New BTC analysis
First of all: Fuck. Didn't see that coming. But hey, almost no one did judging by the comments on Twitter, but it is what it is. Nothing we haven't seen many many times before, so act accordingly, calm your emotions and work with what you have.
I won't try to find a reason why it happened, as far as I know there weren't any major macro economic factors, stocks dropped quite a bit but nothin uncommon, too. It is what it is, need to accept this.
Of course, still way too early to make predictions but this whole move reminds me a lot of what we have seen in may '21 but even there you could vaguely tell that the market might correct soon and in hindsight it's actually obvious, but not this time IMO.
Remember, always lower/higher than you think and going by that rule I don't think we have seen a bottom yet.
I have highlighted where BTC could be dropping to over the next few days/weeks but I do believe that we see some short lived relief bounces across the market sooner or later.
Key levels vor BTC are now 60-62k and 40-42k, so much space inbetween and from my experience you should not try catching moves within this ranges. So this becomes a very tough challenge on discipline and FOMO. I will be taking a step back next days and watch closely. Yes, this dump cost me A LOT but luckily I'm not fully liquidated (it happened to me before many times though).
I must admit I'm a bit ashamed of myself because just 24h ago the market still looked decent with some nice setups here and there and I simply became TOO bullish but I won't blame myself, we've all been there. So, reset everything to zero, clear your mind and make the best out of it.
Stay safe!
I won't try to find a reason why it happened, as far as I know there weren't any major macro economic factors, stocks dropped quite a bit but nothin uncommon, too. It is what it is, need to accept this.
Of course, still way too early to make predictions but this whole move reminds me a lot of what we have seen in may '21 but even there you could vaguely tell that the market might correct soon and in hindsight it's actually obvious, but not this time IMO.
Remember, always lower/higher than you think and going by that rule I don't think we have seen a bottom yet.
I have highlighted where BTC could be dropping to over the next few days/weeks but I do believe that we see some short lived relief bounces across the market sooner or later.
Key levels vor BTC are now 60-62k and 40-42k, so much space inbetween and from my experience you should not try catching moves within this ranges. So this becomes a very tough challenge on discipline and FOMO. I will be taking a step back next days and watch closely. Yes, this dump cost me A LOT but luckily I'm not fully liquidated (it happened to me before many times though).
I must admit I'm a bit ashamed of myself because just 24h ago the market still looked decent with some nice setups here and there and I simply became TOO bullish but I won't blame myself, we've all been there. So, reset everything to zero, clear your mind and make the best out of it.
Stay safe!
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