Just a few days back we were all high on the green stuff!
I mean the market green of course, what were you thinking?
Everything was soaring! BTC was breaking it's ATHs every other day for fun! ALTs that been on a decline for months were pumping in going into profit levels within days! Fun times!
We were so sure we are into the bull market, For sure this time!
There were the pullbacks of course, which is natural. High on the greens (again, the market green, not the green leaf!) we were "buying the dip!" Market dips further, buy the Dip again as part of dollar cost averaging! And just like that, we were plunged into the dippity dippity dip! This big bad wolf strikes back.
Tradingview Screenshot
BTC Dominance started soaring like there's no tomorrow! When BTC.D pumps like that, ALTs bleed. We all bleed. On the daily chart it does seem it is time for BTC dominance to take nosedive now, but you never know!
Almost all alts are down by 45-50% from the pumps just a couple of weeks earlier. And there is no guarantee how long it will take for them to recover. However, I do think this time around it won't be as long as we just had to wait in the previous dippity dippity dip!
So if were in spot trades, the best is to hold on if possible and try and tweak too much. And hopefully it will just take a couple of good weeks to get into the greens again. But December generally does not cream green to me. With Holidays coming up, people do tend to cash out from positions. So just bite the rope and somehow hold on till January.
For my mental health, I find it is best if I just close my tradingview app and binge watch some TV shows! Because the more I look at t he charts the more tempted I am to try something stupid in a desperate attempt to recover losses. If history has anything to teach me, it is the fact that, that never works out and I will eventually end up making the portfolio worse.
As a wise old man once told me, "Mother didn't beat John because he lost gambling, she beat him because he tried to win it back."