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RE: Bitcoin (BTC) Morning Update: What Would a Breakout Look Like?
Nah. Just enjoy the ride. There are a lot of money already in and a lot are just waiting to get in. There is no place for the 99% retrace.
Agreed. Worst case scenario is probably retrace to $6K or $4K. We have to wait and see if the 200 DMA holds as strong support, or not. HODL'ers are not "out of the woods," yet. People with a bunch of cash, waiting to get in are hoping it happens - but we all have to just wait and see; respond to the market as it happens, depending on your current position.
Right now, there are a lot of different & conflicting opinions about where BTC price action is headed. Most of that is based on the people doing Technical Analysis. You have to remain aware that the daily news cycle, world events, the action in the stock & bond markets, and a whole lot of other things can & do have a psychological & real impact on the price action. And, right now events are happening quickly: good news one day, bad the next. I think people tend to over-react - especially people who are speculators in the crypto markets. It's what makes this space so volatile.
I am putting my head in the sand, and keep it there until the crypto market is bullish again (I won’t, but maybe I should)
Thanks for the in depth response!
I hope you are right. I don’t really love rollercoasters, but I got in it and will enjoy the ride. It’s just sooooo long!!!!
At least I’m getting my money worth on the ride ;-)
Those corrections are so long and awful, because it is the price you have to pay to get the rewards when the price goes to the Moon. Only true HODLers gets the rewards. Not every person can handle it and that is the reason why it pays so much.
Or at least I hope that it is so, because this is the first BIG correction for me. 😂
Lol. I should have sold more on the way up in December.
That is a good lesson for the next bulls run. 😉