Altcoins have been really interesting in recent times.
I can’t help looking at altcoins each morning to see what has happened in this space in the past 24 hours. Although I should also make it clear, we are not trading altcoins due to past experience prohibiting us to be involved with euphoric stages in cycles.
Also, I want to make it clear, I do not know where we are in the cycle as the whole crypto space is very new but I would rather be safe than sorry so have just been watching. We do have long term holdings in some crypto though.
The recent pullback on BTC to DVI will have stopped out many traders no doubt and I wonder how many of those same traders are willing to get straight back in should the market bounce based on any BTC and ETH strength.
I imagine it will be some of the same traders getting back in if there is a bounce and many of those stopped out refraining from entering due to the recent pain and upset. Psychology plays a big part in trading, no matter what you are trading or who you are but especially if you are a new trader, like most crypto traders will be.
What happens from here and where the market goes is going to be quite fascinating. Shame we do not know what institutional level of participation there is.
Let’s go trade!