Cryptocurrency Market is facing a deep correction right now. This raises a few questions among new investors as well as the seasoned ones:
1. Why is this happening and what's going on? Why is everything "red"?
There are a few opinions on this:
- Market is long due for a corrections and it's a healthy thing. Better now than later. The longer the uptrend the steeper the fall.
- Investors are cashing in on the ICO profits.
- New Investors. Coinbase reported an addition of 1 million new users in June and new investors are prone to panis sells.
Nothing is for certain in cryptoland, however, I do believe that it is a combination of all of the above.
2. What do I do? Do I sell now? Do I buy now?
It's a good question and there are good news and bad news.
-Bad news: no one can answer this question for you.
-Good news: you can rely on the charts and the experience of other people.
Sell. In my opinion the worst option right now. The market is on the way down and we haven't hit the bottom yet.
Buy. For some people it might be a good chance to get in on Bitcoin or other altcoins as the price on some of them does look attractive. On the downside we don't know where the bottom is and you might regret your decision to buy an hour/day later. You can choose to buy in smaller portions on the way down and you will get a decent average price on the portfolio.
Wait. My pick for now. It takes nerves of steel to stay in the cryprocurrency game and if you can't take a beating and stress out all of the time- it's time to wrap it up and go home. I would advise to stay calm, be patient. Wait out on the drop, analyze the charts in the following two weeks and don't make emotional decisions. Those will make you loose money.
HODL!
P.S. All of the above is not a professional investment advice. Please make informed decisions.
While my investments have taken quite a beating these last few days, my overall gains since I invested in various projects are still in the green. So, I'm in a holding pattern for now, and if I see any positive swings will probably invest a little more for some quick gains.
The best advice, wait and hold your position.
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@coinmaster
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