Why Every Support Breaks In the Crypto Market Till Now
Everyone is super happy when the price goes up. It was thought that the BTC price would hit 100K. There were crazy predictions and positive news in the market. But what we saw in the crypto market was unexpected.
From analysis, we can make an educated guess of what would happen. But the truth is, no one can guarantee that something is going to happen at a specific time.
BTC price started falling. We hoped it would bounce back at some point. We were looking for support. Probably, from that support level, the BTC price would bounce back. It did not happen.
It was assumed that BTC would bounce back from 30K. There was strong support at that level. It broke. The crypto market teaches us a lot of things. I'm learning. When we look at the market, it is very important to see what's going on and where it is right now. Is the market on an uptrend, sideway, or downtrend?
The crypto market is on a downtrend. When there is a downtrend in the market, every support will break. On the flip side, when there is an uptrend in the market, we see the price falls and moves near the support, it bounces back from that level.
If you do trading, you can take your entry from the support in an uptrend market. On the other hand, you should look for resistance in a downtrend market. If you want to trade at this time, you can short at the resistance level.
I think futures trading is very risky. Putting a stop loss is a must when you do trading. Otherwise, even if you make some profit doing trading, you will give it back all to the market.
So the market moves in a trend. If you don't consider that, you will make the wrong decision. As a result, you will end up losing a lot of money. What do you think? Please feel free to leave your comments!
Thank you for reading this post. That's it for now. I'll be back with another post.
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When there is fear in the market every support will break indeed.
However, if the sellers are done selling, then things can rapidly turn around
Big guys like Elon Musk started buying Bitcoin when it was all-time high and the crypto market went up again, eventually making new ATH. But in a downtrend market, Elon Musk sold BTC. It's normal to break support in a bear market.
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True, it takes a lot of courage to move against the market fear and greed cycles
I think the crypto market tends to be following the stock markets. So that is why everything kind of went down today.
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Yes, we see the correlation between the stock market and the crypto market.
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Yo Rez. 15k might be a possibility but there should be a string bounce if it gets there. Otherwise testing 20k and looking strong there would be a good sign huh. Crazy times, and true, we cant say for sure.
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BTC still holds its position at 21k. The real estate industry in China gives an alarming signal. Let's see how BTC moves after all.
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