We have all been waiting for a correction in the Bitcoin price, and today it happened. A steep drop from $18 000 down to $13 000. Is Bitcoin dying? No I do not think so whatsoever. This is just another repeat of it's history.
It has only been three days, that we had all green alts and look at it today ;)
This is the exact opposite, where all the alt coins are now in the red, with a green altcoin here and there. That is crypto for you. We must never forget that we are still living in the Wild West here in the Crypto World.
I want to repeat my previous learnings.
1. Never sell a coin for lower than you purchased at.
It is very difficult not to panic sell at some point. I had some some sell order on BCH and ETH that only sld after an 9 week wait, but that is just proof again that altcoins usually return to their previous highs. I also think that the massive boost that we had in the Bitcoin price over the past month, had a serious impact on the altcoin prices. This correction was expected, and we should not be surprised.
2. Never chase a pump.
When you see a coin pumping, except when it is in the very early stages of the pump, then it is usually already too late to buy. During a pump it is very difficult to buy at the price you want to as the orders are just moving to fast. We are usually competing with bots, who are programmed to buy and sell at specific prices.
3. NEVER panic sell.
I have only panic sold twice, and both times it was the biggest mistakes I made during my short trading history. I have lost a lot of coins because I sold during a dump, and it shortly returned to better levels within a an hour or so.
Most importantly we should keep in mind that even after the correction BTC is still up more than 90% in the last month. We should not get too greedy as it greed might just be the downfall of a lot of people in the industry.
Disclaimer: Please note that I am not a financial expert, and I am just writing my opinion.