5 days ago I wrote that both STEEM and BTS were at oversold extremes on the daily charts, and showing strength on the hourly charts. Well, if you thought they were at oversold extremes then, wait until you see them now!
STEEM has lost another 50% of its value in these last 5 days, BitShares has held up comparatively well, only losing 20%, and there’s absolutely nothing that looks good on any of their charts, regardless of time frame, other than intermediate term horizontal support and the extreme oversold readings.
And if you don't want to get too depressed, don't compare with 20 days ago when BitShares was worth double what it is now, or with a month and a half ago when STEEM was still double its current value and still looking strong before failing a rally attempt.
I’ve been buying on the way down, but now I’m out of dry powder - I used the last of my BitUSD to buy more BTS last night to bring its weighting up to STEEM's - so now you can call me an official BTS and STEEM bagholder.
If selling into strength and buying weakness is good, then I’m doing very well right now. Sell when everyone is euphoric and talking riches, and buy when everyone is desperate and talking losses. Buy low and sell high. Okay, I’ve followed the rules; now let’s see if it pays off. 😎
P.S. This thread is not open to moaning, whining and crying - it's only open to people who are buying and holding. If you've sold at a loss, please go somewhere else with your story - don't worry, there are millions of places to wallow in your sorrow - it's just that this isn't one of them because here we're positive in the midst of trading doom. TIA
Read the "The Dos and Don’ts" here if you're not aware of my rules.