Thanks for posting this opinion. I'm one of the rookies who bought during the downtrend at $285, $249, and $237. I've done some daytrading, and I've gained a few coins since then, and it's definitely due to my realistic strategy that definitely is NOT "hodl". When I see trading way above the 5-day EMA, with a big green candle, I unload. When it falls, and trades way below the 5-day EMA with a huge red candle, I buy back. I've done this 4 times. Twice I was successful, and twice I was not. But the gains on the good trades were far greater than when I slipped on the other two and lost a few bucks on price.
I have been following the market closely, and I don't think we're out of the bear market. A lot of experienced traders and analysts were talking the possibility of BTC correcting to $5,000 a couple of weeks ago, but now most people are believing the bull market will happen without that extreme of a drop. I just don't trust it. My intuition tells me that it's still coming. I was thinking $70 for the next nosedive, but I wouldn't put $50 out of mind either.
I'm sort of "long" on Litecoin, but I'm definitely not of this "hold" mindset that says "stay put to zero and wait a year for the bull run". Personally, I think that's ridiculous. I think people get so emotionally involved in "loving" their beloved picks that they refuse to get off the wagon when the market drops. I personally don't understand that. So many people hold such negative attitudes about daytrading, and they don't know the difference between real daytrading and knowing when to strengthen your position and sell when the market takes a dive. Yes, it's dangerous and risky, but I think it's far more risky to hold at all costs.
It almost seems like people believe it is badge of honor to hold no matter what, and that goes against my strategy, which is MAKE MONEY. I'm in this to make money and sell at appropriate times. Sure, I'd love to buy a crypto at a dollar and sell at $50,000, but the people who have accomplished that, who have held BTC and LTC since the super-early days are pretty lucky. I missed out way back when, at the time that I first discovered BTC and crypto when it was trading at $1 a decade ago, and I am still kicking myself for not following my intuition and jumping on board from the beginning. But the only way that I can leverage myself now is to not be greedy and sell when I can make a gain.
At any rate, thanks for your input. This was a good post. Wishing you the best of luck!
carltonzone
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@carltonzone, Also, forgot to say, I am going to sell at around $175 or a bit higher no matter what. When and if it takes the next nosedive, I'll be in buying mode again. I've learned my lesson, and I'm not taking the risk of holding mindlessly and waiting to get rich quick because I don't have the financial power to take those kind of chances.
jbutler7
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I disagree that it will drop to 50. It could drop below now, but it will bounce off 100 because that's a huge support zone IF it dips. I can almost guarantee that much. I say "almost" because nothing is sure, but I'm fairly certain. January lows all around every year, then up to newer highs in the months to come. I used to be a hodler, and still am, but I also trade a portion now because hodlers get rekt haha. I'd trade more but still learning.
metrad
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the fundamental arguments are strong but the all market is very subtile so the position of LTC is is weak. I expect to short. Buy zone start in 120$.