Today we had a major bloodbath in the crypto space. But it might have been a great day, if we start putting two and two together!
Someone might think I'm not in the right mind to call this bloodbath a great day. BTC close to 30% dive, ETH losing more than 40% and everything else about the same or more.
Well, think of it this way: this might be confirmation (to me at least), bull run is still here and we are up for a V-shape recovery. Although technically we can only say that tomorrow, if it's a big green candle.
What I like is that the price dove abruptly to reach and briefly breach practically the only real TA support at 32K, then started to recover.
Dragging it on the way down would have made more and more think this is the bear market and then maybe the trend would have become irreversible for the medium term.
I might be jumping the gun here, since I'm not waiting for tomorrow's confirmation, but to me and with the data I know now, this could be a great turn of events.
Obviously I didn't know it would crash to 32k (29k actually at the lowest). If I did, I would have exchanged volatile crypto to stable and switch back now.
At first I thought the 48k support will hold, then the 44k, then 40k where MA 200 is. I bought some BTC at around 42k too. I also dollar cost averaged ETH on the way down with very small amounts. And sold some BNB in profit earlier today to buy it lower, close to today's minimum (hopefully, lol).
Overall I'm relatively pleased by how I handled this dip. Although it could have been a little better, but nothing seems to work as it should today. Not the bank's online payment processor, not crypto wallets - major delays probably due to blockchain congestion.