The way tops work is most new money chases at the top because of the underlying asset’s popularity. The vast majority of people out there are presently racked with losses. Some of you are up big from much lower prices and have been reduced by 60%.
What to do now?
I cannot tell you what to do, only what I’m doing. I stopped trading cryptos several weeks ago and only kept my ETH position because of the fucking nonsense I was seeing with cummies and garlic coins and all of the fucking Moon coins that made a mockery of the asset class. The problem with cryptos is lack of regulation. The people making these scam coins should be placed on the Catherine Wheel and beat until dead.
The beginning of the end started when DOGE jumped from 7 cents to 20. After that, the SHITCOIN market got very frothy and then moron Musk tried to make DOGE into a real thing while undermining the very essence of crypto: bitcoin. That was the end and I hope you laughed heartily watching Elon made a fool of himself on SNL.
The way tops work in the stock world is we get bailed out by central banks and V shape rally up. Unfortunately for cryptos, you have nothing but levered bets to the upside and a shareholder base that is very green and naive and poor.
Rule of thumb is 90% down is where you go all in. We are presently down 70% in numerous coins, – 60% in ETH. Down 90% on ETH would put prices at around $500.
Absurd?
Yes. Alas life is absurd so deal with it.
I’ll continue buying ETH and 4 other coins every month. My cost on ETH is in the 200s and I was always disappointed to have such few coins at 4K+. Well, this is a chance to add to the position and build upon it as the asset class washes away the weak hands and wipes away the excess. My best guess is recovery by Xmas.
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90% down sounds about right.
In April I witnessed a doge coin hi5 at a wedding. And then in my Uber ride back to the airport, my douche bag driver is bragging about his bullshit $200 investment doge, and subsequently laughed at me cashing out of bitcoin at 40K. I saw the signs.
Yep
If indeed this is something going forward, what’s out there now is akin to Studebacker and AMC. The diverse names trading now will not be the ones that claim the turf in the end. So selling will be of importance.
Stonklabs — Would be great to add “optionable” to the screener to search for option plays. Did a search in the tab but didn’t see anything for that.
I’m loading up on Matic and more ETH on this downtrend. Will NOT BUY ElonSperm bc his mojo is fake quality.
I love that photo
There was a time when gold & btc were the same price.
and now gold and eth.
What did Peter Schiff do?
Overly negative pm crypto / skewed towards stocks – maybe your bias? [trader, stocklabs, ibc, etc]. Victims of parabolic change… don’t be a victim. Stocks are milquetoast.