Hey guys, Rules for Rebels here. It's a little before 8am here in Chicago and I woke up to see Bitcoin is down around $3800, Ethereum is down in the $265 range, and Litecoin is back in the $50's.
I made a Youtube video last night telling you guys to keep a close eye on Bitcoin and crypto prices, I had a feeling there would be some volatility yesterday evening as they were waking up in China to see that not only had the price slid, but also heard the rumors and if it turns out to be true potentially the news of Bitcoin exchanges being banned in China.
I was up til about 1 or 2 am last night watching a documentary and keeping an eye on the charts. I picked up some Bitcoin at around $3980, picked up some Ethereum at around $280 something and some Litecoin at around $62. I was going to make a large buy as lately I've been seeing prices dip at around 1am and then rise in the morning, was hoping to make a few bucks on a quick pop. I wound up deciding to make a smaller buy of each and see how things shook out this morning and I'm glad I did that as things continued to slide after I went to sleep.
In about an hour or two people on the west coast should be waking up and I imagine some people will freak out and sell.
One thing that's especially bad about this pullback in my opinion is we have a lot of people new to Bitcoin who aren't used to the volatility who are going to freak out about this and sell off and that could make the slide even more dramatic.
One thing to keep in mind is you havn't lost anything until you've sold.
I have been pleasantly surprised to see some cryptos holding their own such as ARK and Lisk.
Anyhow guys, as always want to hear your insights and opinions. Drop a comment below