Doubled the position, 2 were in the 11,300'sh area, the other 3 at about 11,600. Long term position, bitcoin is part of what i consider "safe" core coin positions in my crypto portfolio, versus the high-risk/high-reward, low marketcap, DeFi crypto coins.
We were consolidating for a long time at 9k$(accumulation) and then the price was marked up to 12k$ pretty rapidly and now we are kinda stalling/consolidating here... I think a bigger sell-off is very likely. If i had to guess, we could drop pretty quickly to sub 10k$ BTC. All the hysteria going around with link and Band, this usually ends with whole market dumping. But who knows. Always pays off to be buying dips and not just randomly FOMOing in.
This altseason bull market (mostly in DeFi related cryptos) has been pretty amazing and imho gotta take advantage of it while it lasts. Bitcoin is the 2nd largest holding in my crypto portfolio and it's also currently the worst performer according to the 7-day portfolio tracker I use. I sometimes wonder why I hold so much of it, but constantly have to remind myself it's supposed to be a "stable and safe" less volatile crypto digital asset. I did buy $BAND (at around $5.60'sh now trading above $15 less than a week of holding) and also $OCEAN (at around $0.26 now trading ~$0.43 same hold time). These were sympathy plays when $LINK broke out above $10. There are technical reasons on what these projects do and why they provide a critical and necessary service to the Decentralized Finance ecosystem, and their project timelines, partnerships, technical details on implementation, etc, but I highly doubt anyone is interested and if they are, there are better sources for DYOR out there. I remember selling off the last $AMPL and that was such a profitable trade and not a normal trade, however, since then, my crypto portfolio is up ~$70K and it is not because of bitcoin. I ask myself two questions - 1. Am I a genius that I keep making profit$? or 2. Are we in a very strong bull market in cryptos (altcoins)? Answers are "definitely not!" and "very likely we are", respectively
Well bull market or not corrections are inevitable. Might be a buy around 11200. There is a good chance it holds(very liely imo). And if it doesn't... Well, sub 10K btc. Defi is on a crazy bull run yeah. The thing is. If you are a trader, you are unlikely to hold for such a long time to capture the whole MULTIPLE X move. And if you are investor, you will buy, but you will not know when to sell and you will be in great paper profits, but then it can quickly vanish. Pays off to be a stupid believer in defi right now. Knowing when to sell would be the ideal then though.
I should put a disclaimer on my posts "not financial advice", lol. I'm a forever crypto, and even if hitting a certain milestone, only planning to cash out some, and leave most in cryptos. I don't think you have to be "stupid" to believe in defi. It literally takes a little bit of investment and a little bit of effort to perform the most basic research and see what the hype is all about. I "bought" a little over 5000 $DAI and deposited it on https://aave.com/ left it there for about a week, lo and behold, it worked! (over 7% annualized return, rates were fluctuating on a daily basis, at times shot up close 35% APY). No centralized entities (banks) and the whole process executed on the smartcontract on the blockchain. There's also the "borrow" side, but I didn't need to borrow anything, so didn't go through the process. Anyway, enough hijacking of the bitcoin thread even if it's very quiet here as the bitcoin bashers have disappeared since bitcoin went on a bull run above 10k. MrMuppet has a couple of great posts on DeFi a couple of months ago and the state of DeFi has exploded since then. Uniswap, a single DEX is having trade volume rivaling the biggest centralized exchanges, and the amount of value locked in defi has grown 4x https://defipulse.com/ Trading bitcoin or any crypto is fine, if you can make money on it, go for it. We have to do what works and what's in our best interest.
Defi is blowing up right now.. There is high possibility we are in a very very late stage here. Once those defi coins make a top, everything could flush very badly... It could happen very soon. This is getting very dangerous. SNX now up a 100x from last year bottom...
I do not agree with you, but that's what makes a market. Synthetix SNX is one of the leaders of DeFi (#3 on the amount of locked Fund$), I have no investment in SNX. I invested in AAVE (#4) and my investment in AAVE is worth over 400% in less than 2 months and I'm still holding. DeFi is attempting to replace traditional finance using smartcontracts on the blockchain, utilizing cryptography for trustless implementation of decentralized systems. There are risks, of course, if smartcontracts have bugs, but recently, they even offer DeFi insurance product against smartcontract bugs, another DeFi innovation. So, we're talking about DeFi trying to replace exchanges (CEXes with DEXes), (banking system) Savings/loans, insurance, financial derivatives on the blockchain and these industries are worth Trillion$ Currently, DeFi is only available to the cryptos participants ($355B marketcap) of which, only $4.63B is locked up in DeFi. That financial value has been increasing by leaps and bounds, but most of cryptos folks missed the DeFi revolution and like you, they think they missed it for good. https://defipulse.com/ TL;DR, we're very early into the DeFi cycle, imho, no financial advice here, my friend.
The technology is promising, but we are not there yet. It's not yet ready for consumers at scale. Just look at the ethereum transaction fees. 6$ per transaction. Insane lmao!!! We are in a big big bubble. I also think it will get bigger, but it grows in cycles... boom, bust, repeat. All those dapps are running on ethereum and the network is clogged. It doesn't scale yet. You are just drowning in your own bias and euphoria(which has served you well for now!!!, but nothing lasts!!). It feels good and it feels like it will last forever. It won't. You probably have a few days at max. Look at Swipe, Lend, Band, SNX... Everything is going like crazy and that never lasts. Momentum begets more momentum so it's hard to call tops, but it will bend over soon.
I keep hitting like instead of reply Yes, I have my bias, but all you've argued for a crash is because these coins have gone up too much, do you think you also have a (negative) market bias on crypto because you missed out on the insane gains? My crypto portfolio is not 100% DeFi , I already mentioned bitcoin is my 2nd largest position (at 10 bitcoins), Tezos is my biggest position at almost twice the valuation of bitcoin, AAVE is sitting at third but that's because it's gone up too much, it started as a small risk capital position. Thanks for the advice, hope you're doing well with your trading, one thing I can suggest to you is risk management, think of what you can lose before entering a trade as you seem to be projecting that others do not practice it.