Hi all,
Having only started investing in Crypto 9 weeks ago early November I consider myself a beginner with a lot to learn.
I have heard of Bear & Bull Market and my understanding is we are currently in a bear market but what I want to know is there anyway we will know how long this will last for?
What is a normal period of time to be in either market are we talking weeks or months?
I am currently invested in 7 different coins and I want to hold them all for at least a year adding to each one when I feel the price is low but how can I tell that?
When I started 9 weeks ago Ethererum was at £3,500 and my mate who introduced me to this crypto world told me to wait until it dropped to £3,200 to start investing. I waited longer then that and started at £3,000 but since then it has just kept falling and I have kept buying. Do we know how low Ethererum can go? Is falling below £2,000 realistic? I dont know, but with my mate telling me to start buying at £3,000 it makes me feel that these current prices are great and I will keep buying.
I would just like to be able to look at the market and have a better understanding of everything.
The key I believe is to focus on the very long term and ignore market volatility. In a true bear market many alts can drop as much as 90-95 percent from their all-time highs. It's hard to say if we are entering a bear market because as the market matures the nature of the cycles appears to change, and it's also possible the downturns won't be as steep for many coins in future bear markets. On the other hand a lot of useless coins are overpriced - actually most of them - and sooner or later the market will adjust to bleed them out and cleanse itself.
Yes, but it will take some time to realised that it's better to be a long term holder. Or at least be one of those who don't want to complicate things, just make it simply, buy at the dip an at a very cheap price and then hold for a long time. There is no secret sauce in there, just very simply but very effective strategy.
If this seems grim, focus on fundamentals and you will be more confident in where your money is despite price swings. If prices continue to drop, you can also dollar cost average (DCA) to bring your average cost down.
I think you meant technicals, fundamentals are always there, specially for strong altcoins. But the technicals is very different as we can't really predict how the price is going to be an the best way to take advantage is to buy using DCA.