Hey guys! The last couple of days I've been releasing these mini market updates and some of you seem to find them quite useful and informative, so I've decided to try and pump one out daily!
The overall market
Today has been pretty rough across the board, we've seen red in almost every crypto today but they've been quite small losses, easily back up in an hour or two if we have a surge. I feel like this bear trap was caused by bitcoin hitting the $10,000 barrier, many people sold around then as it hit $10,020 on Binance and it hovered around $9,800 for a while before heading back down to around $9,500. However, I feel as we test the $10,000 barrier a couple more times we should be able to breach it.
Steem Price
Steem has been quite under-performing recently. However, I reckon with SMTs coming out soon we should see some price action! SMTs are very exciting and I can't wait for them, I'll probably do an article about SMTs soon.
My Prediction
I feel like after a small bear trap a couple days ago, this sort of recovery indicates that we are indeed once again bullish. I am very confident that we will be breaking $500 billion soon and nearing all time highs again within months.
As for Steem, I'm kinda hesitant about a prediction. If you're looking to swing trade, I feel like buying some Steem now and dollar cost averaging down in case it falls more is the way to go as I think it will reverse soon due to the overall nature of the market and Steem being "on sale".
Note: I am not a financial adviser nor trained in economics
My Tips!
DON'T FORGET TO TAKE PROFITS! Especially now in a bull market!
This was my mistake. I felt on top of the world when my portfolio went x100 in less than 6 months but I only withdrew about 3 times my initial investment... before things started going to shit. Since then I've withdrawn around 10 times my initial investment altogether, which is not bad but could of been a lot better if I wasn't so greedy.
I recommend taking out your capital asap and withdrawing a bit every time you hit a personal goal, for example withdraw 1-2% of total every time you go up 50% from last target or something, set objective targets or else you're never gonna take profits and you'll get burnt like I did...
Don't give in to FOMO or panic + little story
Even at the worst of times, think rationally. For example, my previous largest holdings COSS took a massive hit, dropping around 40% within hours. I sold and soon regretted it, but didn't buy back in due to FOMO, I waited. Not before long, I bought back in at a profit (in terms of COSS), and bought more and more and eventually had around 35% more COSS than I started, then COSS went back up and I sold all of my COSS again. However, even after I sold it kept going back up but I didn't buy back in to FOMO,I waited and today if I buy back in I'd have around 25% more COSS than I had before. I sold near the bottom, bought again at the bottom and then sold again way before the peak. Although my profit wasn't maximal, it was around 15% of my capital and I was very happy with that in a day!
I will be quite busy this weekend so I will likely not be replying to many comments. I will be less busy in a month or so when my exams will be over!
Thanks for reading!
What do you guys reckon about my predictions, tips and advice? Discussion is welcome!
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fantastic and really informative .. round of aplause for this one mate ...
That,s Usefull for me!Thanks for the information :)
Thanks for your information, thanks for the advice brother.
I wish you a happy day and a better life