As much as we would like to believe that Bitcoin will continue to go up, it just doesn't work that way. Pull back time has to imminent before it goes to the moon.
It reminds me of May and June when the price of Bitcoin shot to almost $3,000 before tumbling back down to a low a month ago.
Bitcoin has gained over $2,400 in a month. That is crazy. We can all debate why it is going up so quickly. The demand is skyrocketing and the supply is not going up as quick. People riding the wave, new big whales coming in and now that Bitcoin is faster with segwit it can move so much faster.
One thing we can't debate is the fact that a pullback is coming, but the real question is... where do we store our profits?
I want to sell off some of my Bitcoin, mainly my profits and invest in something else that may not have such a dramatic fall over the next couple of weeks. My question is what coin would that be?
(all gifs from giphy.com)
It seems like it would be Ethereum's turn to make a big jump after some of the BTC money pulls out, but is that the only safe place? Is it safe at all? I don't know. I really don't. I'm having a hard time figuring out where to invest when I pull out of Bitcoin.
I will re-invest in BTC when it goes lower again, but if I can protect some of my gains and possibly gain more in the mean time, I want to do that.
Some that I am considering are Ethereum, Litecoin, possibly Golem or Aregon or Civic, but not sure. I've got to figure it out soon because I don't think BTC will continue to go up forever.
What are you doing with your Bitcoin right now? What coin do you think is a safe place if BTC drops? Let me know your thoughts in the comments below.
To my followers, you are security in my wallet.
I still think BTc is the safest
long-run you are right. Short term, I think things will drop quick and BTC will flood into all different coins and some will pop. I want to figure out what those will be.
IMO leading up to segwit BTC will do well, after it may dip a bit for the rest of the month. That being said Sept will likley be an amazing month for the crypto space in general, but on the down side Oct is likely going to suck quite a bit with a moderate downward correction. On the plus side again Nov/Dec will likely be the steady correction back up, ending the year a fair bit higher then current prices for BTC (~2x current price) with some alt coins rocketing, while others may die in fire during this time (so pick your alts carefully). Just my 2 cents.
I have been exchanging btc to other smaller coins and new ICOs. We need to put it into steem, it's getting close to 1 buck
What are some of the small your coins you like? I have kept an eye on Civic and Golem. Those interest me.
i recently bought WINGS, at around 55 cents. Hasn't moved much. Golem looks interesting too
I think ether will end up gaining more. Steem is good of course. I've invested a lot in Ark which is reliable as well.
yes ARK has been doing well. Steem has unlimitted supply and can be earned without investing, so sometimes steem is down but your total in dollars could still be up because of what you earned
Litecoin is pretty safe, but I don't see it doing much over the next few months. Bitconnect would be a good coin to get in for solid profits over the next few months. Ethereum is hard to tell right now. I could see it possibly dropping back down to $260 over the next week,then riding all the way to $450-500.
I agree 100%. I've use LTC to save profits before, and it might be the safest. I think Ethereum has the best chance for a jump. Most alt coins will go down, but I bet a few will go up... but which ones. lo?
the buy wall on ETH is incredible now. Market manipulation is rampant in ETH but it will break soon. I have a friend putting his BTC slowly in Bitshares and then pegging it to the US dollar... whatver that means.
Yeah the volume on Ethereum is crazy right now, but no movement. I thought something seemed up. Interesting about Bitshares and pegging to dollar. I have no idea there. lol Thanks for the feedback.
Neo
When BTC drops, most of the alt coins go with it. I use Tether USDT and am looking at a few others like Steem Dollars. BitUSD or BitGold would be good if they had better liquidity. Maybe even Corion if it turns out to not be a scam.
Those are all great places to protect profits. great point. thank you for sharing. You have a new follower.
If that were true, then when BTC rises, most Alt-coins rise. That's not what's happening now. But mybe you're onto something. BitUSD is pretty good strategy.
I have so little Bitcoin that "taking profits" would only be a few dollars. I have much more invested in Steem right now. It is so difficult to know how the markets will go. I'd be in a lot better position if I had bought a bunch of Bitcoin instead of Steem, but I really like how I get rewards when I participate on Steemit. That's something that you don't get with most other crypto-currencies.
That is a great benefit of using Steemit. Great point. I have majority of my assets saved and not touching, but I daytrade with a small amount of my portfolio. I'm seriously thinking of putting some into SP too. Thanks for reading.
Have you done okay with day trading? I've considered trying it, but haven't yet.
To be honest, I'm doing ok. Couple good wins and a few losses because I got impatient. I'm more careful now. My day trading is not really day trading, but I make a trade every couple of days. I started with about $200 and now over $500 over a month. It takes a lot of time, but I think it is a lot of fun.
BTC has set the benchmark and has the best market saturation - but it's still just a digital currency
lol true. very true. It still has a long way to go before mainstream but it is getting there.
no, the global collapse is driving price, and adoption. It's gonna get really fast starting now.
That could be happening for sure. I hope that it continues to go up.
The USD is collapsed. It's not accepted in 73 countries now. HOLD YOUR BITCOIN.
I have diversified my portfolio into 40+ altcoins and have some of the same concerns as you. I almost want to cash out 1/2 my BTC and HODL the rest for the ride. For my alt-coins, I'm putting a lot of resources towards IOTA, ETH, EOS, Bitshares & Stratis. I have ranked GAS and NEO top 10 for now, but they need to prove themselves. I'm still like Sia too. Other than diversifying, the trick is owning as many coins as possible for least amount of money. For those terms, DGB, XVG, XMY, SAFEX & XDN could all have tremendous short term gains.
I would never try to sell a substantial amount of btc and try to get in again. 90% of trades go south. If you believe in Bitcoin the most reasonable thing would be to hodl. But, sure, if you've made 500% or 1000% it makes sense to protect some of that. I will sell 10% and invest in altcoins.
I'm sure we will see corrections, but to be able to make much on those correction is hard and stressfull.
I agree 1000%. I do have about 10% of my total crypto holdings on an online wallet I use to trade around. I think it is fun. I agree though. Most of my Bitcoin holdings... all but .07 is located in my hard wallet. I just play with some. you are right. Long term, just hold on and check back in a year or two and things will be much different.
Thanks for the great feedback!
Good plan! Yes, I love to gamble and play with alts too. As long as its just pocket change its no stress.
Digital Asset Arrays on ICONOMI might be a good answer when we just have questions - https://www.iconomi.net
@walkingkeys, I don't know anything about trading or investing. Just purchased a small fraction of bitcoin, a fortnight ago, my first ever foray into cryptocurrency (of course other than my steemit account here). How can I learn the ropes of trading in crypto?. I believe there must be quite a few experiences crypto traders here in steemit. Could we team up (I mean create a new chat room in steem chat) and then share/ learn/ discuss/advice/guide/ on crypto trading?. We can always gain from others experience. Perhaps someone could compare /explain the different crypto currencies out there. Some may have charts or ways to decipher the market..I mean all could benefit. We have an awesome platform here. Why don't we play to our strength?. What's your take on this?
There are so many helpful people on Steem, it is hard to keep up with all of the fantastic content. There is another gentleman who is very active on Steem and a very passionate man, @jerrybanfield. He provides a great deal of information on cryptocurrencies and is very passionate about Steem and its community.
During my short time here on Steem, I have three favorite folks I follow religiously and deserve a thumbs up. I list them below.
Source Credit: Peter Saddington
I hope this helps. Have a great week!