Greetings on a Sunday. It’s Matt here.
There are times made for traders and times made for buy-and-holders. The key is to stick to the strategy that’s proven to work for you, no matter which season the overall markets are in.
Personally, I’m a trader. I love jumping back into cash at the end of a day, or a few days. But my buddy Kyle, he’s been holding crypto for a while, and his trading plan is built around that preference.
Knowing which kind of trader you are is key to knowing what to do when the markets turn red.
Now let’s take a look at what’s happening in crypto right now, the BIG news for two coins and the overall crypto space, and how to play them.
When Trading Crypto, Pick a Side!
There’s something I need to address right off the bat. Some of you crypto traders don’t actually know what side you’re on, and it’s hurting your account.
You say you’re a trader, but when the markets sink, you get anxious just sitting around waiting. You want to stay busy and place a bid. You think: I could hold this for a while until it rebounds. I have patience.
Then your coin takes another leg down on the chart and you bail at the worst time!
My buddy and co-host in the Crypto War Room, Kyle, loves to buy dips, but he does so with the expectation of holding his coins for five, eight, or even ten years. And that changes his overall approach. He looks for long-term news catalysts to boost his confidence, like BlackRock and Meta integrating with Coinbase.
When you start trading, you should know if you really have the stomach to wait that long for a tide to turn, or not.
Watch This BEFORE 9:30AM!
Have you seen what Tim Bohen has been up to EVERY morning between 9:29 and 9:30am?
Do NOT wait to see this.
I know I’m not that patient. Not when my cash is on the line. So when the markets drop as they did again on Friday, I start watching and waiting again.
What am I waiting for? I’m waiting to see if they’ll find support at their next key level down, or if they’ll keep falling. If they hold support, I’ll play the next small bounce up to my price target, and take profits.
As a trader, sometimes I miss the meat of a move. But I’m okay with that. I’d rather be in control of what I can control than drop my coins in the fountain and make a wish.
But hey, if you bought the Bitcoin (BTC) dip to around $5,000 during the pandemic shutdown and held, your wish probably came true. So just stick with what works for you, and don’t flip-flop with the markets!
Right now, the plunging risk asset-oriented Nasdaq index is taking crypto down with it. Traders, stay in cash and be on alert.
Big News for These Two Crypto Coins
This coin’s about to branch out into making actual things…like its very own mobile phone. The phone will be called “Saga” and run on the Android platform. It will feature a specialty crypto wallet and a software development kit for Web3 programs.
Will creating actual products bog down the cryptocurrency with real-life supply chain issues? Or will it turn out to be a great product that more seamlessly reels in new coin traders? Look for price jumps on PR leading up to a product launch.
ETH fell to the $1,500 area on Friday. It needs to hold support there to keep the range it’s been trading in since it broke above $1,500 in mid-July and trekked up towards $2,000.
If it breaks $1,500, the next support level is at $1,000. I can see it falling to this level after The Merge completes in mid-September, or even after September 6, when it’s first made official. Unless, of course, traders get their coins frozen.
This is your LAST WEEKEND to try out the Crypto War Room at the introductory rate of just $5 for the first month.
You’ll get to hear from me and Kyle as the action happens, and learn the best strategies that fit your crypto trading style and goals.
We spend hours and hours researching the most relevant information and share it with you every week in a fraction of the time, so you’re armed with more know-how and more time to trade. Hope to see you there!