Hi Community,
we are obviously in a massive correction with FUD all over the place.
Me personally I am in the Cryptomarkets for about eight months (intensive working with cryptos) now and I didn't go through a massive correction like this before, I would consider myself as a noob though I made some experience at the stocks for quite some time before entering crypto.
So what are we going to to and why is this Market correcting so hard?
First of all we have seen an amazing run-up and extremely overbought market so what usually has to follow is for sure a big correction which is where we are right now.
With all the FUD (fear uncertainty and doubt) coming from Southkorea(over), Bitcoins scale-ability issues (nothing new) or more recent, India(fake - or at least not what was published on mainstream news), Tether(not clear but expected) which I do not want to dive into because FUNDAMENTALLY NOTHING HAS CHANGED, Markets get fuel to correct even more dramatic.
I am not super chilled seeing the portfolio drop like a falling knife and unlike the "pro-traders" I do suffer from my emotions and FOMO (fear of missing out) but I try as good as I can to not freak out on the actual pricing!
The RSI (relative strength index) on BTC showing an oversold Market right now.
Knowing that we face an expected correction and the market is oversold right now it seems like a "nobrainer"!
Hold on to your positions and if possible accumulate the BIG coins! (no financial advice, just my view of the situation) "Buy when there is blood on the streets".
Keep in mind that it is definitely possible to fall even lower and drop below the next fibonacci-line and even 5.6k or 4.5k (this is crypto) but it is not most likely to do so.
Hope this was valuable for you. Happy investing at awesome discounts! Feel free to comment!
