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RE: RED DAY! Are you selling or HODLing??
I think saul "suggested" that you wait for "panic" selling before you buy. We haven't seen panic selling since the Th thru Sat of Memorial Day weekend. We will see panic though. It'll be interesting to see what all of the advocates are saying as Bitcoin takes out the Memorial weekend low of 1880.80. I'm tracking bitcoin via the U.S. exchange traded bitcoin tracker GBTC at my blog. Currently holding a full short position.
Very minimal panic selling going right now, it's mostly corrections happening at the moment. But I have a feeling panic sell day will come as the bitcoin soft fork day approaches.
I'm "expecting" a break below $2000 this week. Don't be surprised if you see it break below $1500 before the selling is through. As I said, I am monitoring it and will give my take if and when ANY short or long term buy opportunity materializes. The bitcoin "gurus" you spoke of have had it waaaay to easy. Time to see how they handle "high anxiety." Should be fun to watch and of course the commentary at the blogs here should be a very good case study of what "the sheeple" are saying at panic buy lows. We already know what they are saying at the highs. Everybody is definitely under the ether. Time for a wake up call methinks. The reason for a selloff is becuase price is controlled from within. Until the crypto's are more universally accepted the only buyers will be the computerized daytraders with large coin holdings who manipulate price with no end. And bitcoin will never gain universal accepetance with all of the problems it has now that haven't been solved yet...including the ability for price to be easily manipulated by so few. If you were told that the price of a home could drop 80% in 1 day of trading like ethereum did last week, you wouldn't even consider buying a home. It's no different with cryptos. Most people are smart enough not to stick their dick's into the meat grinder that is bitcoin.
With all that happened with ether last week, any crypto newcomer would pay no heed to it. Little do they know what ether was worth 6 months ago. I believe it's still undervalued but I won't go as far as speculating that it will be worth 1000$ by end of summer. I leave the speculations to the gurus. I'm looking forward to the day that will say that bitcoin and altcoins are a bubble and they will look for other ways to make money online. But I do agree, whales have their say in the market making it volatile. A reason a lot people would turn a blind eye to the crypto world.
Actually, what happened to ETH last week "should have been" the wakeup call to anyone holding either of the two that the hedge funds are going to play with, BTC and ETH. The lesson is >>> Do not set a stop loss order if you keep your holdings with any of the exchanges because if you do it will "likely" be hit. And worse yet, since there are 250 sell orders going thru a window that can only handle 25 orders at any given time, don't be "shocked!" if you lost 80% of your funds when it "finally" is executed. The rebound back up thru $350 took care of the losses of anyone who didn't have a stop set. They got a chance to "rethink"...and the thought has now cost them $80 or so as ETH is well below $300 right now I believe. I only track bitcoin because everything will do what bitcoin does. And bitcoin will do what U.S. exchange traded bitcoin tracker GBTC does. Always look to things that trade on the exchanges (even if it is OTC) for warning signs of what is ahead. And as my spews about it have outlined/warned, there are no "surprises" in the world of "reality."