Cryptos due a pull back, keep a lot of dry powder on hand.

Get your ducks in a row

As I mentioned in my previous article Why I just sold all my Neo, Cloak, Komodo, Humaniq, Monero and Cannabis coin to invest in.... OmiseGO I don't want to get fleeced by cryptocurrency exchanges having to pay huge commissions, especially with Bitcoin reaching all time highs because it's my contention that we're due a pull back within the next month. I think it would be prudent planning to prepare yourself accordingly for what lies ahead. Nothing goes up forever.

Photo courtesy of pexels.com

If you look at the market cap of all cryptocurrencies in the past month, there is no other way of describing their performance than jaw dropping. They've went from a market cap of $89 Billion USD to $167 Billion in one month!

I would really like to get in on some crypto's like Dash ($174 -> $365, 200%) and Monero ($39 -> $130, 356%) who have had significant rises, I think they're a bit toppy and I believe if they take a significant hit, they would be excellent acquisitions to buy on the dip. Both of them are in the top 10 in terms of crypto market capitalisation so they're relatively safer bets compared to some smaller cap cryptos that tend to be a lot more volatile.

Have a look at their performance in the past month.

Also, as a side note, I don't think it's any coincidence that both of these currencies are anonymous payment mechanisms and both have outperformed in the past month. Monero was just listed on a major Chinese exchange in the last month and the Chinese have plenty of money to hide. I think the crypto community is starting to become more cognisant of the fact that authorities can track bitcoin (and many other alt coin) activity and people are starting to invest in currencies that are more difficult to track.

Now back to our cryptocurrency exchange, I personally don't mind paying 10% commission if I had the option to buy bitcoin at say $2000 USD again. Remember last month Bitcoin was trading at around $1750 USD (around July 16th)? Well it's more than doubled as of today. It would have been a relatively easy 50% scalp ($2000 -> $3000) if you managed to buy at $2000 but if you include bitcoin cash, the gains are significantly more, around 150% ($2000 -> $5000, bitcoin and bitcoin cash).

When you have a pain in the pit of your stomach and FUD creeps into your mind, the haters are saying "the end of the cryptos is nigh", that's when you need to be commercial, step in and man (or woman) up and get some skin in the game.

I'm keeping a clean line of credit for the next pull back. Safe trading everybody and let's get rich together people!

Please do your own research before investing in any financial assets as they may cause significant losses.