As coins tumble this morning, I’m so stunned by people on the internet, these so claimed cryptocurrency experts, making videos this morning telling everyone how happy they are that Bitcoin is down over 35% this month. That it’s a healthy correction. I actually heard someone say their portfolio is down $50-$70,000 and they are “really excited about that”. That was their exact wording. Haha! You can’t make this stuff up.
I don't want to call anyone out but you can search Youtube on your own to find numerous examples of this. I don't know why they won't sell when they're down say 5 or 10% and look for a better entry. Wouldn't it be better to have that money in cash and to be able to purchase more now that prices are lower?
What they’re probably doing:
Me personally, I don’t have that kind of cash to blow. I have a risk limit. I started purchasing some LTC last night as the price dropped….I purchased at 122, 120, 118, 116, and 101. I was down about $10 a coin at one point. Then as the price spiked back up I sold into strength at about $120 avg making a few dollars per coin. And I’ll look for another entry opportunity, which could come as soon as tonight or tomorrow as I don't think this bearish sentiment is over.
I did take 0.5 LTC and purchase some Steem at close to its low point of the day around $3.25. It was sweet to watch Steem moved back up to mid $4s. Let’s hope it holds those levels.
I have been putting my trading and mining profits into Seem and letting it work. Steem is really the only coin I will hodl. With Steem you can atleast put it to work for you. And I believe in the long-term viability of the project. As such, I will continue to invest in Steem and work to build my wallet. I'm not as concerned about price fluctuations in Steem as I am other coins. Plus Steem is not liquid when you convert it to Steem Power, so you're kind of stuck holding through strong price moves.
What’s your strategy? Buy high, sell low? Or just hodl?
With Love,
Chris