Market volatility in August
In early August, $BTC plummeted from 70k to 48k before rebounding strongly to 65k. The volatility exceeded many expectations. Although I tried to go short on the way down, the price rebounded and hit my stop loss, and I managed to save my capital. In the third attempt, I chose to go short at 61,800. Although the market briefly rebounded to 65k, considering that this was the golden section of this correction (FIB 0.618~0.66), I insisted on holding the position, and the price eventually fell back to 52,550. I set a profit-taking point of 53,000 in advance and successfully achieved my goal and took profit perfectly.
Dip-hunting strategy: Opportunities in altcoins
While many are predicting further losses in September, I see an opportunity to enter. Looking back at historical data, even though the market usually falls in September, it has already fallen by about 10% at this stage. In fact, compared to other people who continue to be bearish on September, I actually think that the fall is in place at this time. I don’t I need to hope that it will fall further, and the panic in the market and the satisfaction of the decline provide me with a clear entry signal. Rather than engage in high-risk contract trading, I chose to buy spot prices at low prices and hold them patiently. My strategy is clear: use the power of time, avoid frequent transactions, and believe in the operation of the economic cycle.
Dip hunting list (2024.09.08)
Oracle Track: $API3 Buying Price: 1.293
Oracle track: $Pyth Buying price: 0.2565
Full chain track: $Zeta purchase price: 0.4477
GameFi Track: $RON Buying Price: 1.448
GameFi Track: $Portal Buying Price: 0.248
Among them, $RON and $Portal are my long-term favorites, and even after experiencing a sharp decline, I still think they are ideal bargain hunting opportunities. Take $Portal as an example. I bought it at a high of 2.2, but now the price has dropped to 0.2. I am still optimistic about its long-term value.
Operational reflection
Looking back on this year's operations, I have held Layer 2 projects such as $Arb and $Op. However, considering that $Arb was facing large unlocking pressure, I decisively cleared my position near 2U to avoid subsequent declines. But on the other hand, the trend of $Portal put me in a dilemma, and it fell from the initial optimism to 1/10. However, for altcoins, when the price drops back to 1/10 of the opening price, I think it is a good time to buy spot. Looking back at the past time when $ID fell to 0.25, I opened 3x leverage, but unfortunately my position was liquidated when the price fell to 0.15, and I missed the subsequent rebound. Therefore, this time I chose a solid spot investment strategy.
2024.09.12 Position status
$ENS ENS(40%): domain name track
$iotx IOTX(18%): Depin track
$RON(15%): GameFi track
$PORTAL(10%): GameFi, cross-chain track
$API3(3%): Oracle track
$Pyth(3%): Oracle track
$Zeta(3%): full chain track
$MNT(3%): As a Bybit user, I hold it to participate in Launchpool
$BNB(2%): As a Binance user, hold it to participate in Launchpool
$1cat(2%): GameFi, Layer2, meme track
$AINN(1%): BRC-20 track
in conclusion
If you believe in the bull market in the future, wait patiently for the market to pick up and prepare for the next wave of gains.
#BTC#ETH#ENT#Portal#IOTX#RON#Zeta#API3#PYTH
