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Crypto market is all red, what to do in this bear market?
Today morning I woke up to see the crypto market bleed. It was quite sad. Yesterday I saw some cryptocurrencies at a pretty decent price and I should have sold them to get some liquidity. Something made me feel that this dip was coming all along but I have no big regrets. I did make use of this opportunity which is what I'm going to be sharing in this article.
Nearly a month back during another dip, I bought some Rune and DOT coins. The price of the DOT coin always surprises me and it gives a good trading opportunity. I have done some swing trades in the last year considering the price of DOT coin going up and down. It appears that 50$ is the all-time High for DOT and I was fortunate to purchase some when the price was around 5$ and 10$. I have a decent collection of DOT coins. I'm going to be holding them only for the long term. My target for DOT is 100 dollars but I would still do some swing trades whenever possible.
A dip in the market for whatever reason is always good. If we have enough funds to invest, this would be the right time to invest. It is not very easy to predict the bear market. Sometimes there will be a short dip and sometimes there will be a dip that goes on and on for days together. There have been days where the market will not heal back at all. There is a high risk involved here but still, if it works out well, bear markets are good.
Yesterday I did a good trade. DOT price was around 30$ and I sold some of my DOT tokens. The intention was to book some profit and wait for the next dip to do another swing trade. Though I made only 50$ from that, it was okay. Today to my surprise DOT price reached 25$ and I was fortunate to purchase some DOT tokens at 26$. I will now again wait for the price to hit 30 dollars and sell it off. In the worst case even if the price is not hitting my desired value, I would still be happy to stake them on Binance and get that 14% interest out of it. Anyways it is a win-win.
It is also risky if you don't know when to enter and exit. In the worst case, you will end up selling it at loss or holding it for a very long term. This has happened to me several times. So, always invest only in coins you know very well and are confident about. Just because DOT worked out very well for me, it doesn't mean that it will work out for you too.
A safe piece of advice that I would give anyone would be to make use of the dip for long-term investment. But make sure you know enough about the markets, the coin, and everything before you get inside it. Let's take BTC as an example, in the last two months we had several dips and the price of BTC was oscillating between 42k dollars and 52k dollars. When the price of BTC hit 42k dollars many people did panic sell thinking that it will be the end of BTC and this crypto investment. It usually happens in any red market. But there will also be clever individuals who are here for nearly a decade who knows this is just an opportunity to purchase for the long term.
I'm telling this because it worked out for me. Trying different coins and moving around investing on multiple coins and looking for a profit short term is risky. But if we are confident about a particular coin and if we know for sure it can have a great future, the best thing to do is to make use of this dip and purchase a coin.
Our intentions can be for the long term but for someone who is purchasing BTC at 42k dollars, when BTC is touching 52k dollars again, it is already a great return and at that point, we shouldn't have any greed and book our profits. Maybe a partial profit will also be good. There will always be another dip where people can purchase it for a cheaper price and do swing trades.