Got a nice 15% flash crash just now.
Happened within 30 minutes. Can't be sure what caused it but that won't stop me from speculating wildly.
For the most part crypto news is overwhelmingly bullish...
But...
It's no secret that a lot of people have been extremely tilted over Doge spiking up. It honestly feels like this dumping is extremely emotional and potentially spiteful. "If Doge can pump like that this bull run is over and I'm selling." Of course when big pockets make moves, longs get liquidated and it can create a chain-reaction flash-crash like what we just saw.
I've been saying April is the best month of the year to buy for quite some time now. If I'm being honest I was thinking the price action has been a little "too good" up until now but I just figured "mega-bubble strong". This crash comes as no surprise, and even with this emotional dumping we still haven't created a new local low.
At the same time BTC volume has been pretty low for weeks. This crash ought to wake some bulls up. We might even have to wait till Monday for the stock-market boys to get up and say, "Oh nice, cheap crypto," as is often the case.
Analysis
I think I've turned a corner. I "lost" like $30k during this crash and it didn't even phase me. Not one bit. At this point the result is even comical. Seeing such emotional irrational trading like this during what should essentially be a consolidation month only makes me smile.
Think about who's selling right now. Think about who's buying. The corporate sharks still want more more more and the crybaby Dogecoin whiners are taking their ball and going home. Uh huh, sure... you'll be back to FOMO in at a loss in less than a month, deputy poopy pants.
So what about you? Are you scared? How many times does the market need to flash-crash before we realize we've got diamond hands? Personally I feel like I've finally gotten the hang of it. A 15% crash is nothing. A 30% drop is a common retracement. I'm not worried till I see the dreaded 50%+ drop. Until then I have zero urge to trade this completely irrational market.
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According to Blockfolio, this is the reason:
Bought the dip anyway.
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Ah ha! There it is.
Nice quick little drop there, but with not even a single daily support/resistance zone being broken, it's all just noise.
BTC/USD Daily:
Wait until a few of these zones get broken on the way down and then we'll see how diamond-pawed we actually all are!
;)
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I was thinking of buying last night...I don't know if this is a good moment, but I had this urge...
The whole idea of how volatile bitcoin and other cryptos are is part of the reason I'm in. It's good practice for people to determine what they want to be in and how they will handle it as the bull season turns bearish.
But I'm not there yet.
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How many times have you seen this happen?
I am not worried about the market. Fundamentally I am only holding crypto that I consider as a long term investment so the dip doesn't concern me. Of course if they shoot up far enough, I may take profits and look for some better entries when it pulls back or other bullish coins I want.
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Seems, you bought all the lows, so even a 90% drop would leave you at your investments ?
I'll probably be selling off a tiny bit at the end of the year no matter what.
When I woke up to 52K Bitcoin, I immediately went to my pc to get buy some of the dips.
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15% crash. Back in my day...
Hello Edicted
First of all thank you for the post, I have read it and I have some doubts about how to face this bear market.
I am still quite new in this Crypto-world, what would be your opinion to prepare for the bear market, at the moment my portfolio is <90% in "CUB FARMS-Dens".
My mian/actual plan is stay in Cubfinance for a long time, but I don't know if would be worth withdrawing part of the investment to convert it into fiat money and be ready with some liquidity go out to buy coins at low prices when the fall occurs.
Hope you could give your opinion about this.
Again, thanks for a nice lecture and share your thoughts.
See you next time.
Pp.
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I'll be in this market till the end of the year unless something super crazy happens. Just keep farming and hope for the best.
How weird that BTC would drop and DOGE would remain stable. What kind of crypto world are we creating here?
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Doge isn't stable. We need to give it more time and look at these things from a month to month basis.
I bought another bag of theta and ADA. 🤑
You were spot on with that April prediction. Personally I haven't dumped anything from my portfolio and despite not being happy about looking at the market today, I'm confident we still have some good months of crypto bull market.
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Well said, in the daily chart I marked a bearish divergence and that was what I was talking about minutes before the fall in the @leomarkettalkm chat, to my surprise I pierce the resistance of 57k like butter, now hope that the market can hold, since it weekend and CME futures sleep and it is not until Monday that they return, then we will see if the candle that we are printing now is filled!
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I sometimes think people get so wrapped up in their bullish "wen moon?" hysteria that they completely lose sight of the fact that 20% dips are perfectly normal in this particular circus show.
I'm neither a "trader" nor much of a "chart watcher," so I don't tend to get too stirred up over this stuff unless a flash crash coincides with a day where I am selling a bit because I need fiat for some expense. But then I'm just annoyed, rather than *worried" and thinking to myself "WTF? Why TODAY, of all days?"
=^..^=
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This market crash shocked and surprised me, especially since this is the first one I experienced being a crypto amateur. However, I learnt through some research that this is normal. This is something healthy for the market: you cannot expect everything to continuously go up - people sell their crypto. It is ironic that many people would be panicking about this, even though that this has happened many times before, and at a worse level.
The best thing to do now two things: either hodl the crypto you have or buy some more before the crypto market rigs back into gear.
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@edicted, Creative post, I like it! What will happen to the market in the nearest future we do not know. But what we do know is "what goes up must come down", or is that true now these days? :P Keep up, looking forward to next posts!
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