As I mentioned in my previous post "Bitcoin to the Moon?", we definitely have not yet reached the bull run.
AND YOU KNOW WHAT'S WORSE THAN THAT? It's the sorrowful state of altcoins!
As we saw in mid-January, Bitcoin's price finally reacted strongly after a long period of sideways movement at the bottom, with a brave roar of a 50% price rise.
At that time, the entire crypto market responded positively to "Big Brother,"
( interestingly enough, the most successful gainer was Aptos (APT). )
However, things took an abnormal turn with recent events.
Bitcoin retraced to 19.5K and then quickly pumped over 20% in mere three days, reaching a new (hourly) all-time high of 2023.
While Bitcoin's price jumped up and down enthusiastically, what happened to other altcoins?
🤔🤔
They only weakly gained a few percent and seemed to have exhausted their steam.
They got too tired to jump another single rope.
They’re not ready, man!
I'm pessimistic about the situation, even though there are some alts I really want to add to my portfolio.
As traders, it's our duty to keep a cool head.
While others blindly jump on the train, we see through the reality, calm our greed and fear, and look for a better seat.
It may be altcoin's era next month, next quarter, or even next year, idw
What I do know is: IT'S NOT TODAY!
AND YOU KNOW WHAT'S WORSE THAN THAT? It's the sorrowful state of altcoins!
As we saw in mid-January, Bitcoin's price finally reacted strongly after a long period of sideways movement at the bottom, with a brave roar of a 50% price rise.
At that time, the entire crypto market responded positively to "Big Brother,"
( interestingly enough, the most successful gainer was Aptos (APT). )
However, things took an abnormal turn with recent events.
Bitcoin retraced to 19.5K and then quickly pumped over 20% in mere three days, reaching a new (hourly) all-time high of 2023.
While Bitcoin's price jumped up and down enthusiastically, what happened to other altcoins?
🤔🤔
They only weakly gained a few percent and seemed to have exhausted their steam.
They got too tired to jump another single rope.
They’re not ready, man!
I'm pessimistic about the situation, even though there are some alts I really want to add to my portfolio.
As traders, it's our duty to keep a cool head.
While others blindly jump on the train, we see through the reality, calm our greed and fear, and look for a better seat.
It may be altcoin's era next month, next quarter, or even next year, idw
What I do know is: IT'S NOT TODAY!
Trade active:
I'm planning to add to my SOL position at around 22, since the price action looks favorable. However, I'm also being careful and will maintain good risk management.
Here are my trade details:
Entry: around 22
Stop loss: 24
Target: 13.2
The risk-to-reward ratio is attractive, but I won't compromise on safety. Remember, it's always better to play it safe and protect your capital.
Have a good trade
Here are my trade details:
Entry: around 22
Stop loss: 24
Target: 13.2
The risk-to-reward ratio is attractive, but I won't compromise on safety. Remember, it's always better to play it safe and protect your capital.
Have a good trade
Based on my research, SOL is one of the least stable Layer 1 protocols. SOL took the wrong gamble and is now heavily affected by Sam's fraud.
Plus, from a technical perspective, SOL's blockchain isn't as great as its market capitalization, which is currently an insane $10 billion, more than 100 billion at its ATH.
SOL's ecosystem is forced to grow far beyond its real utility, which only benefits Sam and Alameda Research. In the perspective of history, there's no better way to kill a company than by making this move.
I've taken a short position a few times, took profit, and recently re-entered my position around $22. For me, SOL always a safer bet when arguing about take short on Alt :)
As an investor, it's important to identify the risks and weaknesses of a particular asset or protocol. SOL may have a high market capitalization, but its technical shortcomings and questionable business practices raise concerns about its long-term viability. It's wise to be cautious when investing in such assets and to diversify one's portfolio to minimize risks.