Bloody Day
Running Low on Blood Type BTC
I'm sure you're all aware by now but Bitcoin had a bit of a tumble today.
I couldn't do anything but watch as it descended like an elevator straight through support levels and down to 8500. I'm sure many people who were going long received a major scare today from seeing the price drop like that.
Such is the nature of the bear market, where there is no such thing as 'too low'.
As far as my trading goes, it doesn't matter too much, since I'm shorting all the highs. I actually want to see it come down because then I can keep adding to my position safely and make it larger, then close when it reaches my target price. I'll be looking forward to the rest of this month to start seeing that happen. That said, I wouldn't mind the price going back up to 9.1 to 9.4 for a few more days so I can average my position more.
EOS Too
What concerned me about the evening, however, was EOS's activity. I don't know if anyone here is invested in EOS but good lord it fell like a lead stone at the exact same time Bitcoin did. It fell a solid 3000 sats within the space of an hour.
I'm not really sure why, though, because excitement for EOS has been building over the last month with the EOS group preparing to go live with their platform (it was a 40-day staggered launch period ending May 31st). It could be a freak landslide selloff or profit-taking, especially as the price has been sub 10k sats ever since the start of the year.
I don't really know what I'll do with my own investment, but I'm still considerably in profit (bought at 8). I do want to short EOS and prepare for the post-ICO selloff to begin my accumulation, but I can only hope it goes back up to my target sell level before it keeps coming down. It looks to be quite tied to Bitcoin's price so I'm using that as a guide.
When did you buy in? I actually shorted BTC when it hit $3000, so it could always be worse ;)