Bitcoin amazed everyone by going to heights that was thought to be impossible. Soon it will amaze everyone again, by dropping to levels that was thought to be impossible.
Well just have to wait & see, theres going to be an absolute bottom at some point & a lot of amateur traders shorting are going to get burnt BADLY.
Im HODLING until a year or so after the next halving & whilst it sucks (badly) seeing your net worth slump like this at least technically Im losing nothing as xxx bitcoins are still xxx bitcoins.
I wouldnt want to be trading this beast on margins now, a lot of people are going to get fucked in the ass.
The most frequent mistake that traders make with bitcoin, is thinking that the bottom will be some quick deep drop, followed by a quick recovery. That assumption makes them jump the gun, because their greed gets the best on them. The actual bottom won't be nearly as fun. If the bottom is reached, then it will stay there for a long time until it starts to seem like there is no possibility for revival. This is necessary for the minority rich to win over the majority of the poor. The more money you have, the more patience you can afford. Those will be shaken the most, who used their necessary livelihood to buy bitcoins and expected a quick profit.
I think that bitcoin is still on the way down and hasn't rested on some stronger floor yet. But there is no need to hurry, because there will be plenty of time.
I keep away from margin trading. Keeping it simple is keeping more control in your hands and less control in the hands of "the casino". The exchanges aren't neutral entities in this market. Most of them play their own books aggressively, while using the advantages of insider information and the weight of "funny money" that they are able to create.
I think that I'll wait until bitcoin bottoms out, and then will channel my gambling funds to several high risk/high reward coins that have most developmental potential.
Staying away from bitcoin and risking on the newcomers has worked out great for me since 2014. Have won multiple times better gains then could of gotten with bitcoin.
Currently it's best to stay in fiat, since the overall trend is clearly down and these bear market little swings are too unpredictable to be worth the risk.