It seems like Bitcoin is going to the moon, but it can't stay like that forever.
My expectation is that we will see a correction on the market very soon. Although I believe Bitcoin still has the potential to quadruple its value, it is growing too fast right now. Therefore, the market has to balance itself out and give the commodity its proper value.
Many people outside the BTC world will speak of a 'crash' instead of a correction. In my opinion, calling it a crash is wrong. Read more about it in one of my previous posts.
Is the correction already happening?
If we look at the 7-day chart on Coinmarketcap.com, we see that Bitcoin reached a new All Time High, after which it dropped about $200 USD in a very short time. This might be an indicator that a correction is imminent. However, for now, only time can tell us more about this.
New trading strategy on the Steemit internal market
I decided to trade on the internal market here on Steemit.com. This is a good method to gain some more Steem (or SBD) on a medium to long term period. Here I explain why.
I have decided to keep 100 Steem in my Steemit wallet to trade back and forth between Steem and SBD. This way, I can make some more Steem. Then, I will trade all the excess Steem I make for other, more established cryptocurrencies like BTC, LTC and ETH. This is to diversify my portfolio and spread the risk.
For the moment I'm waiting for the BTC correction, which I expect to happen within the next few days or weeks. Then, I will trade my excess Steem for BTC.
What is your trading strategy? Let me know! I'm interested in learning new things, as I'm still a crypton00b.
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Great read! I do also believe that a correction is imminent. The question still stands though as to how far down that correction will reach. I'm thinking close to 3000 range, your thoughts? Upvoted and followed
I think it will drop a little more. Maybe around the $2,500 mark.
Thanks for following! I love your name btw. Wreck it Ralph is a great movie haha
Longterm guys. Think long-term!!!
Absolutely! Thanks for reading.
It will hit 5k before any correction, and I am not sold on it being corrected that heavily. I hope smart people will enjoy buying in what can possibly be what people will blog about as being a "crash" but nothing is crashing any time soon. I'd keep eyes on Litecoin though will Bitcoin goes through these little spurts and swings.
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Thanks for sharing, Richard! I like how you share your trading tactics with us, even if you still consider yourself a crypton00b. It all sounds pretty clever.
Not sure about the bitcoin correction myself. I feel the only reason why there would be a correction is either 'fear' due to news which might either be fake or not or by people who hold loads of BTC that start selling, hoping that the n00bs sell too as they get afraid they loose everything. That way these rich people can buy in again at a lower rate, as they feel the trend is upwards anyway. Right now, I feel there is a lot of trust in BTC and that will lead to a big upwards move.
What I try to do at the moment, is mainly hold or hodl. I also own some litecoin and ethereum and sell some of those every now and then to get some food on the table. Tbh, right now I am living on cryptocurrency full time and it's a challenge but a nice one. It definitely helps that I haven't been paying rent for over a year now, living the nomad lifestyle.
I don't trade in Steem yet and try to focus on blogging, sharing my story and adding valuable content to the platform.
Keep sharing and I will read your Vlissingen post soon ;)
Thanks for the long answer! I can definitely share some more of my trading tactics soon :)
Steem on!