Why I Do Nothing During BounceBacks || My Crypto Strategy For This Moment

avatar

image.png

source

We've had major drops in the cryptocurrency market in the past few weeks. And those with extra stablecoins or fiat lying around have happily used this opportunity to increase their stack. I am one of those people. I've also been able to steadily buy more HIVE while the price decreases. Now it's time to wait during the long game again, until the market heads to all time highs. The game is simple, if you understand the rules. What's very important is that you act rational based on these rules, and not emotionally based on events.

One of these events that can be dangerous for those that are led by emotions are bouncebacks. Right now where seeing that with a few cryptocurrencies, the rebound. Even HIVE has bounced back a bit from 40 cents to 50 cents.

When looking at this specific event, I always tend to just do nothing and wait even more. A bounce back can mean two things. Either the market is going back up, or it is the so-called infamous "bulltrap" where it seems like the market is going up, but meanwhile it's just a small correction before the drop continues.

image.png

source

I find that it's better to not act in the timeframe of the rebound. Unless you're really good with technical analysis and predictions, or if the news and rumors point in the right direction. If it drops more, then I'll buy more, and if it goes up, then I will just hold on tight and brace myself for the next rocket upwards.

This may not be the best strategy. It may not be what works for others. But it works for me. Based on the past 5 years in crypto and blockchain, I feel comfortable with these actions, or no actions in the case of bouncebacks. In the end that's what matters when trading and/or gambling. Always put in what you're comfortable with, and what you are prepared to lose.

The market is getting exciting. As well as the Hive ecosystem. I wonder what the future holds. Whatever it is, I bet it's awesome. What is your strategy right now?

LEO_Icon_Post_Divider.png

[ Uniquely Clever Sign Out Message Goes Here ]

Posted Using LeoFinance Beta

cryptocurrency leofinance ctp neoxian archon cent proofofbrain pimp bilpcoin hive infowars blockchain
0
0
0.000
13 comments
avatar

pixresteemer_incognito_angel_mini.png
Bang, I did it again... I just rehived your post!
Week 105 of my contest just started...you can now check the winners of the previous week!
4

0
0
0.000
Reply
avatar

I find it better to just build during the bear market and trying to time the market isn't a good idea. As we are trending downwards, I think it's very likely for people to just keep selling the rip. At least on Hive, we can just build by being active

Posted Using LeoFinance Beta

0
0
0.000
Reply
avatar

In cryptocurrency the situation now is that all of are strategies lead to Rome. So I'll see you there. :)

0
0
0.000
Reply
avatar
(Edited)

I guess it depends what your longer term ambitions are. HIVE (STEEM) was about this price when I started building my account by Dollar Cost Averaging (DCA). I put aside a small amount and used that to buy HIVE every week, regardless of the price, until I reached Orca. I also built my SPI and EDS stacks during that time, too.

I'm still building towards 100,000 HIVE, but I have some other off-chain priorities at present, so although I have bought some more HIVE on the way down, I've used my budget for now. For me, having some clear goals about what I am doing, using tactics like DCA and taking my time to learn market patterns all help to manage dips, rebounds and pumps.

I've just done a quick calculation: at current rate of growth, I'll make 100k HP in three years time. Even before that, though, I will have achieved my passive income targets. I'm very happy with that 😍

0
0
0.000
Reply
avatar

I've just done a quick calculation: at current rate of growth, I'll make 100k HP in three years time. Even before that, though, I will have achieved my passive income targets. I'm very happy with that

Awesome, keep on going! You can count on my small support.

DCA no matter what is the most stable strategy in my opinion. But the strategist in me likes to second guess that sometimes in order to try and be more efficient. Doesn't always work out though. !LOL

!LUV !PIZZA !hivebits !WINE

0
0
0.000
Reply
avatar

I like the opportunity to consistently build by posting, voting and more recently commenting at minimal risk. I still get the rewards by giving away a little of my privacy

0
0
0.000
Reply
avatar

I've seen people who write nothing about themselves and still have a good time here on Hive. So even that's possible!

0
0
0.000
Reply
avatar

Congratulations @rarej! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s):

You have been a buzzy bee and published a post every day of the week.

You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word STOP

Support the HiveBuzz project. Vote for our proposal!
0
0
0.000
Reply