RE: This is absolutely a buying opportunity, and here's why:
I might be wrong here but crypto is looking to be in the beginning of bear market. Meaning lower highs and lows in long term. I'd be patient, the prices could be much lower for btc and eth in 6 months. Just look at the past.
Also crypto has been going up for 2 years now, there always is an correction and always has been. And when everyone is telling you to buy, you know the there's not much profit to be made by doing so. Just basic trading 101.
I also know this isn't the popular opinion. Some here seem to expect crypto to just go up forever and ever. We are still early, but there will be corrections. It isn't the end of the world. It's rather healthy for the markets. Just hang on tight if you decide to hold and don't check the charts or you'll end up selling at the bottom when it hurts the most.
This doesn't mean the price of 1 btc will just suddenly fall to 1500 dollars. There will be bounces up but they'll always be lower highs. If my prediction is right, this is a start of the first bounce and it will not go higher than 4944 dollars, which is previous high.
Good luck you to all!
Looking in the past is the best thing. Litecoin was for a while for 50$ when Bitcoin was reaching 1k$ and then it dropped as low as 1.50$ The best way is to buy when new people will forget about Bitcoin and will move on.
Exactly.
Great informative explanation. Thank you!
No problem. I'd rather see steemians buying low and selling high than the other way. Sitting in fiat and waiting for a bottom is the best spot to be at now. Once you can clearly see floor that has formed on a weekly timeframe, then it's time to buy. Not after the price has gone up for 2 years from 200 dollars to 5000 and is now coming down fast.