Crypto Trading - Catching the falling knife

in LeoFinancelast month (edited)

The price of all the altcoins on my radar are falling down. Maybe I was looking at the wrong altcoins to trade or it is just a downtrend right now for many altcoins. I'm specifically looking at the price of Hive and BAT tokens. This has been on my radar for over a month now. Two months back both these coins hit a great price and I also got a small opportunity to trade them.

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My Hive trading story

Considering the past experience, when the price of Hive fell below 2300 Satoshi, I thought it was a great buying opportunity and bought a huge chunk of Hive with most of my BTC holdings. This also left me with no BTC holding right now.

But the twist is, the price of Hive did not improve after that. It was still falling and I was waiting like a crane waiting for fish. When the price hit 1700 Satoshi I was so tempted and wanted to purchase again. I increased my holdings by adding some more tokens. Earlier I bought it on Bittrex by selling all my BTC holdings and this time I used all my leftover BTC on Binance and bought some more Hive.

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Source

Now the price has touched almost 1500 Satoshi. I don't understand if this is again a good opportunity to purchase and accumulate some more tokens. I have actually made this mistake of catching the falling knife in share market trading in the past. I have to admit that o have done it multiple times and most of the time I have ended up only in loss. But crypto trading is different right, rather I would say it is even more dangerous than share market trading.

Now I'm a little confused as to purchase some more Hive or not in the current price. In my past experience, the price of Steem fell down from 5$ to the current price that we see. And this is not the first time I'm catching the falling knife as well.

Coming to the BAT tokens

Last time when the price of BAT tokens was 2200 Satoshi, I bought around 100 bat tokens and then sold them when the price hit 3000 Satoshi. For trading, we require lots of luck and patience. For the last successful trade, I believe luck favored me. After I sold it for 3000 Satoshi the price went till 3500 and stayed there for a while and dropped again. Now the price is again back to 2200 Satoshi.

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This time two weeks back when the price hit 2400 Satoshi, I purchased around 500 BAT tokens. I have been holding them for weeks now looking for the price to go up. My target price would be 3000 Satoshi again to sell. In the case of BAT, I would still consider the current price as the best buying price because of the concrete business model they have. If anyone is willing to trade BAT tokens, now is a good opportunity to buy. Not financial advice but just a thought.

I wouldn't consider this as catching the falling knife because in the case of BAT I still see a lot of hope for the price to hit 3000 Satoshi again. So, if I can arrange funds, there is no harm in purchasing a little more BAT.


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I am going to buy some alts next month but for now stacking some BTC, wouldn't do ERC-20's unless i am keeping them on the exchange to dump, gas fees are way to nuts at the moment but yes there are some great bargins on alts if you know where to look

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Yes I didn't even check ETH or ETH related tokens. The main reason is because of the gas fees. When we can trade tokens without transaction fees, I don't feel like paying huge fees for ETH related transactions.

I definitely chose a wrong time to buy my Hive :) I am holding them and patiently waiting for it to go back up.

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Same here as well. Hope we both are not stuck here for a long time. Cheers!

Seems like the Hive market is here to stay low. A miracle of some sorts can save us. Wait and watch at the moment.👍

Yes Hopefully. Waiting for that miracle to happen. 🙂

Beautiful post! I like your profile!

Thanks. cheers! 🙂

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