Cashed Out My Original Investment
Today I cashed out my original investment of what I put in just after the significant "COVID Tank" the entire market saw earlier this year.
My reason for doing so is mostly fundamental speculation. Personally, I wouldn't be surprised if the prices we saw last month were in fact the all time highs we'll see this year. I know professional traders who laugh at technical analysis of Crypto markets and I've seen how well they do trading normal stocks and understand their skepticism when applying these techniques to crypto markets.
Why I Finally Sold
I didn't sell any crypto 2 weeks ago on the last dip, because I figured that was short term. But, this time with the 2 trillion in bank laundering, the election coming up, and our first real COVID winter makes me believe hedge funds won't be buying back in heavy anytime soon.
I think hedge funds are the real market makers of crypto and that's why there tends to be a correlation in significant moves in the market. If Trump wins, I think that will be a buy opportunity though so for now I'll let my money and gains I earned sit in USD and wait it out.
Sorry to spread any FUD here but these are just my thoughts on the market!
Banks Helping to Launder 2 Trillion in Funds
I think this newfound evidence is going to cause a lot of long term worry to large investors. These banks were also a huge driver in some of the euphoria around crypto as well. This type of news could bring that new avenue of wealth entering crypto to a screeching halt.
On top of this news, I also think there is still a lot of concern about COVID and how it will affect the markets again if there is another surge of outbreaks.
Obviously with winter right around the corner there could be a delay in new wealth entering the market until we get through the typical flu season, now COVID season.
For this reason, I think a huge surge in the market is unlikely. I think there is too much doubt from heavy investors and without a vaccine they will be further skeptical to risk the gains they may have recently experienced from the bounce back from the previous COVID tank.
If anything, they may be preparing for that to happen again.
Taking profit is something I didn't do so well in the 2017 bull run, so I'm trying to learn from previous mistakes. I could be wrong and regret selling off so much of my crypto, but I'm happy that my investments are now all green and free!
I'll see how things play out, but I have a strange feeling that this is the beginning of a long slow burn downward. If you remember in 2019, BTC reached 11k and went all the way down to 7k and I wouldn't be surprised if that's where we're heading again. COVID and the upcoming election are probably my two primary reasons for selling, plus I don't want to regret not taking any profit.
In the end, I'm happy to be all green now. Even all the Hive I have bought recently was free!
Thanks for stopping by friends!
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