24/05/2021
DISCLAIMER: I am not your financial adviser. Whatever you do with your money is your descion and yours alone.
$BTC We have had a massive sell-off which started on the 19th after the Chinese govt crackdown on miners triggered the FUD so let's look at the positives and negatives about this.
IMO, that was the BTC bottom $28.5k – $30k and we may never go lower than that. The amount of stable coins on exchanges is at the yearly ATH, in the last few mins as at the time of writing, about $87mil BUSD and USDT was transferred to binance and I believe you know what that means. This is actually the best opportunity to get your hands on the crypto you have always wanted. As you can see in the Daily chart we're having a strong bounce in price. Watching my algorithm keenly and I think we gonna reclaim the $40k price soon
UNDERSTANDING CRYPTOCURRENCIES
People lost money running into hundreds of millions during this dip, leveraged longs got liquidated across exchanges running into over $2bn, hodlers saw their coins lose more than half its value, shaky hands who couldn't bear the loss panicked sold every coin they were hodling, there is "Extreme Fear" looking at the Fear & Greed index.
For the newbies in crypto, there are things you should know and things you must decide on before you put your hard earned money in the crypto market.
Before throwing your money into crypto you need to educate yourself first on cryptocurrencies. Do not blindly go into what you don't understand because if you do, you just might get burnt in a very bad way. Understanding the crypto market is one thing, throwing your money into something you don't understand is another thing.
1. Are you a crypto investor?
2. Are you a crypto trader?.
3. Are u a combination of #1 & #2?
4. Are you a crypto speculator
If you answ is #1 what type of investor are you? A Long-term investor, Mid-term, or Short-term?
If your answer is #2 what type of a trader are you? Are u a day trader that trade the lower TF staring at ur computer screen all day looking at every 5min,15min, 30min, 1hr, 2hr & 4hr candlestick for a quick trade setup or scalping opportunity thereby making yourself a slave to the market without having the time to do other things you love to do?
OR
Are you a swing trader that get trading signals exclusively from the Daily TF, trade the Daily TF only and have the time to do every other thing you love to do?
If your answer is #3 do you have separate rules set for your investments and trading portfolios and do you stick by them? Do you draw the line when it comes to your investment and trading portfolios? Do you realize that you can be short in a trade of a particular crypto and at the same holding same crypto for long-term? That you are a believer in a crypto project for long-term goal and you hodl it doesn't mean you can't get into a short trade of that same crypto.
If your answer is #4 please you have no reason to be in crypto in the first place. Just sell all ur coins and hodl fiat only. Trust me you are better off having only fiat.
KNOW WHERE YOUR STYLE FITS
