Now that was a close call!
The cryptocurrency market almost really went down to 60 billion...
We're all on the upper hand again.
Now who did PS and who did BTFD LAB? In case one is wondering what it all means? PS stands for Panic Sell, BTFD kind of means something like: Buy The Fogging Dip and LAB stands for: Like A Boss. Now I am not shure about that word fogging, but I think it is close enough, or sounds like. Because I want to easy out on the swearing a bit. Anyway all these terms are kind of financial market related. In line with the recent dip that also hit the cryptocurrency market. Somehow this one almost looked like it was correlated to the traditional financial market. Only recently I wrote about the market dropping all the way down to 60 billion. Now, do I need to remind the cryptos market that I also wrote about the next ceiling of 120 billion? Well, I really whished it worked like that. Although it seems it did hit the lowest dip so far this year.
Well, I did buy some more Litecoin, not even at the lowest possible drop. My expectation was that the steep downtrend would have stopped somewhere at 68. And I thought to myself: "Man, I just cannot seem to catch a break!" Well, the break is over anyway. Today the carpenter will be here to repair some front door framework and after that it is one last paintjob for me. That is for the time being, because with a home of your own, there is always something that needs to be done. Anyway, the cryptos market plummeted around 48% over a short amount of time. That is were those who own cryptos state things like: "I am in it for the long term...", but really I am, no kidding, hahaha. But it is important to stay calm when this kind of collapses happen, at least that I have been told. That is why I focussed on different things.
It is all too easy to get dragged into the panic sell {PS} that is humming at first and then starts to become like loud screaming: "SELL, SELL, SELL!" It could almost be heard outside. While it is also a time where the Fear Of Missing Out {FOMO} gets triggered, because when there was a high, and there has been some big selling going on, when is the time to buy back? Because it is like walking through a shopping mall, everywhere it says: "SALE!" in red. Buy now with 30% of, or when it really hits the fan: 70% off! Now that last one would be a real cheap buy, but would it be any worth? When it passes a drop of 30% that would be a call for Buy The Fogging Dip {BTFD}! At least, that is what I have come to understand lately. And the signs? Well, it all starts with a flood of _FUD _and that is the one where it stands for Fear, Uncertainty and Doubt. It is almost like a countdown, the more FUD is spread in a faster pace, the bigger the bubble gets inflated, the closer the PS {Panic Sell} becomes.
Towards the 120 billion ceiling.
That is the next big ceiling for the cryptocurrency market that I expect around the end of october 2017. In slow steps, first topwards 85, then next 97 as the next ceiling for a while. Much has to do, as far as I can see, with the flood of Inititial Coin Offerings {ICO} and Initial Token Offerings {ITO}. Where I first made a Freudian typo writing 'Con' instead of 'Coin'. But it is inherent with the digital goldrush that is cryptos, it also attracts golddiggers of all sorts and kinds. The bad ones will get flushed out after a while, right into the wastelands of the con jobs. While the capital the flows out off all these golddigger ICO/ITO releases will flow back into the meaningfull crypto projects. Where my bet is still on the EOS project, this one is going somewhere. Currently the market is moving up fast, already past 71 billion, it would be nice if it got to the next temporary ceiling of 85, that I expect.
Part of the uncertainty in the cryptos market is caused by Bitcoin. And this effects the price of all other cryptos, Steem included. Therefore I would be very okay with Litecoin taking over the number 1 position, while the Bitcoin realm should get things sorted. Yet, I think that if SegWit is held back by a majority of mining farms, then this could end up in a disaster for their own investement. Because while they can not seem to get consensus on SegWit, Litecoin already did, just like Vertcoin and Digibyte. And there are suggestions that the Lightning network will be announced by the Litecoin developement team on august the first 2017. If that is indeed the big tech news Litecoin is about to release, then Bitcoin will get behind even more. While BTC could get dumped in favor of Litecoin. With LTC becoming the new cryptos gold. There have been a lot of warnings towards the group of conservative minings pools that if they keep up the fight like dogs over a bone another crypto might get away with it. And my speculation is that the one getting diner is: Litecoin.
Steem still for 12?
That still stands for me, a market price for Steem of 12 US$. There needs to be some trust regained in the crypto currency market as a whole though. My speculation is that Steem can only get to the 12 USD if the total market cap gets to the 120 billion ceiling. And the flood of golddigging ICO/ITO releases have been flushed down the drain. Bitcoin getting SegWit and if not Litecoin taking over the number one position. Both would work. And I expect Litecoin go up towards 100 USD, at least, any way, because of their tech news that they will release on august the first. Enough excitment to come that will gain even more attraction to the cryptos realm. Good for Steem too, because it is still the one Social Media Platform on a blockchain, that actually works! And I wrote it before, but my bet is on the Steem Community Tokens, this would get things really pumping, market wise...
And finally, a reminder, like always, only invest in cryptos what you are willing and able to lose. And your speculation might just be as bad of as good as mine.
Time to get to get back to the woodwork one last time, for the time being, sand papering and then add the final layer of paint. Back on Steem and Steem on!
Buy The Fogging Dip, Like A Boss!
image cc-by-sa @oaldamster