Bitcoin sneezes and the rest of Crypto catches a cold

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Bitcoin starts selling off, everything else sells off even more

In what has been common place in crypto, altcoins are selling off hard when bitcoin dips.

There is an old saying in crypto that when bitcoin sneezes (or dips) the rest of the crypto market catches a cold (or dips even more).

Bitcoin got up over $11,900 last night only to start selling off basically ever since.

It seemed to accelerate when jobs data came out in the US that wasn't as positive as many investors had hoped, sending stocks and bitcoin down.

The altcoin market took it on the chin even more...

(Source: https://cointelegraph.com/news/bitcoin-price-briefly-crashes-to-112k-after-us-jobs-data-disappoints)

I suspect this dip will be short lived...

If this is indeed the start of the next major bull market, and I suspect it is, then these dips will be short lived.

If you look at a chart from late 2016 through the end of 2017, which was the last major bull market, you will see that there were plenty of dips along the way.

However, these dips didn't last long and they didn't go very deep.

Every single one of them turned out to be a buying opportunity all the way up to $20k.

There is no guarantee that this time will be exactly the same, but if we do believe this is the start of the next major bull market rally, these dips are useful for picking up some more coin.

While not trading much, I do like to trend around a core position in bitcoin in order to build up my stake. Meaning when things get overheated I like to take some off the table and put it back to work on dips with the goal of getting more BTC than I had previously.

In bull markets that means selling when metrics get overbought and buying back when these dips happen. It's not easy to do and often can result in having less BTC than you started with when the big moves up happen, so keep that in mind.

HIVE is a loan bright spot...

As I look across the markets there are a handful of coins that are doing well today irregardless of the negative environment.

And one of those is our beloved HIVE.

Check it out:

(Source: https://coinmarketcap.com/2/)

Being up less than 1% is nothing to get excited about, but when much of the crypto market is down 5%+, it's a small victory.

Especially when HIVE has been weaker than much of the crypto market as of late.

We will take the small wins where we can get em!

Hopefully we can get HIVE back on the first page of Coinmarketcap as it has now slipped all the way back down to the 109th spot.

A few more days like this where HIVE stays put while everything else drops would do it.

Stay informed my friends.

-Doc

Posted Using LeoFinance



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13 comments
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Your title is very funny.

LOL😹😹😹😹😹😹

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The fact that the alts are following daddy Bitcoin is a good sign, I think, because it is pretty much the same way it happened back in 2017. Back then, everybody moved with Bitcoin.
Also, this "correction" as it is called might just be to sieve out the weak hands. The strong hands are braced for a major push, with their hands flickering close to the buy trigger of their favourite alts in a John Wayne old school Western type of way.

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Hopefully bitcoin never goes below 10k dollars again. What's your advice on red days like these? Exchange bitcoin for altcoins or hold aggresively? I need to know my next move on https://changenow.io/

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I don't move funds around much so probably not a good person to ask. I hold BTC while trimming some off when it gets overbought and then putting it back to work when it gets oversold. That's about it. I don't rotate into alts much, though I have left a lot of money on the table because of this. Cough cough LINK sigh...

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(Edited)

I'm a crypto investor too and I always read your posts with interest. I think you have a bias towards optimism and that's fine, I just factor that in when reading your posts.

But this time I have to bleat...

Bitcoin - "turned out to be a buying opportunity all the way up to $20k"

Say what?

When I bought into Bitcoin at $1k I hoped it would get up to $5k - it did, and at that point it still looked good and I was happy to keep holding it. When it got over 10K I took 10% profits and hung in for the ride. But when it hit $15k I was nervous as hell. It was heading for a crash and it was just a matter of how long I had the balls to stay for. When it got to $17k I sold the lot and breathed a sigh of relief.

Yes it went up to $19k and even 20k for a short while, but $20k was not a buying opportunity, it was a selling opportunity - anyone who bought it for 20k was an idiot and they got creamed.

After the smoke cleared I bought it back for $3k and am holding it now at $11k. I think it will go higher, but there will come a day when it's time to bail. And when it does I will read your posts with interest, but I'll keep in mind that optimism is not a good indicator of when to sell!

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Yes, the point being that it was a buying opportunity all the way up to when it peaked. Meaning every dip turned out to eventually go higher until it hit $20k.

And yes the reason for the optimism is because ultimately I think bitcoin goes to $100k, and I think it happens by the end of next year. Which means, technically, any price under that would make money. ;)

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If bitcoin heads up to $100k, at what point will you start taking profits, and at what point will you bail? - Lets face it, Bitcoin is a dinosaur and eventually it's day will come. If it ever gets its slow fat lazy arse over $50k I'll be taking profits for sure!

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It serves a very useful and needed purpose as an uncorrelated store of value. It won't ever really be used for payments, but it doesn't have to.

Regarding your question my plan is to start trimming my position between May-December (if we are at new highs) of next year, hopefully at prices well north of where we are currently. Though I will not sell all, I trade around a core position.

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Time spans are the hardest things to predict - even being fully aware of Agenda 2030 could you have picked a year ago how far it could be pushed with one plandemic?

In another year we could be living in a different world again from this current one.

Does Bitcoin help or hinder the agenda? Watching how quickly globalist entities like goldman sachs can flip switch indicate that is a very difficult question!

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Very good points. There are any number of black swans that could change things completely. I mostly just go off of past patterns and tendencies which may or may not repeat. Remember, money is only something you need in case you don't die tomorrow. :)

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