Probably not a good question to put in, as by now almost everyone is aware of what is going on in the market. But since we are humans, we tend to oscillate between this and that, if's and buts. Which is somewhat good. But you always need a voice to reassure you that things are going to only get better and better.
The Chinese Government tightening their grip on trading, exchanges, the Koreans are beeping up the game, the Indians are on toes, the Russian State Bank is not happy at all, the US is taking it to another level after a miserable tax collection last month. I know and you know that all these factors are adding up.
But above all there's one other factor which is missed by many of the Crypto analysts and that is...
Fewer Whales
Bitcoin at it's peak diversified the whole market. Everyone wanted to enter and the existing one's were selling at a premium. Which made the whale soon out of their volumes. Here's a graph that I shared in one of my previous posts.
The whale would never want to shift the "balance of power" to minnows. And then there were hedge funds of course. Whatever happened or is happening was inevitable.
But this is all for a good. All this is just a blessing in disguise. Because every crash that happens in the cryptocurrency market opens many new doors for the 'little guy' to enter the market. It shifts the "balance of power for Bitcoin" back to the minnows.The Bear market will have an everlasting effects in the coming days.
Should you buy?
With the fascinating developments in market interest and unceasing demand for Cryptos, we can out undoubtedly admit that the Crypto revolution is one of the mankind's best achievement since the invention of the internet!
In terms of both banking and the world of money, cryptos has changed absolutely everything and for those who missed the massive Bull run-up last year, this pullback is another GREAT opportunity to make some profits.
Go head to Coinbase and get yourself some BTC, LTC and ETH with USD 10 Bonus using the link provided.
For trading, register with Binance - offering the lowest possible fee’s i.e; 0.05% in the industry.
Is there a support line?
Only the Whales would know. But to be honest, I am not sure if there's anything like a "decided" support line. There's no conference room or a secret channel where all the whales just sit and decide;
okay! this is where we gotta stop.
It's a Blockchain there are no lines. It just happens when the money bags get's entered into the market. And that's totally different for every investor.
For example, when the bear market started I had the opportunity to listen to a Hedge Fund Manager and he mentioned his buying point somewhere in the $9200- $9800 range. My buying point happens to be $5000 (Yes, I believe that's incoming). :p
So, as said before there are no support lines. It's just a term used as a"best guess" for describing when all this shit is going to get stopped. My best guess or say support line is $5000. And I am also of the opinion that we would see a more positive and green trend in the market after 10 FEB. Why do I think so? May be some other time. :)