Alt coin bloodbath in May!
Today the Poloniex rivers are running red!
Most alts are in the red, with steep dives. If you notice, many of the coins that have dropped 15-25% have dipped to the 50% Fibonacci line. STEEM flirted with the 38% line before retracing back up a smidge. But a correction in the inflated alt bubble was bound to come. Don't be surprised if we see some coins dip to their 38% support lines.
Am I selling all my alts to get out of this blood lust? Nope. I haven't sold a single coin. Selling in a red candle, especially after three consecutive long candles, is not wise. My philosophy is to buy red and sell green, so instead I bought the worst performing coins today. Chances are good that they will bounce back within a day or two, if not in a few hours, gaining 10 or 20% in no time. Selling now and buying later on the way up is pure insanity.
So, yes, I am holding my STEEM on STEEMIT, and also the small amount I have on Poloniex. If the bloodbath continues into tomorrow, I may have to take out a payday loan to buy up all those wonderful alts that will probably never see such lows again.
What did you do today? Buy, sell or hold?
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