Please remember none of this is financial advice, the moves I make in the market are very risky and could resolve to the upside or downside. This is a quick writing on how I played the market last night, and a few possible approaches in the coming weeks.
Last night after analyzing the market I decided it was time to sell the news on Polkadot, my ideal strategy for the past few weeks. Since the parachain auctions are slotted to go live November 15th, I felt that DOT was priced in and only going to remain close to 45$ or drop in price. Looking at the over leveraged longs in the market, the total open interest, and the pumping dog meme coins I had a feeling that the market was overheated. I am not a professional trader, I instead focus on the on chain metrics and news based trading. I also sold some more Convex, PDEX, and some swing trades on Binance Smart Chain. I want to take a moment to explain that my thesis on these projects has NOT changed, these are great long-term picks in my eyes. The way I like to trade is part HODL and part swing trading narratives, it is risky, but pays off if you can find the next popular ecosystem ahead of time.
With the above noted, there are two main ways to play this market. Have cash on the side for dips like this, we could see a 55k BTC or 58k could be the only dip we see. I chose to practice what I preach and free up some capital for this impending correction. This morning I moved some funds over to AVAX, and I am now farming JOE-AVAX for a double APY of 98% and 19%. I have my eyes focused on the AVAX and Harmony ecosystems and the lower cap tokens below. I will be dollar-cost-averaging more JOE this week, and also looking at viperswap on Harmony
The second way to play this is what I recommend for newcomers, and those who do not want to spend hours per day analyzing the market. Holding long term is far less risky. Keep dollar-cost-averaging your favorite plays and HODL. The long-term investors will most likely make the best gains over the next 5-10 years. Large profile tokens that offer staking are important. Please check out our articles regarding these, and again I am bullish on every token mentioned in this update, they are great long term plays!
