Greetings all!
Jimmy McCrypto here with my first post! Been looking at the charts and seeing red, red, and more red all over? Anxious? Worried? Scared? Then you better call Jimmy!
In all seriousness, I would first like to start off introducing myself. My pen name is Jimmy McCrypto and most of you probably know that I base my character off of Saul Goodman from Breaking Bad and Better Call Saul. I have been involved in investing and trading in the Bitcoin and altcoin market since about a year and a half ago. Since then I have gone through many ups and downs. I've rode the massive highs that we all enjoyed back in 2017 and here I am in 2018! I use a variety of tactics when trading and investing. I research, buy the news, employ TA, as well as some other unconventional methods such as QFL trading. Anyhow, I've taken it upon myself to start writing with Steemit. Now, let's take a look at what has currently been going on...
Bitcoin
Unfortunately, despite the optimism Bitcoin did not break 10k (although it did do it on a few Asian exchanges). After failing to break 10k we saw it slowly and steadily drop lower to $8300ish as of the time of writing. Now, this is not a cause for panic. If you notice, Bitcoin dropped slowly and steadily. It was NOT a massive dump. We saw around 3% drops and the altcoin market emulated this. We have found support around the $8200ish area. As of right now, it appears Bitcoin has two options: It can either drop more which is a cause to be worried or more then likely it will continue to go sideways leading up to Consensus. Personally, I would not trade right now as to me this seems like a no trade zone.
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Consensus
Speaking of Consensus let's take a look at how this can impact the price of bitcoin and the altcoins! Consensus is May 14-16. For those of you who are not acquainted with what Consensus is here is a brief rundown. Consensus is a yearly event that the cryptocurrency community holds. There will be a bunch of speakers from a bunch of different Altcoins and all that jazz. Now, let's talk about the possible outcomes of Consensus. Historically, the cryptocurrency market has grown after Consensus. However, we must be careful as we must remember that past performance does not predict future returns. There is a possibility that the cryptocurrency market will grow following Consensus. Then again it may not. It could be a good idea to buy some good altcoins prior to Consensus and hope they go up in value post Consensus. However, be prepared to sell them quickly if it does not go up as much as expected following Consensus. Here are some of the bigger name Altcoins and their market caps if you do plan on employing this strategy.!
My Plan
As of right now I am merely watching on the sidelines. As I stated before, I believe that right now is a no trade zone. If Bitcoin continues to go sideways the majority of altcoins will go sideways as well. Altcoins tend to mirror Bitcoin. If Bitcoin goes down then the altcoins will go down and take much more of a beating as we have seen. There is word of institutional money beginning to come in but as of right now it has not seemed to change what has been occurring. Please, DYOR and do not take my advice as fact. I have and will be wrong about things.
Parting Shots
I hope you enjoyed this first article. Please do not be afraid to critique me as I am always looking to improve. Also, please let me know if there is anything you would like me to write about or clarify. Until then, good skill trading!
Adieu!