If you've been watching the price of Bitcoin over these past few weeks you have been in for a wild ride.
$9000 to 14,000 dollars to $11,000 to $12,500… and now we're sitting at $10,100.
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We have all been told for as long as I can remember that we should hold.
HODL.
FOR.
LIFE.
If you did that at the end of 2017 then you might have gotten wrecked.
REKT.
What does it really mean to get wrecked?
Well, Bitcoin was $20,000, Steem was $8.00, XVG was $0.26, and a coin called APPC was $3.42.
Now that Bitcoin is at $10,100, you might be thinking that this is a good time to buy.
You're probably also thinking that you ought to hold. Here's a question though… are you thinking about shorting? Are you thinking about making or taking profit?
Now that we've seen Bitcoin fall below $11,000, we can say that the trend is our friend and that we are looking at a downward trend.
I think it's really likely that we will fall from $10,000 to $9500 to $9000.
There is profit to be made by pulling money out and putting it into a stable coin, then reinvesting it lower.
Of course, you are also taking a chance that you will get wrecked in the other direction by a potential breakout to the upside.
It's impossible to say what the answer is, and I will say that these numbers are not numbers that I would ever have considered pulling any money out at.
I had decided that $20,000 is the first number that I would pull money out at, and then $25, $30, $35, $40, etc…
However, if there is profit to be made, then there is profit to be made. No matter what decision you are going to go with, you need to consider that holding is not the only answer, nor is it necessarily the best answer.
So I ask you… do you have a cryptocurrency plan in place?
Thank you for reading.