So BTC had a meltdown today. Who didn't see that coming? Many folks saw it. Some kept calling for higher and it's a good high. Who wants to leave that? We all get real comfortable in the highs. 11,000+
I jumped back into ETH before the meltdown - last night. I bought 200, rode up to $497 and it just hung around there. I remember that that was the last leg... possibly. Anyway I saw the ceiling and sold.
I did get caught holding my ZEC holdings though. It like everything else has corrected fairly strong. ZEC dumped to around 50% on the Fib. Am I a bag holder? Yes. I know it will go back up though. But the issue is...how much lower can it go? We get a new candle tomorrow at 1600PST. Until then I have time to reassess. But what can any of us do now?
1.) Hold onto what you have as a core position and buy more to add to it (this is like catching a falling knife - dangerous)
2.) Sell half your position and reinvest in a deeper correction
3.) Sell it all and begin again (now you have a loss)
Those are the main options in my book. What I will do is wait and watch for a double bottom/hitting support twice and then buy in probably. I will also hold onto my current position (bag holder) for now unless it gets worse because I believe it will go back up sooner than later. If it drops more... I sell half. These coins can turn on a dime and start running up. Don't get left behind.
Just my opinion. Good Luck!
I jumped back into ETH before the meltdown - last night. I bought 200, rode up to $497 and it just hung around there. I remember that that was the last leg... possibly. Anyway I saw the ceiling and sold.
I did get caught holding my ZEC holdings though. It like everything else has corrected fairly strong. ZEC dumped to around 50% on the Fib. Am I a bag holder? Yes. I know it will go back up though. But the issue is...how much lower can it go? We get a new candle tomorrow at 1600PST. Until then I have time to reassess. But what can any of us do now?
1.) Hold onto what you have as a core position and buy more to add to it (this is like catching a falling knife - dangerous)
2.) Sell half your position and reinvest in a deeper correction
3.) Sell it all and begin again (now you have a loss)
Those are the main options in my book. What I will do is wait and watch for a double bottom/hitting support twice and then buy in probably. I will also hold onto my current position (bag holder) for now unless it gets worse because I believe it will go back up sooner than later. If it drops more... I sell half. These coins can turn on a dime and start running up. Don't get left behind.
Just my opinion. Good Luck!