This has been a very turbulent weekend for many in the crypto market after hitting a top price of around $25,250 on Feb. to then dropping to lows close to $19,570 last Friday March 10, 2023, a drop close to 20% not the end of the world but very considerable for anyone fully invested, I CAN NOT say I have experience in markets but I do have relatives who have been into investing for quite sometime and after screwing up many times my financials I have learn the hard way and I'm very cautious, almost a pessimist always thinking what happens if things go south, that's one of the reasons I prefer to wait for confirmations.
On my previous Weekly Blog I mention that I was expecting for Bitcoin to drop again.
Weekly Blog #551
@skiptvads/weekly-blog-552-out-of
The drop in price from last friday was influence by the news that came out from the FED meeting, new Stable Coin Taxes plans and a couple more, Im not a news guy and I'm also trying to take decisions in one direction meaning I'm don't want to be the type of investor who analyze the past to then have two directions of the price, I'm trying to protect where is the price going based on strategy, I also talk about this on last Week Blog.
Last week I was expecting Bitcoin to go up in price close to the $27k - $30k in the 1D chart but not expecting this to be sustainable, many thought they were front running the FED and the rest of the world but this is a sign that things are not ok, although I don't think inflation the problem, the real problem in my opinion is the devaluation of the currency (USD), based on all the money printing during COVID.
Bitcoin Weekly Chart
I think that bullish sentiment may have to do with people trying to use previous price action to predict what is going to happen next. On the chart above we can see how it takes around 43-59 weeks for price to start leveling or going up after the real bear market starts, I say real because that's when you get confirmation of the 10 EMA crossing the 55 EMA (Based on this strategy) but in this occasion there are many other things wrong going on globally that the crypto market have never experience
Even after the price of Bitcoin drop fast on Friday, there has been a good amount of absorption at the $19k level meaning the market doesn't want to loose the $20k, the weekly still looks like its going to drop again based on how every time the SQZMOM indicator turns dark green with the ADX going bellow point 0 price comes down dramatically, in this case I think prices could drop to levels of $14k - $10k, as I'm not trying to trade 1k up or down from this numbers makes no difference for me. This time around it would be harder from what I see to time the market because its been influence by all this other events that will create a lot of volatility, as I start to get liquidity I will start buying next month anything bellow $17k if possible all the way down to $10k depending on the daily chart to look for better entry, the projects I have chosen to invest in are with targets to possible end of 2024 depending on market conditions.
This was another piece of news that came out and shake the market causing some stable coins to suffer and stay on the 1-1 ration with USD.
One of these proposals includes an end to a strategy in which a crypto trader sells assets at a loss for tax purposes, known as tax-loss harvesting, before repurchasing them immediately after, according to The Wall Street Journal.
Stable coins are just another token so there is nothing safe about them, last year UST fall and with all the regulation that US wants to implement other stable coins are suffering too like USDC and BUSD, for the future I dont play on staying on stable coins if I take profit, probably would prefer to diversify on other assets like Gold, Silver and crypto projects like Bitcoin, Hive when it comes to taking profit from other projects since so far my only two long term are Hive and Bitcoin everything else is just a way to generate profits and invest on this two projects.
Consistency Pays Off
This year the two things I have been the most consistent are Hive and staying healthy. Posting daily and been active in the network has led my account to be consider by others and support the content my putting out. This past two weeks I have receive a lot of support from others as I try to put out the best content that I can.
Engaging with others have let me to discover creators that I enjoy their content in a daily bases, I'm now looking into communities see what works the best for my type of content as I mainly post about movies, tv shows and sports but also want to contribute with content related to other things like my IT background.
So far I think there is a process to make my account grow and everything start by engaging with others and not really about the content.
Steps to grow account
- Engage: read, comment and upvote others users content and comments. Comments need to make sense and contribute something, cant be just a random reply.
- Consistent: Show up every day, this is the golden rule, I have to post every day best content I can, I may skip engaging depending on how busy I'm since I have a job, family and irl things to do, but I cant stop posting.
- Content: depending on the support from others I need to identify the type of content I enjoy and do the best for me, I can tell sports dont do that well but I still enjoy writing about it but Movies and Tv Shows do the best for me. I still havent explore the tech type of content or even vlogging that I would love to do too.
- Community: is something Im trying just learning about since so far I post most of my content at @Cinetv but as I post about other topics I want to learn what other communities my content fits in.
To keep record of my account growth here my progress so far:
I like how my curation reward keeps growing and I keep powering up whatever I get from rewards.
This weekend I couldnt be too active, comments drop dramatically after staying above 30 comments per day, I plan to keep commenting every time I can but there will be days or weekends like this case that I wont be able to maintain the pace.
