For the last couple of weeks, market volatility has been absolutely unpredictable - especially in cryptos. Trying to day-trade cryptos in the current environment is exactly like the saying goes: "You're trying to catch a falling knife." Don't do it. You might get some "beginners' luck," but you will catch the blade at some point - 100%. Even "experts" don't tend to dabble in the current environment, where the daily news cycle is so unpredictable, and the general ideas of Technical Analysis are easily blown out of the water because some entity out there (the government, a big bank, or a large exchange or whale) says something - which could spike or crash the price of one, or several, crypto-coins in a matter of an hour. Simply put, I'm not afraid to admit that the current environment has me feeling "afraid." Not that I'm overall bearish on cryptos - just that I'm more at a "wait and see"/ do nothing point in my trading.
courtesy of Rusty Cage, YouTube channel
So, where are my crypto assets at, right now? I have consolidated into 3 cryptos I believe are "tried and true," and will emerge on the other side of current market chaos and volatility.
#1. BitCoin
#2. Ethereum
#3. Steem
That's it. I don't care how low the prices go, or how volatile trading gets in the overall crypto market. In the long term, I have a very high level of faith that the assets listed above will rise in the longer-term. I would also include LiteCoin in that list, but I'm not holding any right now.
Keep in mind the following fact: I hold a larger position in physical silver and gold than I do in crypto assets. Precious metals have just about zero downside right now, and great potential for huge gains during the coming USDollar collapse. It has already begun, but most people do not seem to realize that fact, just yet, because it's not "obvious" and on the front page news. The current stock, bond, and real-estate markets will implode on themselves - it is unaviodable. When the entire world experiences a "currency crisis" in the dollar, the global economic system will come to a screeching halt in about 48 hours. When this happens, if you are not already holding your own silver and gold, you are $#!t out of luck. Also, I believe this will cause a lot of the current crop of $#!tcoins to collapse.
With the recent bad news surrounding Block.One and EOS, I made the decision to dump it while I was still in a decent profit. Dan Larimer is amazing, but partering up with a homosexual/pedophile who has been implicated in some clearly criminal activity in regards to his crypto projects has significantly damaged the EOS brand. Its' underlying finances and June 1st launch are now a more questionable investment, IMHO. I believe Larimer will overcome these current problems and that eventually EOS will be wildly successful, but the price seems like it has a strong downside potential before the EOS platform firms itself back up. I will likely buy back into it sometime in the future, when the price is significantly lower than it is right now, or it becomes clear that the current EOS/Block.One partnership issues have been disolved and resolved. I could be wrong about that, but I don't make bets on supporting partnerships with criminal pedophiles.
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DISCLAIMER: I am not a financial advisor. Anything in the above content is meant for educational/entertainment purposes only. Do not make trades based on this article. I am not responsible for any financial gains or losses you make in regards to this information.
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