This was expected, and possible more to comeHello there wonderful person!
Just logged in to see how BTC fared in these treacherous water we sail in today, along with the rest of ALT coins and DEFI.
If you have read my articles from the beginning, you probably noticed that this correction in September was expected, and one of the reasons behind were due to movement in the stock market and macro market.
Yes, crypto is still very much correlated to the stock market and macro market; but I believe it evolves to be less and less over time.
Now, to be truthful, although I did predict September as the month of red and correction (second wave);What we are seeing now is not what I had in mind.
This is not enough correction, and I expect more to come in September or early October (Depending on the monetary actions of each nation, could even be so late as december).
We will probably see a bounce from here up to mid September, then a new stronger correction. However, possibilities are that the bounce can continue to a strong upward bullish run, but unlikely.
I know this sounds very much a fortune cookie prediction where two possibilities are told, but we need to consider all outcomes and determine the likely-ness of each of them. Then place our strategies accordingly.
Strategies
- My initial buy order at 8600 EURO got filled during this correction, and will place a new one at 8050 EURO.
- Strategy is to collect some BTC at each strong resistant as it moves down.
- If it does not move down, and goes on a bullish run; Then I feel good with my current positions.
- My buy in now is only for good opportunities, and no sell orders.
Disclosure & Sharing Experiences
I am far from perfect trader or even hodler, and wanted to share an experience.
This period of DEFI and bullish period of BTC and ETH, I let my feelings overcome me and I bought some of these coins: REN, SNX, BAND, SXP, THETA, DOT and BNB.
Now, on some of those I have already potential lost (Not booked my losses and profit yet) money, but I feel that is ok. Reason I feel it is OK, is because I find those projects to be very interesting and believe they can do good.
I invested only the amount I felt comfortable with losing, as I knew that it was a strong possibility it will be lost.
What I am not proud of and still are working on, is the fact that I got hooked by that FOMO and bullish run, even though my charts and gut told me there will be a correction.
I still have a long way to go as a good trader and hodler, but I will keep sharing my experiences and thoughts with you all in hopes others can learn by my mistakes.
Wish you all much of knowledge and great experiences, along with amazing trades!!!
