Big selloff in all cryptos today... Only ONE crpyto out of the top 100 in market cap is green today: TETHER. Tether doesn't even count as it tracks the USD. Some have speculated that this selloff is due to the Chinese selling off as their lunar year is coming to an end. We'll find out soon enough as Chinese New Year is right around the corner, falling on February 16th this year. Historically since 2015, BTC's yearly low occurred in mid-January, FWIW.
Bitcoin has broken down from the triangle consolidation with increased volume. That's a little alarming whereas if you look at most altcoins the volume of this selloff is relatively low.
The triangle consolidation support was around $12,600 and the next trend line support is sub-$10,000 at $9,500. If we continue lower, BTC could drag down the entire crypto market down with it. In situations like these, there's no reason to panic sell here. You never want to capitulate at the bottom, trust me, been there - done that and it's not a good feeling. HODL strong and if anything bulk up on some underweight positions.
BTS sliced through the PATHWR levels I was watching. Broke down below the lower level of $0.39 and is currently trading around $0.35.
The volume on this break down is relatively low for BTS, so I would expect a snapback rally back into the PATHWR range of $0.39 - 0.51. I'm looking to add to my position in BTS today or tomorrow.
Similarly, STEEM sliced through PATHWR #2 like butter:
Price action touched trend line support, but if that doesn't hold PATHWR #1 is the next level of support in the $2.60-2.80 range. I'm debating whether or not to add to my position here, but I think I'll wait a day to see what happens.
Disclaimer: This post is not meant to be a recommendation to buy or sell any financial instrument. Do not invest money you cannot afford to lose. Always do your own research.
Quite a little panic we're getting in both BTS and STEEM. I've bought more of both and have bids in lower.
Pretty amazed by how much investors are missing with these two. I'm not surprised by the general selling, but I really expected STEEM and BTS to perform better than they are. They're getting pounded rather hard. Good buying opportunity for those who know what they're really worth.
Appreciate the upvote and comment!
The low volume on these selloffs in the alts is one factor that I'm holding onto and has prevented me from going into full-on panic mode. If this selloff was on increased volume, I would definitely be a bit more worried. However, I do think we go lower in the upcoming days to weed out the weak.
Good buying opportunity indeed. Unfortunately for me, I FOMO'd earlier and am fully loaded. Figuring what I need to reduce size on to buy more BTS and STEEM.
We just hit the 50% retrace of the entire move from January lows to recent highs!
No doubt about it, this is not a good time or place to sell!
Bought more STEEM and BTS today. HODLin' strong. Would you consider this selloff in alts part of the 'institutionalization' process?
Great post. I've started to dig into BTS a lot more after looking at some of your insights. I haven't yet pulled the trigger (I like to understand what I'm investing it a bit more so I can properly ride the ups and downs with conviction) but I like what I'm seeing! Thanks for the helpful!
Thank you sir! This looks like a great spot to start a position and you'll be getting in at a lower average price than me. Keep me posted on your thoughts on BTS as look into it some more!
Thank you @dirkboy41 for making a transfer to me for an upvote of 1.09% on this post! Half of your bid goes to @budgets which funds growth projects for Steem like our top 25 posts on Steem! The other half helps holders of Steem power earn about 60% APR on a delegation to me! For help, will you please visit https://jerrybanfield.com/contact/ because I check my discord server daily? To learn more about Steem, will you please use http://steem.guide/ because this URL forwards to my most recently updated complete Steem tutorial?
Sneaky Ninja Attack! You have been defended with a 3.32% vote... I was summoned by @dirkboy41! I have done their bidding and now I will vanish...Whoosh
This post has received a 6.38 % upvote from @aksdwi thanks to: @dirkboy41.