Bitcoin is crashing, altcoins are crashing, the world is collapsing, everybody panic! Blood is in the streets for Bitcoin and this is the time to open up your wallets to buy Bitcoin and other cryptocurrencies. Almost like a small gift before Christmas...
Moments like these test your ability to be emotionless as you lose money rapidly and watch your paper gains evaporate. There is no other way to feel those emotions aside from extreme scenarios like these as test trading or theoretical questions rarely reveal the truth of how you will actually respond. If you feel fear, or frustration, or anger, or depression when price collapses like this, try and shift that feeling to excitement (contained of course, logical only). If you can't, then either your position size is too large or you should slow the frequency at which you check Bitcoin's price.
Unfortunately, this particular correction bounced back up prior to my limit order executing. This is another test in emotions because this will happen to you countless times and it is very easy to FOMO with price. I've found that it is generally better to remain adamant and miss an opportunity rather than to FOMO and have price sink back below your limit and have regret over not sticking to your guns. We'll see if another opportunity arises for my limit to fill.
Bitcoin dominance has begun creeping up just a little bit, although it's still relatively flat overall since my last video (given it's only been a few hours). I will continue to monitor this closely as we potentially see increased volatility over the weekend.
What are your thoughts about this recent panic selling? Do you see Bitcoin going lower or was this the correction it needed before it starts rising again? I tend to think there is more blood to come, but I've been like that for a while so take what I say with a grain of salt! Thanks for watching / reading.