Bitcoin has been in a steep downtrend all year since the December highs of around $20k. It's bounced to lows of $6k and retraced, double topped and continued back down to $6.5k.
My expectations were for it to eventually break this previous support and reach lows of possibly $5k.
Numerous reasons supported that belief including:
Since the recent lows of $6.5k at the beginning of April, the price has risen with alts rising at quicker rates.
So far, it hasn't just been a bounce and has broken out of trend-lines indicating a turn in the markets.
Bitcoin is now hovering around $9k level and may retrace from here. That's lots of missed opportunities to get back into the market.
However, with the alt's accelerating quicker than bitcoin, the missed gains here are more painful.
The best traders are not emotional traders. Emotions lead to false action and trying to prove your analysis right.
If your analysis goes against you and all signs are telling you that, you have to change your view point and not try to prove yourself right. You can draw all the lines you want to suit your original views, but what really counts in trading and investing is how much money you make!
How do I feel?
Excited to buy back into crypto's yet fearful of buying into the wrong things at the wrong time.
But my sensible head says that crypto's have got massive growth to come. So if I buy in now and the price does retrace, then I've just got to hodl it out until it comes back up.
Also, as long as I'm investing in some of the best alt's out there with the biggest real-world projects and staying away from the dodgy ones, then I should be safe. The instant gains might not be as rewarding as some of the riskier alt's, but I have a need to preserve risk capital and trade to suit my emotions.
Buying only a few of the securest alts allows me to not worry too much about any price retracements against me.
In my opinion and based upon the support and added research from the RT Crypto Group my picks are the following:
There's a few other good recommended coins within our RT Crypto Group but for now these are the three I'm willing to invest and hodl.
I'm also in Tronix (TRX) for a trading position. Tronix has some huge goals to re-shape some of the biggest internet companies out there such as Google and Facebook and decentralize the data that they collect. At stages of new releases, TRX has been pumping well beforehand. The test-net launch is a good example and their main-net launch is due May 29th. So, expect prices to rise between now and then before dumping after the launch. Hence I've a few funds here for now too.
I've had an interest in trading since 2009 after I attended a seminar on spreadbetting...
But I never really took it seriously and have been in and out of trading ever since, losing plenty of money along the way but gaining some valuable experiences which only now is falling into place.
2017 led to a chance online meeting with a former RAF pilot-turned-trader which ignited my trading interest again and this time I was armed with a better mindset and a better time structure in order to focus on learning this life valuable skill!
And what an interesting time to jump back on board the trading train! With cryptocurrencies gaining attention and the blockchain technology becoming more widely adopted, we have a unique opportunity to capitalise on the huge gains this market has yet to offer!
I'm still early on in my serious trading journey and still have a lot to implement and learn... but I hope to inspire others along the way! In order to survive and keep paying my bills, I still have a full time job which I invest 10% into my trading pot each month and allocate 10% towards continuous education and knowledge.
I am part of the Realistic Trader group run by that ex-RAF pilot and now one of the biggest voices on Crypto's, Siam Kidd. This offers me education as well as ongoing support to help me on my journey. If you'd like to be a part of this group too and learn how to safely buy and trade cryptocurrencies, come along and join us! - Disclaimer: This is an affiliate link but I'd only ever offer services that I actively use. Plus the affiliate fee would really help me to add to my trading pot.
You can follow my journey here on SteemIt (If you get any value from my posts then please UpVote it. As Tesco says"Every Little Helps") or come and visit my website at EXF Trading
