Red, Red Red!
Tracking the daily market was not fun today. Bitcoin and the alt coins took huge hits. So, what is going on? I don't think there is one clear answer. Fear of interest rates hikes and a coming recession is on the table. There doesn't seem to be an end to Russia's invasion of Ukraine. Rising Covid numbers are definitely putting a damper on the economy. The list goes on. In other words, the uncertainty of our current situation is taking its toll.
Uncertainty is worse than a stagnant market. It makes assessing the situation extremely difficult. Deciding which coins to pick up and which to dump becomes a gamble rather than an educated strategy. Executing your plans come to a standstill. So, I'm going to keep it simple this week. I'll probably fill the bags here and there, but nothing more. My biggest move is probably not to sell anything.
My reason for not selling comes down to this. Did Bitcoin crash? I have not purchased any Bitcoin is a long while. I continue to hold what I have and do not plan on selling any time soon. While my interests have taken me away from Bitcoin and towards alt coins and ntfs, the reality of the current landscape is that BTC still dominates the market. There are outliers, but when Bitcoin goes up, the market goes up, and when Bitcoin goes down, the market goes down.
The market is certainly down but I do not see this as a crash. It hurts, it's frustrating, and it is red. But there is a silver lining. Despite the fluctuation, Bitcoin is still within the support levels. BTC tested the high and got knocked down. It really shouldn't be a surprise that it got smacked down. Given all the uncertainties, this should be expected. As long as BTC stays above the support level of $33,000, I don't see too much to worry about.
Bouncing between support levels is not a crash. This is only my opinion, but I don't see any reason to sell. In fact, I'll pick up some coins on discount. No BTC for me, but there's plenty of others that seem promising.
