As some of you may have seen my previous posts the ideas remain unchanged, weve seen relief rallies , weve seen a devastating drop which again if you relate back to my posts I did suggest it was coming. Now i don't day trade on cryptos i much prefer to make short term trades on forex and with cryptos being very static recently theres not been enough reward for me to be actively trading cryptos daily. The main issue with this market now is there is so many new investors and so little patience that every 1% surge is met with bull run posts and so many 1% drops leads to countless trades being lost in red.
Look at the graph above, i mean theres not much to it but it explains a lot about this market.Instead of looking at 15 minute, 30 minute, 1 hour time frames zoom out and look at the big picture , unless of course you are attempting intra day trades. Even then sometimes we get caught in little moves but once you zoom out and look at the market state its clear there is not enough investors coming in to cryptos at these levels and the manipulation ran through big buyers and sellers is still pretty clear for us to see. Price can still be more attractive which means it will most likely dive deeper.
We go through cycles and after the Dec 2017 boom we have gradually dropped down to and almost at levels we were at before the whole market boomed late 2017. The price since BTC slammed under 6k has been so static, theres been no major moves , not like we use to see 15-25% daily in crypto. Hope is almost lost and many investors wouldve been devastated but instead we should all be looking at this as an opportunity. Im a believer that the crypto space has only just began its entry to the real world and some day we will look back and see it like we see amazon, google , apple and the other countless companies that all started from nothing.
The price has room to fall and my highlighted green area has been almost untouched since July 2018- this area is a buy zone, if you DCA from these levels and try and accumulate as many coins as you are willing to invest in then somewhere in the future your time will come. All 2018 was spent with false hope, not one trader or author can give you a time scale so for you to follow calls blindly is your own wrong doing. We all waited and each period of the year we all found new excuses to give ourselves of a bull run but it never came.
The long term descending is still going and it could be further extended and we could face levels lower than 0.2 if BTC was to fall under the 3K region.
The key aspects of trading or investing in crypto currencies is patience, why are you buying XRP expecting to make a worthwhile profit within a week? As of late it takes weeks to move 0.2 cents? so what are you really wanting? Do you have the patience to hold an asset and let it rise in the future, because to me that makes more sense. In the short term we could see a small move up but my bias and analysis tells me there's still more downside to come. There will be a bull surge and the cycle will return, the question is whether you have the patience to buy these currencies at these cheap levels and wait for a ROI . Whether its 2019 or 2020 or 5 years down the line currencies like XRP won't be worth 0.30 cents thats for sure.
As always trade safe, risk manage and before you leave feel free to leave a like!