First, let’s take a look at the Daily Charts.
Most are currently trading at possible short term support and could ignite a new push up to new all time highs.
They all do look a bit inflated to the upside as for example, Bitcoin has risen from $1500 in May to $2800 today, +86%. Impressive.
As they do look inflated, a quick and sudden drop down would not surprise me anymore. But in my view, that’s once again, a buying opportunity.
One simple warning, as everyone nowadays has an opinion on Bitcoins….Do not bet the farm on cryptocurrencies, keep it low risk as the currencies itself are high risk and there’s always the possibility that it drops to 0 overnight.
It’s a Make or Break Situation
most currencies are at short term support levels
Long(er) Term, I’m buying the dip(s)
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Since the last update, June 2, I added two cryptocurrencies, both based on absolutely no fundamental knowledge, not even technical analysis. Simply because I experience GREED worth $150 and these two had the lowest price per coin:
Dogecoin, bought 25.000 coins for $83
Reddcoin: bought 25.000 coins, for $71
So now I have 50.000 reasons, a gamble worth $150, to become a millionaire 🙂
Prices of $20 per coin are not realistic for now, I know, but a man can have a dream, right?
I bought these coins, and will put them on the shelf, forget about it, $150 written off. I use Cryptonator as my wallet to manage the coins. If you sign up via this link, you get a welcome fee of almost 4000 Reddcoins ($10, same as me). Easy money for the both of us.
Maybe, someday, these 50.000 coins pay off. Worth the gamble in my view. Could help my son pay for college and in the best case, buy the whole university….Worst case is $150 down the drain….
I do wonder….
Are my two latest additions, buying something purely based on Fear (of missing out) and Greed (to hit the jackpot)….
Are these two investments the key signals it is all one big Tulip Mania?
As mentioned before, I closed 50% of my crypto portfolio over the last two weeks. Now I wait for a possible drop to scare the sh*t out of the mainstream people and media. That’s when I step in again and buy. If it does not drop, then I feel comfortable with my current positions in Bitcoin, Ethereum, Dash, Z-Cash, Dogecoin and Reddcoin.
I also made some changes in my CFD portfolio (S&P500, VIX, DAX, Oil and I added one Trader to my portfolio). Sign up at eToro, follow my Trades, copy other Traders and join the interesting Social Trading Feed. All Trades and Positions are open for anyone to see, that’s what I like most about this platform. Great tool to analyze the crowd, as they must be wrong by definition, right? Zero sum game…Take advantage of the wisdom of the crowd 😉
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