If you have noticed, since the announcement of Bitcoin Cash, many of the altcoins have started to slid in terms of value vs BTC. Especially the top ten coins like ETH DASH XRP ETH ETC...... This is mainly because almost everyone are anticipating the hard fork of BTC which will happen in 1st Aug. What do I mean? If you are holding altcoins, the natural instinct to profit from BTC hardfork is to hold as much BTC as possible. Therefore you have to sell them for BTC causing a downward spiral for almost all the altcoins. When the price of altcoins drop to a certain level, it also triggers more sellers to cut their losses further bringing the price down.
If you have sold the altcoins early, you would have hold the maximum possible BTC at this moment because so coins like ETC, DASH, LTC all have their final pump before the dump. I have anticipated that to happen and sold most of my altcoins leaving only some like steem which are locked in SP.
So what should you do now? According to the technical charts I see, the altcoins are currently cheaply priced against BTC. I m not saying it will not go lower but if you still have any altcoins left I will not suggest selling them at this moment. Technically the risk is too high and reward is moderate if you intend to sell altcoins for BTC to profit back the difference. You might have already miss the boat for BTC hardforked but its ok, there will be more opportunities around in the crytocurrency space so no worries. Dont rush into it now or you will be victims of sharks. Hold the altcoins you truly believe in. I believe in steem and EOS. So I m still holding them and although I love to buy them cheap, I dont hope to profit from ignorance people. We can grow together and profit from the whales. (I wish haha)
I usually like to do the opposite and buy against the market. When people are selling I m buying. When people are buying I m selling. I cant say I m always right but I m lucky (finger crossed). Anyway remember to keep all your coins in a hardware wallet if you have more than $2000USD worth of coins. Have a great day and cheers!!!
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