It Was in the month of April, when we saw all major cryptocurrencies making a low. We then saw the market rebounding and trying to break higher, which was an unsuccessful attempt.
Scepticism kicked and and speculators and traders turned back to shorts, squaring off long positions.
But the optimistic part is that even after breaking the trendline, the prices have held strongly, and a support zone is building. It is too early to say that the we have made a bottom, as it can also be a bounce in a downtrend.
It can not be a trading opportunity, but it is hell lot of an investing opportunity. I’m more of an investor than a trader. Iprefer buying what I like at places when they are dumped, and nobody else is buying it. Trust me, it may sound old school, but it works for me almost everytime. But one must have patience, this is definitely not for those people who are looking to be millionaires overnight.
So people who were looking for an entry, this might be the time you step in the game. Cryptocurrencies are here to stay and in the long run I see no reason that the prices do not skyrocket.