Is the Crypto Bottom Near?
It has been a while now since we've seen any real gains in the crypto market. People have been calling the bottom for months if not for years now and the market has continued to decline. I'm not sure if this is THE bottom, but I think the bottom is near.
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I think we are finally getting close to the despair / blow off phase. Even just last month before the latest decline in the market started again after months of stagnation I had a feeling that it wasn't the bottom yet. Too many people were still looking to buy the blood. People hadn't yet started to give up on crypto.
My feed is now flooded, ok that maybe a bit of exaggeration, with articles that Steem and Steemit Inc. are dead and what that means for the future. ICO's are a thing of the past and no longer a guarantee of 10 - 100x. People are starting to ask what's the safest coins in fear that their alt coin is soon going to 0.
As an observer of the market I'm starting to getting excited because we are either at or very near the bottom. I was hoping that Bitcoin would get closer to $3,000. That's kind of a selfish desire as I made that call around 6 months ago that $3,000 would be the bottom as a guess really.
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IF Bitcoin does bounce off around $3k, I'm definitely going to be doing a little peacocking.
The point of this though isn't to say the bottom is here. I just wanted everyone a heads up if you've ever wanted to get more involved in trading crypto now is a great time to start learning. Making some small trades by finding an optimal entry and then setting up a stop loss and take profits.
I think everyone that's still around currently is very aware of how important it is to take profit . . . . myself included.
It is very difficult to say where is the bottom of an asset without any intrinsic value.
The same could be said about Forex having no intrinsic value, but it's still traded as well.
Plus, most if not all markets follow the same cycles as long as people continue to FOMO buy at the top and panic sell at the bottom.
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I think the market is just stagnant due to all the regulation enforcing, and the whales leaving and lying waiting for the big dip.
Then can maximise the profits big time when they ride that big red bull to the top!
I've not seen many people actually saying just the opposite that whales are accumulating more and more. I don't think that whales are the ones currently selling. They be the market maker causing the panic and selling, but I don't think they are selling to get out.
No lol think there is a miscommunication there. The whales are the ones that pulled out and sold at the top causing the initial crash and then panic for the rest of the fish to follow. The ones currently fluctuating the market and dropping it further, would probably be the miners dumping and getting whatever they can.
I think its never safe to call the bottom in this market. People have been for months. Then we fall off another cliff lol.
LOL true that. Not calling the bottom as much as just saying I think the bottom is near. Lots of people that are finally "loosing all hope".
Let's hope we are at the bottom and on Xmas day I get a bull to ride all the way to lambo land
That would be really nice.
Also in a bearish market you can always take profit.
Good post
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That is true.
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