Just when we thought it couldn’t get any worse than last week, here we sit, staring at our portfolios seemingly gone up in flames.
In reality however, this is nothing particularly new. Looking at past years from 2014-2017 you would see that leading up to Lunar New Year there is always a massive sell off.
The good news? The bulls will be back and growth will continue as normal soon enough. In the meantime, it seems we’ve began to bounce back from this big dip, but that doesn’t necessarily mean it’s over either.
They say “patience is a virtue,” and when investing and trading in crypto this mantra rings extremely true. They also say “it’s not a loss if you don’t sell.” While that may also be a true statement it’s important to remember that sometimes it’s better to cut a loss and utilize those funds at a 10% loss into a new trade, opposed to bag holding for 2+ months to wait for it to become profitable again.
The people who were really prepared for this liquidated a lot of their assets into USD(T) and have significantly increased their positions just by being prepared.
If you were not prepared, it’s just another one of those times to sit on the sidelines and wait. If you have fiat ready to invest this would be the best opportunity to do so. Well, about 2-3 hours would’ve been the best for this specific dip, but as mentioned above we’ll have to see if this is really the bounce back or it there is more red to come.
Some predictions have Bitcoin dipping back under $10,000, and you know what the fate of alts will be if this happens. Try to be prepared for every potential outcome. We’ve harped about it before and I’ll reiterate it now, always have a plan!! Whether that’s getting into a trade (plan the entry, stop, exit, etc prior) or trying to figure out what this insanely volatile market it going to do, have a plan!
