RIght, it’s been a high for the cryptos, not that they got drunk, I mean they have been rising on since Friday last week. It is great news if you had held cryptos and you actually made money but some folks like me have missed out on it. This can be lessons learnt in crypto investing, well atleast it is for me.
First, what was noticed is that BTC that has been rising from 3100 dollars levels since January went till 5200 dollars, where it reached a golden cross, meaning BTC 50 day moving average and 200 day moving average converged and crypto experts told this is a bullish sign. Cool, and it would have actually been prudent to invest in BTC that time if you had not invested in it when BTC reached its bottom, which was in 3100 $ levels. After that movements in the markets were happening which actually confused me as a investor.
One of the movements that happened was BTC was rising but the value of all Altcoins were going down. Coins like Cardino(ADA) lost out so much at a time when its supposed to be rising, that it went below support levels of 200 EMA or moving average, they all looked bearish. Crypto gossip circles were saying this was because BTC dominance rate was increasing, and money from Alt coins were actually going to BTC which was growing more in value like some cyclone. Since BTC is base rate in exchanges, as value of BTC went up, the altcoins were losing value against BTC.
Last week on Thursday there seemed a massive sell off and I sold my ADA): , it came below 0.58 value and like its had to be 6.6 value to maintain its major EMA to show its not bearish!! The very next day there was buying and its value came back to 7.3 and now, its gone above 8.3 ,it was utter stupidity on my part to not HOLD on to my crypto corpus that have reasons to go up in value soon. Ok, I moved on from that regret(: …
Then this weekend there was boom, BTC went to 7000 levels and ETH from 175 USD went to 200 USD and it was a schock. I had investments in ETH but I sold it to invest in BTC which I sold when it reached 6000 dollar levels. ETH made news, first that its making moves to be scalable, to be more secure and shifting to prof of work stuff, it is very much going to be alive and kicking(: … and it’s been rising too. So, when ETH reached 190 levels I have invested in it as crypto talk circles are saying ETH is looking to go to 300 dollar level and there is this force of price rise now because of this bull run that anyway all coin prices are mostly rising.
The lessons I learnt is, wait out, don’t panic and it’s difficullt not to panic when there is a price wave like this. When I say wait out, sell your cryptos if they really come down below a moving average(50, 200), you can afford to do this if you have invested early when price was lower, if you invested when the prices are high and it’s coming down, sorry, atleast don’t wait for it to come down too much after it is going below a key resistance level, sell and move on, don’t feel sad it’s a game anyway. Always invest only the amount you can afford to lose, not all your life savings in cryptos.
It would have been prudent to build a little corpus of crypo collection early this year and you would have made money, because BTC was rising up slowly and coins like LTC, BNB, ADA all had their times of ups. Making a bit of investment in ETH was also prudent, it’s a good and popular crypto blockchain platform and many blockchain projects are using ETH blockchain. My own wallet Atomic runs in ETH blockchain I heart and idex a DEX exchange too runs on ETH blockchain. So, if you had built a corpus of these coins, even some amount all together it would have launched on fireworks in this massive crypto run. So, Build and hold if the time is looking positive for a positive price movement. After all there have been news that have been shouting saying thngs like its a crypto year, crypto spring is coming and so on, investor sentiment was also good, taking this cue one should have held our little cute corpus that would grow suddenly.
Ok, lets move on. So, what’s with this bull run? . Is it the right time to invest on something? . Frankly I don’t know. But be aware that BTC has to correct sometime and when it would it would do so sevearly, so be careful. If you have BTC holdings, don’t hold them when prices drop below a key level, sell them and make profits, ok. It’s just that circles say, BTC is in over brought condition. That is its value is too high now and it appears its risen up because whales and big investment firms have brought BTC for a event, mostly something to do with Bakkt platform launch where crypto futures trading will start sometime in July this year and it will be settled physically in cryptos. I must write an article on that, clarity is rather low to explain details in it.
I am thinking 10,000 dollars is the level these whales will keep buying and then FOMO will have other people buying BTC and its possible its prices would shoot up again. So be careful. I understand the pain of not being able to invest now, thinking everything has gone too high and it should correct, but you can invest small amounts of money in ETH, ADA, LTC because they should go up. BTC halving is next year I heard this price rise coincides with that. Whatever it is, get used to price highs without supporting technicals, because right now BTC’s movement is unpredictable as its crossed all resistance levels for anyone to do balanced analysis, it’s just going up because investors are investing in it agreesively, big guys are invested in it and when they sell, your going to crash. So, always watch the prices and decide when you have to sell and make profits or lessen your losses by selling before crash.
Ok, let me breath!! … I was also in schock this weekend so got investment paralysis. But then I invested some money just in ETH. My only exchange I use to buy other cryptos from Binance been shut after hack, so could not purchase ADA): … But we should be happy with what we have. Play safe folks!!! … I still have LTC, ETH and BNB in my kitty and it would do to let them experience the highs they can reach in this time period which all say is a bull run, though not at all sure how long it would last. That’s crypto universe for you, it’s just exponentially high stake stuff, anyway.