Buy The Dip?
On this (finally) sunny Monday I would like to start by wishing you all a good week. Hopefully, you have all sold a few assets here and there in time to benefit from the crypto dip currently in full swing. I was somewhat unpleasantly surprised this morning when I checked the prices of the cryptos I keep an eye on. The appearance of all the red candles did not exactly match my sunny mood. Unfortunately... actually I could AND should have taken it into account. June is historically one of Bitcoin's worst months, and as long as Bitcoin still has so much market dominance, we are certainly not in Alt Season yet, the entire crypto market will go down if Bitcoin takes a plunge.
Now 19% is not a drop that will shock the true crypto fan, but... where is it going? Are we going to climb again soon, or will we have an even bigger correction, and will we suddenly see prices somewhere in the $40K to $50K range for Bitcoin again? Since the weather is finally nice in the Netherlands, after months of rain and cold weather, I don't feel like spending a lot of time behind my PC if I don't have to. So I don't feel like searching a lot for crypto news, or other economic news that would explain this decline in the crypto market. And then I just think... "Many people are probably taking some extra holiday money from crypto right now." That would be plausible, right? After all, we are heading towards July, the holiday month for many. So let's hope that this June month comes to an end quickly and that the crypto market can recover in July.
What Is Hive Gonna Do?
And that brings me to the next thing. We've seen it so many times now. If Bitcoin takes a dip, it will also go up again. But that doesn't always apply to Hive. Hive has dutifully followed Bitcoin's plunges, but the subsequent upward movement has mostly not happened for Hive. There were rare moments here and there when Hive rose a few cents, only to fall back down again. Fortunately, I was able to respond on time last time, and at least I was able to sell something during a peak. Oh dear, yes...I know, I'm bad! I sold Hive ... but yes, bills have to be paid and sometimes you have no choice but to liquidate some Hive. Fortunately, Hive had a peak at the right time. It has also happened that I had to sell right at the bottom. Anyway, that has nothing to do with the market musings, it's just a chat I'm having and doesn't add anything else.
"They" Say That MATIC Looks Good
What does add something? Hmmmm, let me think... Ah, sure, maybe it would be nice to give a little tip in this mainly red market. This is certainly NOT FINANCIAL ADVICE. Assuming you have some liquidity to invest. Then you might consider taking a look at MATIC. According to 'experts', MATIC looks good and this coin is showing several bullish signals that could cause a significant price increase.
That is one of the few altcoins that send very bullish signals because the time for Alt Season has certainly not yet arrived. On the contrary. For the time being, we see Bitcoin's dominance increasing, which historically does not indicate a good time for Altcoins. According to an Altcoin expert, two things are needed for an Alt Season. The first is a final market capitulation, and the second is a long-term consolidation of Bitcoin. When I read that I have to swallow. A final market capitulation? Jeez, we thought we had left those days behind us for a while. Bitcoin's long-term consolidation? Haven't we had that yet?
Are We In The Bull Market Or Not?
Actually, I'm starting to wonder whether we are really in a bull market yet. Anyway, who am I? I am not a connoisseur, I am not an expert, and I am not an analyst. I'm just a crypto fan who has managed to earn something by writing over time, and for now, I think it's best to continue doing so for a little longer. My retirement, and that of my partner, will take a little longer. That's just the way it is!
Until next week!