So the excitement of The Big Dip is over.
BItcoin made it back up to $13,000 ($12,810 at the moment). (I'm using bitcoin as 'the entire market'.)
There will be some small ups and downs at this point.
But the big question is, is the market going to go up from here, or down from here?
Yeah yeah, that's ALWAYS the question. But we're at a 'big' point. It's either going to go way up from here, or Bitcoin back down to $8k.
Bitcoin loves to EXPLODE up in price. We could be at $15k+ in a day or two or three.
And history tells us that the market will go up from here. People with 'concern' about bitcoin going down a little more usually end up crying when it then doubles in price the next week.
BITCOIN COULD EASILY GO DOWN FROM HERE
Why? How could bitcoin possibly go down now after recovering nicely from The Big Dip?
I wrote about three causes that could drop the market a few days ago: https://steemit.com/cryptocurrency/@joshuatucker/3-events-that-could-drop-the-crypto-market-another-40-50-from-this-current-crash-1-17-2018
And it looks like the tether thing is heating up. So if you went all in expecting the market to rocket up at any moment....keep this in mind: http://stockemperor.com/currencies/tether-now-prints-100-mln-usd-daily/
Even just FEAR of that, as news/awareness spreads across the investor population, could cause a sizeable drop just from people holding back on putting new money back into this 'rising' market.
But aside from big events that could crash the market from here, there's a few 'normal' reasons.
A. Whales could drop the market to take all the new money that came in to take it from $10k to $13k. Crypto is a highly manipulated market. Whale manipulation is as much a normal reality of the market as investor psychology. It's part of the game...so no real reason to complain about it or hope that it was otherwise.
Play the game that is there to be played.
B. Normal ups and downs. Every single time, I get a kick when I see someone on Facebook or Twitter exclaim "WHY IS --any coin goes here-- GOING DOWN??"
Because, dummy, the market goes up, and the market goes down. There is rule that it only goes up, or that it 'should' go up.
Bitcoin is way oversold on the monthly chart, and almost oversold on the weekly.
On the daily chart it's just above oversold...but it could easily dip back down into oversold just because.
PLAY THE CASINO
The crypto market is a highly speculative wild west casino. It has been and likely will continue to be a wild ride (up and down).
Volatile markets are where a little guy can make a million bucks.
But remember, you're not playing in a market of up or down. You're playing in a market of up AND down. So factor that in to your betting strategy.
Right at this particular moment I'm waiting and watching, ready to place a bet when the moment is right.
