If you are reading this , I would like to say thank you and that I am sorry. I'm sorry that the cryptocurrency market is in a sea of red, but it will get better. I promise you that. How do I know this? Because it always does. History has shown that this happens every year to the cryptocurrency market. I'm sure most of you have asked yourself when will this end? When will it get better? And should I sell everything? While I don't know the answer to the first 2 questions, I do know the answer to the third question. You shouldn't sell anything, hold what you got, and buy even more if you can.
I always like to refer to a quote by Baron Rothschild that stated "Buy when there is blood in the streets, even if the blood is your own." Baron knew what I know, and I'm sure what you know as well. The market will turn around for the better, and when it does it will grow even stronger. It always does. As stated before, buy even more if you can. Look at the red as a massive sale price, a mark down or clearance price to buy more, but choose wisely. Not all of these coins will succeed, but that will be for another post.
Before I conclude, I would like to say that I don't believe in using a lot of technical analysis when it comes to the cryptocurrency marketplace due to it not being regulated. This market place is way too volatile to solely rely on technical analysis. I like to use more fundamental analysis to determine when to buy, what to buy, hold, or sell. When the marketplace is regulated such as stocks or forex, then you would have a somewhat more stable market where technical analysis could then be better suited. There is just way too much that can go wrong with using technical analysis in this space, but I'm not totally against using it. It does have a small use case with cryptocurrencies, but be careful with it.
Again, thank you for reading and please stay tuned for more posts.
JT