I’ve had a few emails from members asking about the recent price dip, wanting to know my thoughts on the longer-term picture and whether the info on our sites still holds…
So first off, the standard disclaimer: this is not financial advice or recommendations, just my personal interpretation of what’s happening, please do your own due diligence before investing… or seek professional advice.
That said, I am still extremely bullish ion all things crypto, and see this recent pullback as a good thing!
The market had been on a tear, making huge gains in recent months, so it is completely expected that it would pullback a bit as people take some profits. That tends to scare the people who jumped in late, forcing them to sell off as well, prompting another leg down…
Totally expected, 100% normal!
Elon Musk’s comments and China’s policy announcements might have been the catalyst for the pullback, but the underlying cause was that it has made a big move up and needed to unwind to release a bit of pressure.
Now that it’s done, I personally think everything’s on sale and it’s a great time to add to my positions. I won’t go crazy… there could be another leg down still… but now the pressure is off, I think the next major moves will be mostly upward for several months.
For the technical analysis people, this last little drop has bounced off the 200-day moving average, something that’s only happened a few times before this, and each time has been followed by a strong upward move a few weeks later…
Likewise, price is still tracking nicely within the two previous cycles on the Halving Tracker… again suggesting we’re still on track for a big move up. (Check the Cryptos101 ebook for info on that!)
No guarantees on any of this of course, but this definitely feels like everything is well on course.
Following on from that, a lot of the coins on our Altcoin Watch List on CryptoCashCoop are now on sale as well… we added a few recently and there’s a couple more coming next week… all of which are heavily discounted right now, with some serious potential in the months ahead!