Crypto is an interesting game. Sometimes it really does feel like a game. For the past couple of years it's been a game that a lot of us have been losing. Most of the people that have lost are what we call hodlers.
Or just holders.
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That is to say that they are not traders. People that trade by watching things like the RSI have probably been doing pretty well. I guess it only makes sense to think that Bitcoin would have a lot of rises and a lot of falls, but the vast majority of people would prefer to think that is going to start rising up and then continue to rise up forever.
Anyone that was around after the 2017 bull run knows that what goes up must come down.. sometimes for a long time, sometimes hard, and sometimes gradually... but in such a way that it causes you to lose your house or something worse. Especially if you took out a huge loan like a lot of people did when they thought that things would rise up forever.
Now we are looking at about $8700 for Bitcoin and it seems to be going down a little bit. Most people have been talking about that 30% correction that should be around the corner. Often times when we're in a situation like we are in now we will see a 30% correction and then a big bull run after that.
I think most people that are watching the markets are hoping that we fall down to around $6000 so that they can get another good entry point to buy a lot of Bitcoin.
Of course you are also seeing people now talk about the idea that Bitcoin is going to hit that resistance line of $10,000 and then just continue shooting up. That could actually happen. I really don't think $20,000 is going to have anything on the next amount which is likely to be fifty to eighty thousand if not higher.
However, there is that possibility that we will fall down and if that happens then a lot of the coins are going to fall as well.
For instance, if you've been following the news about EOS you know that they have a social media platform coming out in a couple of days. The price has risen up to about $8.00 and a lot of people like to follow this idea that you buy the rumor and sell the news, which would mean that the time to sell EOS would be right around now.
After all, the news is about to come out in a couple of days and it's possible that the news might suck. Of course it's possible the news might be awesome but that still shouldn't necessarily affect the idea that we buy the rumor and sell the news.
Still, if it is incredibly good news it could also cause the price to increase much further. I think most of us remember what happened with Etherium went from $4.00 to about $1500 in the course of about a year.
If that same thing happens to EOS right now and you have 100 then you will go from having $800 worth to having something like $300,000.
That would certainly be cool although it would also be incredibly unlikely in my opinion.
So what do we do right now? Do we sell EOS that is at $8.00? Do we sell our Cardano that is at 9 cents? Do we sell our bitcoin that is at $8700 in anticipation of a drop down to $6000?
That is something that may not be a good idea because it's possible we only have $10,000 and not go down from there. It's possible going to $10,000 and just keep going up until we hit the $80,000 mark or so. There's no reason to think it couldn't come sooner than most people are expecting.
However, it's also possible that it will go down and everyone could lose half of their money. Now you might say you're not really losing half of your money because it's going to go back up...however if you were to pull your money out now and then put it back in when you had half of it you'd essentially be doubling your money, so therefore you would be losing something.
There's no real way to know what the best thing to do is because we kind of have to watch the direction of the wind and nobody can get up in the morning and know which way the wind is going to blow.
Even if it's blowing one way you can easily change to the other way. That's how the crypto world works.
There might be a few indicators which are showing you which way it should go, but that doesn't necessarily mean that's the way it's going to go. For me, I am really hoping that it goes down to $6000 for a little while. Might.... it might not. On the other hand I don't really want the altcoins to fall that much. So I guess it's a mixed bag.
We all want certain things and then some of us want other things too.
Nevertheless it's impossible to tell which way the wind blows especially when dealing with the crypto world.
