BTC under 45K, probably because of the Tether deadline tomorrow. Elon also not helping... All other coins taking a bath, Doge is holding up (losing less) fairly well...
I don't have a journal, so I'll just put it here... I'm increasing my selling as bitcoin breaks every $1K price floor TL;DR below As everyone knows, I'm a crypto permabull, but the last thing I want to do is to keep hodling even during a bear market cycle Cut your positions, you can always put it back. In gambling, you cannot play if you run out of chips. Don't get dealt out I've been selling for fiat for over 3 weeks on a planned selling, but the selling I'm talking about above is is in the core positions of the crypto portfolio I will accelerate my selling as price hits new lows, but I will slow down or stop when the price recovers higher The smartest person on ET (imho) has given an opinion on the state of the bitcoin market cycle, he may turn out to be wrong, but I'm certainly putting it into consideration Twitter is on a full war with Elon and rallying the troops, but think of yourself first and the ones who depend on your finances I like this guy's take...
Just an update, I'm on hodl mode now on the crypto portfolio I'll start selling again when (if) btc goes down and touches $43.6K level and as stated, will increase the selling amount being sent to exchanges as btc price goes lower (i.e. below 43K, and 42K and so on...) Even the planned sale I've been doing for over 3 weeks is paused or completed, as I ended up selling more than planned when btc was in the 43K and 42K levels earlier today I also have plans for cashouts on the upside based on portfolio milestones, but that's not really appropriate thinking at this time, lol fwiw...
Just curious, why selling? You got in very early with modest 7k investment and took to to 7 figures. If I recall correctly you cashed out very nice part of position. Why not just hold the current position????? Drop is not that big, historically speaking
I'm actually surprised by your questions, lol. I thought it was clear with my post, but realize the TL;DR probably meant you did not read it. I don't blame you Been a busy morning selling... I'm on pause until btc touches $43.2K which could happen in a minute Summary points on why I'm selling I quit my job recently I will not ride down crypto portfolio value to less than 7 figures I have cashed out (and continue to cash out) [edit:] >$600K If this turns out to be a bear market cycle, I'll be liquidated out of the crypto portfolio left with 10 BTC's The capital $ should last until the next btc bull market cycle in 3-4 years If the bull market continues, it means I can buy back in Low cost basis should not be a reason to hodl and let the profits disappear. Yes, taxes will be high, but it is what it is... Oops, downward levels just got hit. Please see below on my previous posts to see more details on reasoning for my selling https://elitetrader.com/et/threads/bitcoin-price-thread.315402/page-329#post-5386472 https://elitetrader.com/et/threads/is-btc-reloading.344734/page-13#post-5386051
Do you know what is another reason why crypto valuations & future expectations of high prices are unsustainable & therefore crypto market will crash? Because this world depends on people working & not going all in on crypto & quitting jobs
I am doing just the opposite...I bought 17500, I sold on the top 60000, 57000, and below and I am slowly buying now (nibbling). The average historical drop is 55% so we are halfway there... NOTE my position is very small. 0.8 percent of my IRA, plus BTC never really had a LONG "bear market" it was aways a chance to buy.