Sunday, 20 October 2019

Is it now (July 2018) a good time to invest in cryptocurrency? If yes, which crypto should I buy? Why?

Almost. Bitcoin is transitioning out of a bear market and will soon start the accumulation phase (google Dow theory market stages).
But this is only if Bitcoin holds above 6k, if Bitcoin drops below 6k support and it breaks through with a massive sell off, then we will have to wait to see where the real bottom is.
At this point we are not “speculating or gambling” like John says, Bitcoin has cycles that very clearly resembles the Dow theory 3 market stages and we will know Bitcoin will enter an accumulation stage when it holds above 6k and slowly increases, at which point it will slowly gain momentum and we will most likely see another bull market like the one last year. Wait for the 6k support to confirm before you buy anything. You’ll know when it is if you look up what the market stages are.

The crypto you buy is Bitcoin. When you have that you can buy any other crypto on the market. You can day trade to get more bitcoin, or you can speculate on thinly traded cryptos hoping for a price explosion one day. Its really up to you.

A decent portfolio (with a BTC base not Tether base) will consist of the “Blue chips” of the crypto world, which are Ethereum, Monero or Zcash, litecoin or Dash, and Ripple or Stellar. That is assuming you do a proper trend analysis to determine a good time to buy.

After than you either day trade the rest of your BTC or invest in highly speculative cryptos. This is a very general portfolio but once you learn about crypto there is nothing wrong in choosing a totally different layout for your portfolio.


By Jhon Brockus
source: quora.com
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