Another "RED" Crypto Day
Cryptocurrency is volatile.. Regardless of what everyone is saying, nobody could really tell how crypto will behave (unless you got enough bitcoins to influence a coin's behavior, but this is beyond the point here). Generally, speaking the crypto world is "RED" at the moment.
How "RED" is RED?
At a glance this is how the crypto market looks. Image courtesy of coin360.com.
From coinmarketcap.com, the top 50 coins have decreased in value as a result of the value of bitcoin going down. Seasoned traders would often attribute this behavior to FUD (fear, uncertainty, doubt).
Crypto has these moments, and it does bounce back.
History repeats itself
While this is the behavior seen, technical analysts would rather look at the numbers to see the trend. So what do the numbers say? It is better seen from a trend comparison.
image taken from : Crypto Buy Signals (Android Phone App)
The above is bitcoin behavior between the years 2016 and 2018. Since more often than not, history does repeat itself, what can we expect? If the trend on the graph is right, we are currently on the dip (RED), and bitcoin does rally from there.
History does have this uncanny habit of repeating itself. And if it does, in this case, we know the next few days will be a very good opportunity for hodlers, myself included. Don't fret, there is light at the end of the tunnel.
DISCLAIMER:
I am not a professional trader nor financial adviser. Please invest or trade at your own risk and due diligence. You cannot hold me responsible for losing money or crypto based on this post. The above is purely for informational purposes only.
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Support:
- Bitcoin (BTC) - 3Kyjg1Wj1PNGN3KhiRprxYvvQpdjC5kT3k
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I have only just got into crypto, but i think the long term sustainability of the banking system is dead, even the banks seem to know it (look at Ripple) so for that reason alone crypto will always bounce back!
agree.. and i think the primary reason why bitcoin (and crypto in general) will bounce back is because of the mass adoption of banks, and the opening of more exchanges. positive news for early adopters.
@djimirji up!
💡 @dillagr received an upvote 95% :)
I completely agree with this statement we should support each other and not panic sale during times of uncertainty
true.. there are occasions where stop-loss helps, but those are entirely up to you to decide.
True, but I rather ride it all out and not have to deal with selling off in panic. Of course I don't have a ton invested right now just enough that it won't matter if I lose it all.
Like, yes, the market does move in cycles, but we'd take the 2016 graph above with a grain of salt. After all, the amount of money in the market, the number of traders in the market, and mass adoption are all very different now than they were in 2016. It's a very different situation.
But still, it gives you perspective.
this guy @lordoftruth is saying the same thing.. and it is currently happening. H&S has formed. just waiting for the breakout to happen.
https://steemit.com/bitcoin/@lordoftruth/bitcoin-trend-series-ep-601-keep-an-watching-eye-on-7-614k-7-770k-area
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