Today we've experienced a pretty massive dump on Bitcoin. In a matter of minutes we saw Bitcoin drop from $50000 to as low as $44000. As Bitcoin is rather dominant, most of the altcoins followed Bitcoins downtrend. It did rebound to the $46K-$47K region and we are now basically trading sideways at that level.
... And that's perfectly okay.
I get it. A lot of you will panic. I'm here to quickly put your minds at ease. This was a huge action, probably caused by the liquidation of shorts, some miners dumping BTC, something completely else or a combination of all of those. I myself saw my portfolio go down about 22% in value in minutes. But again, it's perfectly okay.
Let's look at the bigger scheme of things:
The weekly chart shows us we're basically back at the level of september 1st. So we only lost about one week of progress and we've gained another opportunity to buy in some more. What I'm trying to convey is that it isn't all that bad. Yes, we've probably lost some money on the short term, but in the long term, that won't matter.
I'm convinced these levels won't go sideways for long. As is the case a lot in this market, action triggers a reaction. And I'm anticipating a fairly strong move to the upside in the coming days, perhaps even day.
I'm still bullish. I'm having faith and holding my coins and tokens. Even buying more. Don't act while in panic.
Best of luck to all of you.
Brecht
Disclaimer:
I'm not a financial advisor, these are my personal opinions that I share for educational purposes only.