๐ง I believe the best strategy is to keep USDT In Cash Form on your account or throw them in #flexibleearnings for now.
$BTC price alert; we all know it's BTC that influences the market so it's crucial to analyse it before making a decision of buying either #ShortSelling or going #LONG
โ Currently BTC is Still Searching for Solid Ground!
โ It's clear that Bitcoin is still in a "dipping" phase, struggling to find a strong support level. This technical weakness suggests we could see further downside before a significant rebound.
โ Looking at the Exponential Moving Averages (EMAs), which often act as dynamic support and resistance:
* The price is currently trading below the shorter-term EMAs (like EMA 7, 25, 50 in the chart), indicating bearish momentum
โ Based on the common EMA lengths for identifying significant support, we should be monitoring the areas around 97k, 93k, 85k, and potentially even 72k. These levels correspond to the EMA 25, 50, 100, and 200 respectively. A bounce off any of these could signal a temporary reversal, but a sustained break below would confirm further downward pressure.
โ What Does This Mean For Traders?
โ This current "dipping" action means the market is experiencing a notable decline, often due to profit-taking after previous surges or broader market sentiment shifts. While some might consider "selling short" in such conditions, it's crucial to remember that crypto is Highly Volatile, and predicting the exact bottom is nearly impossible.
โNote;Only invest money you are prepared to lose. The crypto market is not a get-rich-quick scheme. For those who jump in seeking immediate returns, you might end up providing liquidity for others. Always DYOR (Do Your Own Research) and exercise extreme caution.
๐ฆwhat do you think?
