Before I went to sleep last night, I saw that the price of Bitcoin Cash and almost all cryptocurrencies started to recover already from the huge dump that happened in the evening. I even thought of selling all of my crypto holdings already and I'll just try to buy them back in the morning today when the prices are already in bloody red. However, I did not click the sell button as I was already sleepy so I missed the chance of selling my cryptos at a favorable price.
But now, when you visit the CoinGecko and Binance trading app or any other platform where you could check the prices of different cryptos, the prices are in bloody red again as if it's being massacred. Whether we like it or not and wish and hope for it to stop dumping already, the crypto market seems to be deaf and it just keeps dumping and dumping like there is no tomorrow.
Some are saying that it's because we're already in recession or a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. And some are even speculating that the price of Bitcoin BTC will keep dumping down to $17,000.00 and even as low as $12,000.00. Well, we probably already know what will happen to the whole crypto market if that scenario happens.
While the crypto market is in bloody red and our Crypto Portfolios are reaching their all-time lows, I still believe that there is an opportunity in this tragedy. For BCH and crypto earners, it's an opportunity to earn more BCH and it'll help us to achieve our goal of getting to hold at least 1 BCH because it's cheap now. And for traders, they can take advantage of the volatility of the crypto prices to make favorable profits.
And because I'm a "frustrated trader" myself, I'm glad that I was able to benefit from this crazy market where I got to earn a 3-digit profit in just 2 trades.
The first successful trade I had was with BNB. When I woke up this morning at around 5 am, I immediately set a sell order for my 6 BNB at the price of $262.6 each. When it was filled already, I then set a buyback order for my BNB holdings at the price of $257.9. And this successful trade made me earn a decent $28.2 profit which is already good enough.
Just this morning, the price of BNB was just playing around $250 to $260, but as of this moment, the price went down to less than $220 already. I would have had a bigger profit from BNB if I were only buying back now, but just like what we always say, Profit is Profit.
I don't know how low it will go down but I'll keep holding my BNB as I take advantage of them by trading them.
And the second trade I got to make today that made me earn an almost 3-digit profit was with my 26 BCH holdings. I remember I was with my friends at the stone table talking about some things when I made a sell order for my 26 BCH at the price of $140. Then when we were already eating lunch at Zark's Burger at Robinsons, I checked my Binance app to see if my sell order was already filled. And when I saw that it was and the price was also dumping already, I immediately bought back my 26 BCH at the price of $136.8, which made me earn a remarkable $83.2 profit.
Now, the price of BCH is just playing around the $130 level. And it's already the lowest price of BCH that I've seen so far since I became invested in it. I hope it is already the lowest and the price won't go down further anymore and won't make an all-time low because it's still my biggest bag so the lower the price, the higher my unrealized losses will be.
Anyway, with these two successful trades that I got to make today, I was able to accumulate a total of $111.40 in profit. It's now the biggest profit I've made so far in almost a month of spot trading.
I hope that even if the crypto market keeps dumping, I'll still get to make decent profits like these in the future.
Cheers to more profits to come! 🎉
My Spot Trading Journey:
Trading Bitcoin Cash on Binance Exchange
Cashing Out $200 Trading Profits for my Fiat Goals
I like your strategy pero, di ka ba natatakot andyan na lahat BCH mo sa Binance? Nag hahalt yan sila nang withrawals eh.. kaya nakakatakot. Btw may crypto ka pa ba sa Celsius?