I know I know. The coin you bought is going down and you want to sell them. I understand that feeling but wait a second!
Is it really going down?
Before you get in panic. You have to see if it’s really going down.
You might tell me. “It is going down. You can see the chart!”
See!! It’s going down!!
Do you see it’s set to 1m?
This means those green and red bars are shown 1 minute span.
When you see the bottom of the image, it shows this chart is created data from 6:48 to 8:00.
What if we change it to a larger value.
Now this is set to 30 minutes span. So each bars represent 30 minutes.
It’s from 18:00(6pm) of 1/9 to 6am of 1/11
Do you still think your coin is going down?
This is set to 1 day. So each bars are represent 1 day.
To me it looks like, it’s slowly going up.
So before you judge your coin is going down, you can see it as a larger scale.
It often shows nothing drastic is happening.
Why is it going down?
Yes, it sometimes really goes down. There can be many reasons but there are some indications.
Did it go up really high recently?
If it goes up really high recently, then it has a tendency to go down rapidly.
As you see in this chart, even though it goes down rapidly, you see it’s landing to the much higher value than before it went down. So this is a good thing.
Did something happen to the coin?
Many coins have their projects that they are trying to solve something and some projects are backed by huge corporations.
If your coin is going down, it’s possible something is happening to the project itself or companies backing them.
I recommend to check news often if your coin is supported by large corporations.
Is the entire market going down?
Sometimes the entire market goes down.
It means not just your coin but also other coins are going down.
You can check the entire market cap of crypto currency here.
Will it go back up again? Should I sell?
It’s case by case. There is no definite answer to it but I suggest not to sell it!
If the coin has a solid project and a huge community or huge corporations supporting it, it will most likely go up back again.
I’ve never seen any good project just die.
If you believe in the project, you should just sit back and relax.
I personally stop looking at the chart when it starts going down.
Also, one suggestion I have is to hold your coins at least for 2 month before you sell it.
From my experience, no matter how much the chart jumps around, you never know if it’s going up or down for 2 month.