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RE: Cardano (ADA) desperately needs support
you could say that about any coin re the profit taking. is there even such a thing as "long term" in the crypto world where there is zero consensus or certainty?
Sure, but the ADA Ico isnt that long ago and the immense pump wasnt healthy at all.
I always look at the team and if a good projekt has many good devs and less marketing people I invest and wait. If you look at a team which consists mostly of marketing people the coin will mostly be quick on exchanges and will rise quickly but will fall the same way a few days later, because there is not much development. There are many examples like MakerDAO, DigixDAO, Aeternity, and so on with a solid team which had a nice past and maybe will have a nice future.
In my opinion most of the new projects in late 2017 and 2018 are bullshit... It is much harder now to find good projects as in early 2017 or 2016.
Unfortunately I got in near the highs and after an initial increase it all been horribly RED. My main alt coins are ADA, IOTA, TRON and VERGE, also have some VIBE and SUBSTRATUM. Everyone is say blockchain tech etc is the future, but that's hard to believe with all my coins being down even during the BTC rally, regardless of how much they went up previously.....it seems in the past everyone made parabolic gains and now those days are over, I got into crypto last Dec and feel that I missed the boat, such a horrible time to buy after a huge run-up. Clearly BTC is NOT the future, since many alt coins are far more effective & promising technically, but the market seems dubbed down now and only cares about BTC
Oh okay, most new people try to use stock trading strategies on crypto and that doesnt really work. Diversity for example isnt a good idea in crypto, because you invested fiat currency ($, €, whatever) and mostly want that your portfolio is worth more fiat in the future. Problem is almost every coin gets traded via BTC or ETH to fiat, so if these two coins rise or fall in fiat value everything else will follow.
In my opinion you should trade to get more BTC or ETH and not fiat. Iam a ETH hodler and I trade to get more ETH. So I search projects and invest to increase my amount of ETH and I only make long term investment of atleast 1 month. Daytrading or similiar is not recommended, you will mostly loose your money in no time :D
There are alot of trading bots out there and they will rip you up easily.
Cryptomarket is so volatile that is is near pointless to look at the fiat charts every day. I always look at the to ETH charts of my investments and trade that way. If ETH has a high to fiat i sell some, but if you sell to fiat and pay it to your bank account you have to deal with taxes and that does not make much fun.. :D
So look at the greater big picture, ignore fiat charts and always do your own homework. Dont trade after a youtube video or steemit blog post.. most of them are bad researched, so just research on your own. You cant be participating on every rise and you cant avoid to loose sometime.
Always trade with a clear mind and not of fear for missing out on something, it is always better to play safe.
There are just too many stupid blockchain projects at this time, believe my alteast 90% of all Coins are just crap and not worth a single cent!
TRON for example is just bullshit, same with SUBSTRATUM and VERGE. These are Tokens for a Blockchain that isnt even in Beta status. So why should I invest in a heavily overpriced project that doenst even exist yet?
Such projects are 99% pump&dump, dont fall for such crap!
Verge and Iota are nice projects, but I would only by them at a dip for a long term investment.
BTC sadly is the future, segwit adoption by major exchanges last weeks cleared the mempool and allow again "cheap and fast" transactions. In my opinion The btc hype will continue the next weeks. Also lightning works like a charm on the testnet, if that comes to mainnet this year btc will rise.
These are my personal opinions, iam not a god or similiar, so i may be wrong with my assumptions of the future. Dont follow blind my opinions, always do your own research!
thanks for your insight. I'll give it a few more months but if things aren't looking good by then I'll pull out of crypto and put my money elsewhere. With the huge risk & volatility there needs to be huge gains as well, and there have been no gains in crypto the past few months. Also, if the crypto market goes sideways for 6 months then it's an indication that the party is over.
I think you are right about the riskiness of Tron, substratum and verge being a gamble. That's why people are so excited about them. I think those investors who read posts and watch youtube see the potential but may not realize how far away they are from producing a final product. I'm not putting anything in I can't afford to lose as these tokens are a huge risk with a potential for growth. With 2018 shaping up to be a banner year for entry into the market more money will be coming in and these firms will be incentivised to come through with their promises.. at least we can hope