Ok, so Bitcoin is correcting a lot, wait not Bitcoin, the entire cryptocurrency market is on a huge correction (people are selling an the price is going down). Billions of dollars are gone. Is this good or bad? What to do next? When to buy back in? What about the Altcoins? Good or bad really depends if you have a plan and your level of understanding of how ...
There is also market manipulation, media manipulation and so much more. Our natural behavior as well, panic and other factors. But none of it is a big deal for those that are trading to make money, for us this is just a situation to watch from which we can benefit as well. Look for a re-entry price and how to maximize profits when the correction comes to an end.
So, is this good or bad?
Corrections are good. This type of correction happens after a phenomenal bull run, the Bitcoin -7.35% price reached all time high, the market grew to new levels, it is safe to say we reached a top, now we want to know where is our bottom, we want to know this market more. So we retrace looking for support, until we find one... we are getting close.
The chart above shows my recommended buy-in (re-entry) levels for Bitcoin -7.35% . At the same time, this same levels, if they hold, can be considered the end of the correction and activate a buy wave on all altcoins.
So watch for these levels, this might be where the correction comes to a halt. We have already been going down for a while now, so we just need one last push before we find our support.
What to do next?
If you follow my trades, we are taking the hold approach, but why? Because this is the easiest for beginners, not as in a personal way as you might think, but easiest in the sense of following a strategy where you can be sure to win no matter what happens. Knowing that this is a normal correction, you can act on it by making a plan before hand, buy and sell, trade like a boss. Buy and sell can cause mistakes, we like safe bets, that's why we hold.
When to buy back in?
Follow the chart and use my recommended "buy-in zone" square. If the price breaks this level and goes lower, then you buy-in more.