It is true that a strong correction can push Bitcoin below $90,000 or even a test of $80,000 or $82,000, the question is this, is this the big correction or is this just a small retrace? Should I panic take-profits sell everything now or...
Good afternoon my fellow Cryptocurrency trader, you have great questions and these questions are very relevant if you are trading based on the short-term term. Continue reading, boost and follow for great information. Stay up-to-date.
Resistance has been confirmed and Bitcoin is moving lower now. There is a lower high and the continuation of the bearish move. How far down can it go?
Anything is possible as always. Just as Bitcoin can grow strongly non-stop, it can also correct (move lower) without a pause and produce a full market flush. A flush mean liquidation for all traders that have too much leverage or bought late.
If you bought around $78,800 or $85,000, you are safe. If you bought higher, you need to worry and act fast because market conditions are about to change.
What one does the rest follows?
Bitcoin is just one project and the bigger cycle is king but a strategy is needed for situations like this. A cryptocurrency trading plan needs to be developed before buying. Preparing for all scenarios should be done before. Sell at resistance (now!), buy at support (later).
The market can crash and it will move lower going down fast and strong but the Altcoins remain the same. Conditions on Altcoins all good nothing changes let Bitcoin do a normal retrace, nothing to worry about but those who don't read will get REKT.
So, buy and hold. Continue to accumulate. We are in this long-term.
Yes, Bitcoin will drop but this is nothing more than a retrace.
Panic or no panic, some people will sell everything and that's a mistake.
Always do the math beforehand and avoid future mistakes.
If you have any questions, leave a comment.
It is going down but for how long?
How far down will it go?
The numbers are clearly shown on the chart.
We will continue to buy Altcoins.
Bitcoin—and everything else—is going up!
Namaste.
