Vlog 207: My plan for the downtrend. Patience is key.
If you follow my blog you know that I have been diversifying my crypto holdings into fiat for around 2 months now. I wrote about it here.
I wrote this back then:
My current investment strategy is to diversify some of my crypto holdings (not STEEM) back into fiat gradually.
My crypto holdings went 10x while my Fiat has stood still.
Crypto tends to go up and down as a whole. (If there is a correction there is nowhere to hide fast.)
I need some Fiat in case there is a big dip to buy back in.
If I'm wrong my holding will just go up and I make a little less profit.
Which is fine. I prefer the feeling risk aversion over maximum profits.
We are in a downtrend at the moment and it's not too pretty. Double digits red across the board for most coins.
It's not low enough for me to start buying again but it's approaching that point.
The B's from the Weiss report have most of my interest.
I'm impressed with STEEM. It's still way up compared to the beginning of the year and I'm very happy to see how strong it's behaving in this trend.
I talk about it more in my vlog.
I am a witness with our developer group @blockbrothers for the Steem blockchain. If you want to support us I would appreciate your vote here.
We build Steemify a notification app for your Steemit account for iOS.
Get it Here:
▶️ DTube
▶️ IPFS
Totally agree! Except I've been diversifying out of crypto and into precious metals, namely SILVER. While cryptos have shot up to all time highs, silver's price has been manipulated to artificially low prices and it's ripe for a moonshot rise itself....IMHO.
Anyway, since I'm playing with "house money", I will wait out this current downtrend to see if it's just a gully or a total collapse. Either way, I've already won.
Take a look at stacking silver. Check us out over at @steemsilvergold.
How much you won?
Yes and always patience is the key
One should try to improve himself in all ways
Staying in the same place is declining
Thank you for your initiative.
Patience pays.
agree with this opinion
Can you stop self-voting. At the very least, join a minnow.
I agree @exyle patience is key here. This is nothing new to us. I think the floor is around the $7500-7600 range for BTC. My prediction is things will begin to turn around in the market on or before February 15th. The media here is bi-polar and highly manipulative. There are many people I know who bought into BTC in November - December for the first time and are asking if they should dump now just based on what the media is reporting.
The Dutch Media is already reporting the 'crash', like they always do when there is a correction. I'm glad I can just tune it out and keep a straight head. Panic rarely leads to good decisions.
When I saw the crypto market cap move from $800B to $400B in a matter of days following the questions surrounding Tether, "crash" was the word I characterized it with.
While I saw no cause for panic myself, this "crash" tells us something about the overall composition of the crypto economy.
For one, it seems that convergence on something like a crypto-Federal Reserve is being tested and that we may be talking about fractional reserves soon. IMHO, we need to come down against tether coins. I understand the need for a stable coin, but I'd ultimately like to see something like an index coin solve the "...nowhere to hide fast" problem. I feel like reducing the impetus to dump crypto this way is important.
And two, what does it say about crypto-culture? Ideally, we want to build a broad perception of value in cryptocurrency and blockchain technology as a whole. This is the future we want, yes?
Are we treating it with that regard, or is it just another investment vehicle?
An index would be nice. I think people would feel more secure investing in an index.
invest in it as opposed to day trade
Please don't talk about it.
I can't even watch the local news, without people talking about the 'crashing bubble'.
NOS/RTL talking about BTC becomes increasingly cringeworthy
Yeah, I hear people saying that crypto is dead. It's crazy considering how many partnerships there are and how entrenched the tech is becoming. No one seems to be interested in reporting on that.
The media are always looking for something to say. They don't really care what as long as they get views – and of course money.
Yep, everything is made as dramatic as possible in the news.
And never forget that media also uses their influence to control the market and to take their own profits out of it...
Yup. The funny thing is that what the media say about Bitcoin's price determines the price...
I couldn't agree more. All media outlets are setting the panic in. Keep cool and with a diversified portfolio this will even out in the long run.
I'm hoping I can find fiat by then. I've been really looking at re-investing at these prices, but I can't break my dedication to the "only invest what you can afford to lose" rule.
And honestly, my background is in Forex.. Not Cryptos, however I was looking at the charts and it looks like we are finally entering into oversold territory with some sharp jolts up from the bulls. For example LTC dropped to sub $100 levels but shot back up to around $130 rapidly.
This kind of behavior paired with being oversold indicates a strong possibility of the bulls gaining control and we are seeing this across the board.
What is Forex?
That is the same as crypto exchange but for currencies.
It may not turn around until the summer. But it is good to buy now before it goes up again whenever it does. So, people should probably jump in now before it is too late.
Yea. I'm new to this and happy to patiently let my investments grow. I bought in November. Stumbled in right after BTC crashed 25 percent and caught all of that big upswing, mostly from returns on alts. Then I didn't have any more money to buy more coins until BTC had dropped to $12k USD. So, I'm way up on my first investment, down on my second investment, and about even overall. Am I lucky or is that normal?
I fully agree @reidlist
Good prediction lowest it has gotten is $7,796.49, of course nobody knows if that was the lowest it might go down further, but anyway right now it is above 9k.
This is it.
I am learning more about ICO.
At the end, steem is the coin to look in a different way.
This is great to see steem handling itself very well compare to the coinmarketcap.
Keep on steemin'
@exyle,
I can remember you said it few time back! It was a wise idea and I also did the same! HODL is something different. Make moves with market price is something different too! After all we HODL and as you said patience is the key!
Cheers~
Mark you played this last UP move like a Violin......Sweet Music when you took Profits off the Table near the Highs. Now that we are looking like Blood in the Streets you are getting Hungry to get back in again. Rare like a nice piece of BEEF. You will have such a FUN ride when we turn back UP. @exyle
I totally should have pulled out. I'm not too upset, because I was always dedicated to leave everything in for 1 year for tax purposes, but if I would have pulled out early January, taxes or no, I would have been very happy.
@exyle Most coins are certainly looking ugly at the moment but that is apart of the crypto world. It is a constant adventure with plenty of bumps. Thank you for everything you do for the Steemit community. I invite you and all who read this to stop by and join my contest called "Together We Build 4" Winner gets 10 SBD it is a great way to interact with others and help build our Steemit community. Thank you.
All bitcoin sold and waiting for it to fall of the clife.
Are you going to buy back in?
you hit the nail on the head, good post, get ready to buy the dip i follow parabolic trev on twitter and he calls the dips and highs very well
Nick
Certified Bitcoin Professional
This downtrend was definitely due. Hoping it weeds out the bad coins and the good stuff (Steem) takes off soon.
It's pretty brutal right now but I think it just has to be with an immature market. People are inexperienced and allowing this downtrend will show how much these coins are really worth according to the value it provides, as opposed to hype and speculative investing.
That's why I have put a lot into Steem (even though the prices goes down shortly after buying). I do hope things settle down and go back up, but I don't think I can control it. For me, the best thing I can do is just focus on my Steem account and improve my writing. I don't want the crypto market to stress me out. Just focus on yourself and your skills.
The FUD is real. I'm seeing news articles that are spreading news that has been debunked for weeks. This is such an opportunity to buy, and I wish I could. When price is tanking because you have bad news coming out, but you know that news is fake? That's a golden opportunity.
This is a good mindset.
"It's pretty brutal right now but I think it just has to be with an immature market. People are inexperienced and allowing this downtrend will show how much these coins are really worth according to the value it provides, as opposed to hype and speculative investing."
very good comments and we shall wait and see, crypto is very new and only dec 2017 saw some mainstream adoption
Just a friendly tip @nickwalshblog...
To 'highlight' a quote, Tap the > (greater than) key in front of the quotation. Copy and paste the part you want to quote into the comments box.
Best regards.
Peace.
I truly needed this wake up call now.
Good work done ...am actually impressed about the steemit notification app, this show how broad steemit is becoming
Glad you like the app!
Will be amazing when the Android version gets released haha.
Is there a Busy app?
No idea haha. This app on iOS is called Steemify 😸
Unfortunately Busy doesn't have an app yet, so I just saved their website as an icon on my home screen.
Please what's this steemit notification app he is talking about??? Really interested in knowing .
It's called Steemify for iPhone.