Bitcoin up 11% Ethereum up 30%! Is this a dead cat bounce? should we sell?

in #bitcoin4 years ago (edited)

bitcoin top 20 coins.PNG Look at all that green!

21-40.PNG

The last three days I wanted to shove my head in a dark place until aug 1st. I've been telling myself whatever happens, the market is going to go consistently down until aug 1st.

Today only 4 coins in the top 100 are in THE RED -

red1.PNG
red1a.PNGred3.PNG


red2.PNG
Concerning ChainCoin, popular steemit user Trevon James recently predicted the value to plummet and advised everyone to sell while you still can. He made 4,648% profit. Hopefully, you took his advice.

Every fiber in my body tells me to sell right now and buy back when eth is at $150 making the profit again when it jumps back up. But of course if I sell now and eth goes to $300 and holds that would not be good. I don't think it will go up much higher but when you see green across the board its tempting to hold .

Eth has gone up $3 since I started writing this post.

I currently have most of my reserves in eth so that is what I will talk about now.
I recommend selling 15-35% of your reserves (any and all coins) and buying back when the market bottoms out again. Even selling 40-60% of your reserves isn't out of the question. The market should and will bottom out in the next few days and if it doesn't, don't panic it will bottom out again at the end of july due to FUD.
Whatever you do , don't buy today, its not a good day to buy . you will get better prices within the next few days to a week.

When/if eth hits $245 today, I will start selling some and if it hits $270 I will sell 85% that I have and if it can reach $290 I will unload it all

Lets look at the market overall

global market chart last  7 days.PNG
we sit at $85 Billion during time of writing, this is up $20 billion from just a few days ago (it was at $61 BIllion on the 16th)
I really don't see the market going any higher during this bullish period . I do not expect the market to exceed july 13ths market cap (and if it does , its not going to be by much) I expect the market to tap $90 billion briefly and that will be it until a bear market again

looking to the future....

market cap last 3 months.PNG

This recent dip looks very similar to the one right before may 29th , now the market has corrected itself. The market cap in april-may was around $30 Billion. I absolutely do not think the market cap will drop this low. I think the absolute lowest the market will reach is $50 Billion. If this happens , I recommend to buy, buy, buy, and buy as the market will never drop that low again for the time being. Honestly, seeing the market hold in this 60-90 billion dollar range is extremely comforting. It tells me everyone is still holding at least some reserves and is waiting for this aug 1st FUD to pass. If segwit goes smoothly , I really see no ceiling to crypto potential and 150-250 billion market cap by the end of the year is possible.

Recap

I do think this is a dead cat bounce and I am selling off some of my reserves. What you do is up to you. Please note , I am not a financial advisor, just a crypto enthusiast.
I hope you the best.
We are all in this together.
Thank you.

What are your recommendations? Should we sell?

check out crypto-market (contains all charts in this blog)
https://coinmarketcap.com/

check out Trevon James
https://steemit.com/@trevonjb

Sort:  

Buy Iota. The post-blockchain cryptocurrencies are the trend of the future. Iota is a coin ahead of its time.

I'll need to check Iota out. Thanks for suggesting.

not selling my ETH for anything less than $1000 each

@storcogato
Great content!
Thanks for sharing!

Hi @storcogatom The blog is very detailed. You earned my upvote. Do you provide guideline on selling/buying on daily basis? I'm new here so I literally don't much about the technicalities involved in converting a crypto currency to come other.

Which one is the best guide in this regard?
                  Upvoted!

I'll appreciate your help!

If you need any help. feel free to message me on steemit chat

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Great news . Keep it coming bro
I’m now following you