Haejinality vs. Reality (NXT Review)
In continuing the series I started here:
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https://steemit.com/cryptocurrency/@pawsdog/haejinality-vs-reality-rdd-review
Based on the idea by @just2random whom did some excellent coverage on the previous BTC calls of @haejin here:
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https://steemit.com/crypto/@just2random/14-days-of-haejin-20-20-hindsight-btc-results-from-1st-14th-jan-2018
I am now reviewing the NXT call made by @haejin for accuracy
Around December 30th, 2017 NXT was 59.01 cents, @Haejin called “orgasmic lunges towards $3.73 or much higher!”.
https://steemit.com/bitcoin/@haejin/what-s-next-for-nxt-its-bull-run-isn-t-done-yet
His chart stretches until August of 2018 so I cannot say whether his ultimate target will or will not be correct. I can only judge the shorter range targets and buy recommendation he presented.
Haejenality: “orgasmic lunges towards $3.73 or much higher!”.
Reality: Over the next week and a half NXT would shed 61% of its value hitting a temporary low of 23.2 cents on January 16th 2018. NXT would continue it blisteringly fast downwards spiral losing another 47% by February 6th, 2017 with a trading price of 12.5 cents. The total loss from time of the call to current low would be 79% or a net loss of 79 cents on each dollar invested.
Before I am asked yes 61% and 47% are more than 100% while the total loss was only 79%.
Think of it this way.. I have $1, I lose .50 cents or 50%, from this point I further lose another .37 cents or 75% of the already depreciated amount leaving me with .13 cents for each dollar I initially invested, my total losses are actually 84%; not 61% +47%.
Ergo based upon his call and when you entered or if you averaged down you had the opportunity to continually lose half or more of your investment with each new purchase.
Other factors: BTC was in a very obvious corrective decline at the time this call was made, trading around $14,304, some 28.5% off of its $19,989 high. In fact the day this call was made BTC would drop a further 14% from $14,304 to $12,284 further indicating a very bearish market.
As we all know BTC began to crash at this point and would lose approximately 44% of its value from the time this call was made to the current price of $6900.00
Opinion: Had you of purchased NXT at the time @haejin made the call and HODLED till now your losses would be 79%. Had of purchased BTC in an obvious decline and HODLED till now your losses would amount to 44%. Basically the smarter move would have been to purchase an obviously declining asset in a bear market than to purchase on the buy recommendation made by heajin. You would of saved yourself 35% in losses to have HODLED BTC; a move which by this point, we would all agree would have been dumb in and of itself.
Lastly his chart does stretch until August of 2018 so I cannot say whether his ultimate target will or will not be correct, but I can say that buying into a 79% loss is not a winning strategy under any circumstance.
We shall See
0 for 5 so far since January
- Cannabis Coin 76.6% LOSS in 2018-
https://steemit.com/haejinality/@pawsdog/haejinality-vs-reality-cann-review-cannabis-coin-76-6-loss-in-2018 - REDDCOIN 75% LOSS IN 2018-
https://steemit.com/cryptocurrency/@pawsdog/haejinality-vs-reality-rdd-review - VERGE 76% LOSS IN 2018-
https://steemit.com/cryptocurrency/@pawsdog/haejinality-vs-reality-xvg-review - RIPPLE 76% LOSS IN 2018-
https://steemit.com/haejinality/@pawsdog/haejinality-vs-reality-xrp-review-ripple-76-loss-in-2018
