When is a good time to buy into projects we believe in? I keep investing as prices go down and I keep seeing new all time lows I’ve never seen before. Am I wasting my money? Am I investing smartly? If these coins go up I should see massive growth I think. Someone please help!
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Hang in there! I have been doing the same thing. This market correction was much needed. Those getting in on the dip will be able to reap the benefits long term. IMO 6k is the likely support before we head back in the right direction.
it hit 6k last night just below it. hopefully you are right. yes we did need a correction but this was huge.
What will happen if the price goes below 6k? do you know when the next support is?
I believe 5k is a support. The best way to go about buying into projects is waiting for them to not be at an ATH/wait for correction, then buy in, and hodl it until you see the benefits you expect. That means hodl through High and Low. Never FOMO into a position (I learned this the hard way and am now holding some bags) and do your research properly. And some common sense goes along the way.
Another good thing to do is take a look at the roadmap for that project/crypto calendar to see whether any big announcements are coming up on which you can expect to make a profit.
During this current crash best thing to do is to look at the graphs and see what it's all time high was and what it's support was like. If you can get in at a low price you can usually expect it to go up to near ath values eventually. An example I can give you is my TRX position. I bought in at €0.044 after it had hit an ATH of around 20 cents. It's already doubled the value once (was out of the house and could cash in on it) before it fell to about 7 cents, and then the crash happened. With the experience I've had with TRX I know that buying at this BIG LOW will net me a huge profit come market recovery.
Unfortunatelly I don't find myself in a position to make any moves right now, especially when you consider I already play with low values to begin with.
Im holding and not selling that's how i lost a bunch of money
Well I don't know how long you been investing into crypto. But when do you buy your coins? Do you buy them when their in the red or when they are green?
I generally look at coinmarketcap.com and see what the overall market cap is and make my decisions based on the total cap number. I don't think you should pull your money at a loss unless its absolutely necessary.
I hope this information helps.
I started in January. Haha great time to get in! NOT. All my coins are at losses but I reinvested more into ones I really like. Check out my blog I posted it about it earlier today. I definitely am not selling unless I have too. I bought my first coins obviously in the green not knowing much but I learned better and bought a ton more on this huge dip. So when the market recovers I should see some serious Gains if they reach/pass all time highs. Cheers, and happy trading!
About 1 month to answer your question lol
I'm in the same boat. I just recently started allocating funds for crypto, thinking it was a good time and I've seen nothing but red. I don't know if I should take my small losses and reinvest or hodl.
Well I’m hodling till I see some profit. Crypto is not dead this is just the beginning. We can be millionaire and not know it. I also bought at all time highs as well as on this crash. We will be green soon. People are saying as early as March. Then again people are saying this summer, never, 5-10 years. I’ve heard it all. Happy trading!
keep holding. I'm sure like any financial market it will go back up and beyond within the next 2 years. This happens almost every year. If you bought just a few days ago, then you don't need to worry too much. Remember that the market is volatile, and today we got really good news from the senate hearing :)
I'm holding my losses because my short term is 1-2 years. If you are just allocating funds, your timing is really good regardless if it goes up or down in the next weeks/months (my opinion only).
Your doing what is called Dollar cost averaging. If you are willing to wait 5+years for returns before you see them I am pretty confident You will see some major ones. I see crypto having a several trillion dollar market cap by 2025.
this is not financial advice, do your own research
HODL but also take gains as your plan deems fit
Well said