For a long time HODL has been considered the best practice in crypto, but can we make the same claim for that even today?

Overview



Before a couple of days, we had acquired 100USD worth of BNX, sure it was a gamble from the start, with token scam accusations, a downtrend, and a recent split. But, we took a risk - Because you had to take a risk, son. Soon, BTC had a significant drop on the 22K level and drag everything down, including BNX. If we were practitioners of HODL we would be in minus 13USD (13%) on  March 03. It may not sound like a lot, but it would be if our investment were more than 100K.




We have been lucky



But, lucky we used day trading, we never hold the asset overnight, instead, we would sell them in the evening and rebuy them in the morning and so we ended up with a profit of 21 USD with BNX. Sure it required us to constantly have alerts ON and check does support is weakening, so it is more time-consuming than holding the asset.


Using MACD, CRSI, and Divergence we had most of our luck trading short-term on the 3-minute chart. Every time since BTC dropped under 40K when I would buy assets and HODL them it would go down around 30% in a matter of few weeks and would stay there, have a short up trend, and then sink even more.




Too many lame door salesmen



When you go on Youtube you can find a lot of channels with 100X rocket gurus, or gurus who just promote their own coin by asking you will their coin go up 10x. And all that cheap salesmanship. Disgusting.


But, if we look at the charts of almost any crypto token they are almost all overbought in some measure, so I do not believe HODL is the best technique anymore. In this market perhaps the best way to make some money is to wait for drops and wait, searching for the coin that seems like it could have a reversal and go up really fast.




Conclusions



From my own experience, I would avoid HODL. You can buy some coins and keep them for 5 years, there is a chance that the market will go up 10x, but if you want to see your money in a time frame of like 3 months it does not seem probable. Even if we all hope that BTC will be 60K in 3 months again and have some long-term assets.


I would suggest learning about candle stick patterns and indicators before making any real trades. In fact, I do not recommend anyone without experience to trade at this moment, anyone can be a genius in a bullish market, but for now, things are still very bearish. Still, I will make an update on the BNX account in 28 days, just to conclude what our profits would be with HODL and day trade.