Crypto Crash or Buying Opportunity
Hopefully from the last few days you will have seen the importance of having a plan which I have stressed from the beginning.
- Why is vitally important that you have a plan so that you know in advance what you are going to do if a) the market shoots up or b) it tumbles.
- That you must only risk money that you can afford to lose.
- That you should never ever use leverage to buy cryptocurrencies.
- Why in the last few months I have been explaining the importance of taking profits periodically.
- Why I have explained to those of you who have been with us in our crypto webiste for more than six months that you should have considered taking out your initial stake.
For those of you who are completely new and haven’t started yet,t then yesterday was clearly an opportunity to buy at a massive discount- did you buy or were too scared to do so?
Those of you who took profits before and converted them into USDT did you buy more?
I showed in the telegram group for members of my crypto website YourInvestingFuture.com the levels are I was looking to buy more Bitcoin and more Ethereum if they dropped those targets appeared to be too optimistic when I first placed them, as it turned out, all of them fired.
Last week I said “optimistic buys: btc 51,500 and 47,500 eth 3210, 2950, 2750, 25,500…”. then this week…”Eth: 3210 was a good level next is 3020, 2950, 2750, 2550….”
Then yesterday “If I was starting today I would focus on buying Ethereum. I expect it to rebound quicker than most but this may not be the bottom yet. My reasons for buying haven’t changed. Obviously, it’s not pleasant now but I am in for the mid term.”
If I had just bought in the last few weeks I would keep holding and try to buy the dips. If you find you can not stomach this then reduce the risk.
Crypto Crash or Buying Opportunity
It looks today as though things have settled but there is always the chance that this drop could go further. Clearly, there is nervousness in the markets especially amongst retail traders and particularly those who had used leverage who will have seen their accounts wiped out.
My personal feeling is that mid-term nothing has changed, cryptocurrencies and more importantly, their blockchains are the future especially Defi (decentralised finance). You of course need to make your own decision.
At this time I on focusing on Ethereum and other substantial projects that have a real-world use.
I am holding onto my BTC but not buying more for now. If Tesla dumps their BTC then short term it could weaken further THEN I would look to buy more. It would be better for BTC if Musk goes and plays somewhere else! Its not good for BTC that one person (especially one as loud and thin-skinned as
Mr Musk) has so much influence. Also that he is able to say and do things to affect the markets that he could not with stocks.
Yes, Musk hinted yesterday that they (Tesla) were holding them- then again, Warren Buffet told the public he was holding onto his airline stocks last year before he dumped them!
Bottom line is, believe very little when the big boys speak in any markets as they have their own agenda. If they are going to dump then they need to get the best price by duping others into buying.
This is why I always advise folks to ignore experts & bankers in the Forex markets. They are not known to be charitable institutions! When they tell you what they’re buying and where do not believe a word of it!