It's crucial to avoid the trap of "Fear of Missing Out" (FOMO) when trading Bitcoin, especially in volatile market conditions. Jumping into a trade without a clear strategy can lead to losses if the market suddenly shifts. Instead, practice patience and wait for confirmation before making a move. Right now, Iām taking a cautious approach by shorting Bitcoin in the current price zone. This allows me to benefit if prices dip in the short term without overcommitting too early. Keep in mind that waiting for the right entry point is often a smarter move than diving in due to FOMO, as impulsive actions tend to carry higher risks.
Trading Strategy: Entry Point and Risk Management
My trading plan involves buying around the $71,500 - $71,000 range, waiting for a potential price retest to confirm stability in that zone. This targeted entry strategy aims to reduce exposure to unnecessary risks and capitalize on favorable price action if the market aligns with expectations. An essential part of this plan is to set a stop-loss order to limit potential losses if the trade doesnāt go as anticipated. Additionally, in high-volatility situations, itās wise to adjust risk levels accordingly, such as by reducing the trade size. By combining patience, well-defined entry points, and risk management, this strategy minimizes the emotional impacts of FOMO and promotes a more disciplined approach to Bitcoin trading.
Kamala Harris has made her first public comments on crypto, causing a stir in the crypto community. This comes as markets heat up and Donald Trump has been openly courting crypto supporters. Harrisā potential approach might be friendlier than Bidenās cautious stance, especially with her adviser Brian Nelson hinting in August at possible support for crypto-friendly policies, while emphasizing the need for regulation after past industry crashes.
Trumpās Pro-Crypto Play
Donald Trump has gone all-in on crypto, becoming the keynote speaker at a Bitcoin conference and promising to replace SEC Chair Gary Gensler, a move welcomed by those frustrated with tight regulations. His Bitcoin burger-buying moment in New York City showcased his commitment to the space.
2024 Election and Cryptoās Future
With the 2024 election heating up, both candidates recognize cryptoās growing influence. Trump is pushing full support for crypto, while Harris is approaching more cautiously. As their positions evolve, political developments could act as major catalysts for the marketās next big moves.
Crypto markets saw over $1 billion liquidated in 24 hours, with $187 million lost in positions, highlighting the sector's volatility.
Key points:
$187M liquidations in 24 hours, largest at $43.7M (BTC/USD)
Top exchanges affected: Binance ($73.4M), Bybit ($41.2M), Huobi ($23.1M)
Major declines: Bitcoin down 4.5%, Ethereum down 5.2%
Reasons for the drop include high volatility, over-leveraged positions, and technical indicators signaling a downturn. Experts recommend managing risk, watching trends, and avoiding over-leverage.