Hey Friends :)
Bitcoin -1.96% is down in 7,500 USD while I'm writing this (-8 % last 24 h). Altcoins are also bleeding and are in average -15 % down. The Global Crypto Market Cap is 330 BL USD. Obviously horrible 24 hours for crypto.
People ask me what to do in a situation like this. Bitcoin -1.96% is in red our alts too? Do we sell everything or what?
First of all: What we have witnessed today has surprised most of us. Not the fact that we dropped to 7,500 USD - but the way we did it. We just fell hard. Not even a decent up wave. RSI on 4h was 18, which is the lowest we have had in a year. It means completely oversold - People panicked!
If you have all the time in the world and is super skilled is obviously optimal to trade every swing. That is optimal - But also very time consuming. Its very hard for me to advice you what to do, since I don't what coins you are in, and what strategy you have. OR if you even have a strategy or use money management.
But when it comes to Bitcoin -1.96% at this moment, let me be straight honest to you, its very hard to determine the bottom at this moment after that hard drop. The best advice is right now I can give you is to be aware of all the support zones which is all even numbers and the 500 intervals:
7,500 USD
7,000 USD
6,500 USD
6,000 USD
4,8xx USD
Just to be clear - I'm not saying that we will go that low. We can see a reversal and a new beginning up trend already now. Whales have already liquidated a lot of longs, and most people are terrified, so this is possible we will go up from now.
Don't let you scare by people who are panicking and start to call 3,000 USD now :) Easy.. The market is definitely shaken at the moment. We just fell through like we had no support. Only happens in Crypto because its such a new market. When we go into a bull market again, it will also be like that just the other way around. We will recover again - don't worry. That is part of the game.
D4 Loves You <3
Good luck to all of us - Please leave a like, my friends :)
May 24
Comment: Pleeease! Bulls scared to death. Completely oversold - RSI 18. No bullish volume. No, no, no!
I cannot see us go up before 7,000 USD at this very moment. Sorry to bring bad news - only thing, that can safe us from taking this detour are whales helping us up!
Not even 7,200 USD looks good anymore.
May 24
Comment: I'm in the airport now btw. So I can probably not keep you updated - the last 6 hours. Im gonna knock my self out with an Alprazolam and hope I weak up when Bitcoin is in 10,000 USD.
Take care, friends :)
May 24
Comment: Edit: The next 6 hours.
23 hours ago
Comment: D4rkEnergY is back!! Unfortunately the Xanax was not enough put me in deep enough sleep and wake up in a bull market.
But that was also what I predicted :( We are around 7,340 now where we have weak support from my tunnel as you can see and the uptrend line - the next support is 7,200 USD, which is equal to 78,6 % Fibonacci Retracement - as I said earlier it is probably not enough, and as I see it right now, we have to go below 7,000 USD now.
Expect a decent uptrend attempt around 7k-6,830 USD.
D4 <3 And GL to all of us :)
20 hours ago
Comment: So we got a decent bounce just above 7,200 USD. The question is it enough, and do we have enough buyers to follow up on this.
We have regular bullish divergence, but have seen many times the last days, that the bears don't care about that.
I'll follow up on this later :)
Feel free to give a upvote