered.
In most taste tests Pepsi wins yet Coke has 50% more market share. Coke came first. Bitcoin came first. The general population has never heard of ethereum or other coins. BTC has top of mind awareness. Big advantage.
I have to say, this price dip was a good test for me. I've never traded before outside of crypto, so this is what I needed to reassure myself that I won't be emotional when there are moments like this in the market. Even though I saw the numbers rapidly going down I wasn't worried and I didn't over extend myself from the beginning by only putting in an amount I don't care to lose. Also helps that my overall satoshi value is way higher than when I started!
This isn't just a personal test though, this will allow us to see how everybody reacts to it as it's the largest dip since BTC has become mainstream in the news media.
Good on you! Best of luck to your future investing.
I guess that people are selling their cryptos for Christmas presents, at least at first, then they created some FUD on the late investors which accelerated the decrease in price. Or who knows, maybe just some people taking profits back. Whatever it is, time has shown that after corrections like these, it is a good time to buy.
I highly doubt people are liquidating assets to buy Christmas gifts, especially just days out. The time it would take to transfer fiat into the bank would make it seem illogical to sell now. Plus the volume on that specific group of people would have a minuscule effect on the price. I'm very curious to see what caused this blood bath though.
I really doubt that too, but the people cashing out may be buying some presents from the profits they made :) For the moment it is pretty hard to find an explanation of why all the currencies are losing value at once, but this makes it a very good moment to buy some crypto!
I would love to recieve one of those presents!
What moves the price is high volume. The fall starts when a big player (maybe more) start to cashing out. Panic ensues, most people start to sell.
Panic is for the weak, now it is a good time to buy!
Maybe a week, maybe a month. You never know for sure with cryptos