The market has been pretty stagnant for a while, with virtually all my coins floundering at low levels. I have been bag-holding for a large part and taken almost zero profit during this run.
Well, that's all perspective I guess because, to me, taking profit simply means selling off coins to fund your life right? It's been months since I sold a substantial amount of crypto for fiat through Binance P2P.
However, in the weeks that have passed, I have sold some crypto that did well, and then moved it to another investment. Does that count as taking and reinvesting profit or is just more of the same?
The whole taking profit thing reminds me of a statement that my day trading acquaintance always says; "Trade the market and not the feeling". To him, there's no bull run or bear run, there's just numbers going up and down , and his role is to squeeze out profit from the variations.
I have been mauling over this for a while as I hold no to a number of digital assets in my exchange wallet. I typically don't like holding assets that I can't do anything with but alas, here I am doing just that. For what it's worth, it's a relatively small amount of coins and they are projects that I have huge faith in.
A time will come when I will have to sell these assets, but that won't be any time soon. For now, I'll continue watching the market to see where it goes and hoping for the best.
In recent times, Bitcoin has regained some of its dominance and as a Pomp letter described it, the "reaccumulation phase is over". In the letter, he pretty much talked about how the price of Daddy Bitcoin is likely going to start moving upwards due to a number of factors that includes futures contracts, and long term holders outperforming short term holders.
I can't say for sure how this will affect the overall outlook of my bag, but considering the micro changes in recent times, I think alts are going to watch stagnantly as Bitcoin takes the reins. That's not an ideal position for me because I'm 95% alts and only 5% Bitcoin in portfolio.
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