All Your Favorite Crypto Is On Sale Now

in LeoFinancelast month

There is blood in the streets.

The crytpo world is a sea of red. There is nothing but negative numbers the last 24 hours. In fact, for many, this is true for the last week.


Source

We are seeing a major sale taking place in crypto. Most are fretting when we should be happy.

This is an adage that Warren Buffett uses with the markets. He often speaks of people getting upset when their favorite stock goes on sale. His premise is that, after all, if it was a blouse someone wanted, a 30% discount would be viewed as a gift.

Ironic that we do not have the same mindset with assets we are buying, especially for long term holds.

It is also interesting that an item like a blouse will never be worth what we paid for it. Financial assets can often go up as quickly as they dropped. This is certainly the case in cryptocurrency.

Bitcoin is now under $30,000; a week ago it was over $40K. That is a big drop in such a short period of time. What happened with the outlook of Bitcoin in that week? Nothing. Yet the market decided to stage a selloff.

This will only flush out week hands. Let us not forget, it was under $20K a little over a month ago. At this pace, it might be at that price again next week.

Actually, looking at the chart in BTC, we might be nearing a bottom. There was a big down candle the past 24 hours which likely flushed a lot of weak hands out.

btc.png

Nevertheless, that is a powerful move up and the topping pattern does not necessitate a further drop. It could easily happen so this is not a guaranteed buy zone.

Yet it is still a lot cheaper than the $42K it was a couple weeks ago.

Volatility is a traders best friend. It is also the norm in cryptocurrency. If you have not been through this before because you are new, this is just par for the course. Crypto goes on sale quite regularly, often at large discounts.

This does not mean the bull run is over. It is also common for these pullbacks at the bull moves higher. 20% retracements are also common. Just keep that in mind as things as volatility mounts.

Cryptocurrency is much smaller than the stock market. It does not take a lot to get it going, in either direction.

Experienced traders can have a field day in this type of environment. However, for longer term traders, these are opportunities to add to the stake. After all, hodlers should not concern themselves with short or medium-term fluctuations other than to add.

Maybe instead of seeing this:

btc.png

We now see this:


Source

After all, if your coin/token was appealing a week ago, it should be really enticing now.

The market is on sale, are you willing to buy?

As they say, you do not make money when you sell, that is when you get made. The money is made in the markets on the buy.


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Some are upset because they bought when the price was high and think they should have waited.

I'm quite happy with how things stand right now. This is for long term, so it's time to buy and enjoy.

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LOL yeah we would all be mega rich if we could use hindsight in the markets.

Since we cant, buying at the wrong time is going to happen to all of us.

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I made a couple of purchases over the past week around the 31k/32k level. I wish I would have waited a little and gotten that dip below 30k, but I guess you can't win them all! I like this thinking about it being a regular commercial good and being happy to get it at such a discount. I think it is growing harder and harder for people to think long term these days. It seems to be all about now and instant gratification.

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I made a couple of purchases over the past week around the 31k/32k level. I wish I would have waited a little and gotten that dip below 30k, but I guess you can't win them all!

And if it immediately popped to $35, you would have wished you bought more.

The markets truly are just an exercise in psychology. We can mind fuck ourselves to death. It is near impossible to time a market bottom, or top for that matter.

Long term vision, if BTC hits $100K will you care about spending an extra grand or two per BTC (or whatever the percentage was)?

Of course not.

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bought 50 ADA and 3 DOT! not much but it's a start :P

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If you are confident in them, it is a much better entry point than a few days ago. We will see if you can add a little more even further down or you go into the green quickly.

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By the way, what is Vision 2025?

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Just a reminder to have long term vision and focus when it comes to crypto.

Actually, it is an ideal concept for the period right now when the markets are crushing people's accounts. By the middle of this decade, most of the better projects/platforms will be in a much different position.

Most will not look past tomorrow, let alone approaching things with a long term vision.

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True.

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Red is the new green.

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Well, many could buy their desired blouses at a discount now, but I doubt they will. Institutions are not afraid to buy BTC at this price though... Fools 😁.

I guess you need to have an investor mentality to make money in crypto and many of us around here don't have that.

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Strangely Hive is bullish . It seems like Hive isn't even remotely connected to the BTC world . When all the other cions were bullish Hive was stagnant but now all the other coins are bearish because of BTC price drop and Hive is bullish .

I don't care about any of that though , as far as it is less than a dollar I am gonna keep buying.

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I would agree. I dont think Hive is tied to anything. It is too much of a niche player at the moment. We are not on the radar of any larger players.

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it's not a huge sale until it goes under $20.000 in my opinion

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It is such a huge sale
your funds can get you more
for the same amount you tried
last couple week.
Give it a try.

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I agree, you don’t get rich buying when everyone is buying, you get rich buying when everyone is selling. If you buy the right things.

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Buy that dip

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I love seeing red, was waiting for something like this to add up to a few positions! 😉

Panic selling is setting in for sure. It always floors me why people panic sell to some how "keep a little funds and not lose everything" is their thinking. You'll never get ahead with that mind set. If anything this is when you hold and buy more and make your break even costs even lower!

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I think this is very true.

this is when you hold and buy more and make your break even costs even lower

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Dollar cost averaging on winning assets is never a bad idea.

Of course, taking some gains along the way is also smart.

But anything to do with panic in the markets will kill a portfolio.

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This is actually good news for me! I'm just starting in the crypto world and I'm considering relocating some of my investments portfolio to crypto. Good timing, it seems!

Buying on a pullback is always an advantage.

Be mindful there is a ton of volatility in crypto so we might see even better entry points.

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The market is red and that is the best time to enter the market. Always buy the dip and sell the pump.

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