For my first Steemit post about cryptocurrency, I figured I'd be topical and talk about today's dip:
I'm positing that news out of India is the reason for it, but before I tell you about India let’s discuss the Miami conference and its FOUR THOUSAND PARTICIPANTS! Look to the daily lectures by the founders of DASH, AUGUR, and ARK (along with many ICOs) if you're wondering why all three beat market average this week. AUGUR was the strongest of the three conference plays but all three would have yielded above market returns during the 2-4 day period of the conference. If you traded on the conference gambles (who are we kidding at this point), like me, things turned out pretty well. Even better news? This Miami conference set the stage for 3+ months of conferences every single weekend- stay tuned for more short term hold suggestions. DevCon is in less than 2 weeks, plus Manila, plus London. With all this fantastic news (evidence of progress is essentially what we're betting on) why the dip today? Didn’t we just have a huge correction? IS THE JANUARY CRASH NOT OVER?!
The answer is pretty simple, yes we did just have a huge correction (roughly 50% of the total crypto market cap). However (especially in the scope of today's dip), it is very important to note the importance of sentiment in these markets. India today stated (allegedly) that the banks would no longer allow the transfer of funds from Indian bank accounts to crypto related sites/exchange, thus sending various coins into dips, probably (don't claim to know for certain why the market do wat it do). However, I personally think the dip today was exaggerated- meaning it’s the perfect time to shop for cheap alts that you believe in! Remember, sell when sentiment is highest and buy when sentiment is lowest (buy high sell low... no... wait a minute). Also, frankly, I'm not too worried about the India news and here's why:
Coinbase and other exchanges meant for simplifying the purchase crypto using FIAT haven't participated in the Indian market for some time, and there don't appear to be any like-kind methods of purchase popping up to serve India's general population. Also, banks in India (historically speaking) have not been friendly toward people moving money into cryptocurrencies.
Meaning: Today’s news came out of a market that isn't participating very actively in trading crypto anyway as of yet.
This has been an exceptionally long weekend in crypto, but I wanted to make sure to break down my opinion on the India FUD and upcoming conferences before the weekend was over now that I'm starting to do these posts.
As for my personal picks (MY PERFORMANCE IS NOT AN INDICATOR OF FUTURE RESULTS, THE GRAPHS USUALLY PROVE ME RIGHT THOUGH), here they are:
STRAT and ICX have major implementations and news this week. NEO is paying GAS at the end of January, hosting many new ICOs, and sponsoring DevCon in 2 weeks. This means they should be in every portfolio awaiting news and twitter announcements, in my opinion.
One week winnas: STRAT, NEO, and ICX
If you like to day trade and are seeking rebound coins RDD and TRX are my favorite plays on Binance and Bittrex. I think they have potential- RDD because it still hasn't recovered much from last week's major crash, and TRX because I usually try to accumulate coins whose prices are kept down by lots of FUD, because it's 2018 and everyone on the internet and in the media has an agenda and is probably a liar, including me shilling right now (I do hold positions in all these coins, but again, look at the graphs.)
Short short recovery bets: RDD and TRX
Follow me for (probably almost) daily reports and what I think is sound advice, BUT AGAIN, ONLY BET WITH WHAT YOU CAN AFFORD TO LOSE (do I sound like the bitconnect guys yet? Looking at you CryptoNick)
My next post will be about why VEN is my sleeper pick for 2018, short answer, GIANT SELL WALLS and good tech.