Bitcoin is scary
I'm going to take a break from gaming-related posts to post about Bitcoin today.
Bitcoin, and crypto in general, are stressing me out hard. Bitcoin has been falling and falling for weeks now, with every pump looking like a fake pump to lure in longers before it plunges deeper than it did before. 9 hours ago it hit what looks to be a low, but I'm still uncertain if the low is in and that we are heading back up.
I think there's more blood to be let yet
I'm relatively safe in my position because I sold to USDT at around 12-14k, but I'm still exposed through my alts, which carry a solid 40% of my equity. I'm currently invested in Ethereum Classic (ETC) and ZCash (ZEC). I would also include my Steem and SBD, but I don't have any plans to sell either of those anytime soon (I have my SBD on sell orders at 60k on Bittrex).
They're quite sensitive to Bitcoin's movements so many of them are going down in value as Bitcoin drops.
Where now?
I've been watching the markets pretty closely but it's honestly so stressful and frustrating. I can't really do much and it's nearly impossible to make money without taking on large amounts of risk. I'm not an experienced-enough trader to be able to leverage my risk and make profitable trades with acceptable to ratios of success.
Using my technical analysis skills, I've been monitoring my support and resistance levels closely and using them to form triangles that I can trade within. They've been pretty good for me so far and I've made a little bit by riding little waves up, but it's not nearly enough to form a decent profit and I don't have enough equity to average down when the price moves against me.
This is also my first bear market, so there have been lots of mistakes and missed opportunities on my part. Alot of my money has been locked up in the alts and I can still make money on those, but it seems the chance to may have already passed.