I'm having a blast. This one is just too much fun, after Luna & Celsius. Assuming you learned how to play this from those two.
LONG investor here. Pretty upset that already ETH is recovering at this moment. I am hoping it's just a temp-rally. Let's see who else may have been swimming naked in the next 24 hours. Definitely don't want any full recovery just yet. Turns out Binance released fake-news about buying out FTX only so they could pump up the coin a bit while they continued to sell off. So goes the latest story...
The problem is the fucking massive BUY-WALL is too strong near the 1K level. The only hope, is to be up front in the limit-que and hope for a temp down-spike when a large institution gets margin-called and you can snipe some coins at that level. Right now I'm happy if I can get a fill at $1100 level. I should have pulled the trigger earlier tonight but got too greedy trying to maximize gains on bottoms.
Fuck this waiting, ETH still inches up. Did a market order for now, and immediately went into STAKE. Will check tomorrow, and if she's down more I can double-down again.
We aren't done yet. But always wise to start your Black Friday shopping early. FTT will be a fun play for weeks to come. I think it still has significant value, def more than Celsius.
Most money isn't exactly lost buying too early on the way down, it's missing the rally on the way up. Stats after stats done on market returns show that just missing a very few precious days of the largest returns screws you over totally on the portfolio. It literally can make or break generational wealth. That said, I learned something new today with my WealthSimple broker. They allow me to do a 5K deposit, even though my bank hasn't even begun to wire funds yet. And they'll even allow me to trade it without a settlement period. Simply done on good faith. That almost worries me now, lol!
I have thought about shorting with BTC futures but I have missed the move at this point. I can see holding short here though still if it fits your risk tolerance. It is hard to imagine how there is not a contagion unleashed. The irony is this is the lender of last resort problem. Just like before the Fed in this kind of crisis you had to beg J. P. Morgan himself for a bailout to stop a contagion. Better to just have central banks. Can't imagine venture capital in this space has any appetite given the macro conditions.