Crypto currencies are consolidating. This is good and healthy. The market needs this, do not panic! Remember, if people are selling, someone is buying. Right! Who is buying if you are selling? Big institutional's are buying. As I wrote the other day, this fall we will see more and more economic turmoil globally. Banks are very weak, car sales are way off, the dollar's strength is declining and States are broke (Illinois and 36 other States are bankrupt).
Not to be doom and gloom, but these are the facts. Make sure you are diversified in your assets. Crypto currencies are a valuable part of such diversification. When the economy becomes noticeable unstable, you will be in a much better position when you have a combination of cash, physical precious metals and crypto currencies.
Here is another aspect to consider. If you panic sell and do not hold, you may have a difficult time in buying back in. Yes, think about the possibility. The exchanges might not be able to execute your buy orders when necessary. The exchanges could easily become overwhelmed and you are locked out from purchasing the coins. Then what? You are much better off holding and be calm. It is never a loss until you sell. Think in terms of 12 to 24 months for example. Look at monthly charts versus daily charts. Look at yearly charts and you can see easily where this FinTech industry is headed.
Two years in the FinTech industry is like an eternity, as silly as that sounds. What I mean is that, in just two years, we will not recognize how large this got. We will look back at the volatility of these days and just laugh it off wishing we had these prices to buy again!
