Miles discusses the recent dramatic swings in the crypto market, where many altcoins experienced sharp drops followed by significant recoveries within a 24-hour period. He emphasizes that these volatile times can be challenging for traders and investors, but also present opportunities for those who are prepared.
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Miles advises caution and highlights the importance of risk management. He suggests that investors should give themselves credit for staying in the market during tumultuous times, as many others may have been scared away. He states, "Half the battle in crypto is actually just showing up every day and staying in the market."
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Regarding the current market situation, Miles is cautiously optimistic but warns against blindly buying into the recovery. He shares insights from other market analysts, like Nai and Merp, who suggest that while there are bullish indicators, there's still potential for further downside.
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Miles agrees with the view that the market may need time to heal and that geopolitical tensions could still impact prices.
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For those looking to trade in this environment, Miles recommends creating a "bounce list" of coins that have shown strong recovery. He mentions coins like Ondo, Solana, and some meme coins as examples of assets that bounced back well. He suggests using these lists to identify potential buys during future dips or for long positions if bullish trends continue.
Overall, Miles emphasizes the importance of having a clear strategy, setting invalidation points for trades, and maintaining a balanced portfolio with a decent amount of stablecoins. He advises against overtrading and suggests waiting for clearer market conditions before making aggressive moves.
