We are definitely in Kangaroo land market-wise. And it looks to me that this Roo is pretty drunk.
Now I ain't kidding there is such thing as a Kangaroo market and even a Pattern called a kangarooΒ΄s tail.
Do we like to be in a Roo market?
Well, I don't, because basically, the market ain't going anywhere. and that is exactly where we have been going since the 10th of May.
And the fact that this Kangaroo seems to be drinking heavily makes the current market even worse. It jumps up and down without any reason. The only thing this Drunken Roo market is good for is scalping and I ain't got time and funds for that.
But maybe I should because it does not look like we are leaving Kangaroo land any time soon. And there are No Real strategies to deal with these drunken bastards
So just to be on the same Roo, A kangaroo market is to be recognized by going up and down without any strong uptrend or downtrend. A drunken kangaroo market goes up and down quickly without any particular reasoning.
Should I sell or Should I Buy?
If you are going crazy by the Roo market and think about selling or buying consider the below. No Financial advice just some personal considerations.
1. Do I want to Invest?
If you are in doubt to buy or sell consider this: BTC dropped 60% from its ATH, in previous bear markets it dropped 80% before recovering. So chances are good it will dip further.
Now, Are you willing to take the risk?
Do you have funds to invest?
How long would you like to wait on your profit?
If you do not have funds should you sell your holdings to buy back the dip?
What if this is the bottom? What if itΒ΄s not and you will lose another 40% as your ALTs go down faster than BTC will.
No financial advice but personally, I have been taking a small risk. I sold some of my ALTs like 10% and put in a lower buyback bid. But I do not risk too much, current prices are low and I have some fiat to buy the last part of the dip.
Based on the historical data I expect that buying now and planning on making a 2X on your investment will take a year until May/June 2023.
Hence, one thing is for sure we are not at the bottom yet and I am pretty certain that in the coming years these prices would look like wonderful buying opportunities. For now, I will just use the current market to step down by step down add some cheap coins to my bags.
2. What coins to buy?
If you plan on buying ALTs, buy the top dogs. They will not drop as fast as the Low Cap ALTs and they will surge once BTC has done its first & second leg up. Ideally, you buy BTC and possibly ETH during the current and future lows, as they will be the first to recover. Once they recover the money will flow into High Cap ALTs, say top 25.
And only after those high cap ALTs have peaked, the lower cap ALTs will peak.
Of course, this is very generic and there are a million reasons why it could be different.
Have a lovely day, remember that hitting the like button is one of the few free things in life, and hope to see you tomorrow.
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π¨π«ππππ¬π #12 - I was wrong! BTC did do a 20X this cycle!
The Crypto Weather Forecast is my daily take on the crypto market, sometimes serious, sometimes sarcastic, often with a wink, and Always Honest.
