Welcome back everyone,
The crypto market is currently witnessing a really crucial phase because it has broken one of its most important supports, and now it is trading below $106K, which in my opinion is the last support to count on. If Bitcoin fails to float above this support, or in other words, if it fails to reclaim this level, then the consequences are going to be even worse.
We can even go down till $92K to hunt that long side liquidity, and I really hope that does not happen because if it does, then all are going to bleed further. Currently, altcoins are already down by around 15% compared to where they were trading yesterday, and this is on top of the recent crash that took place on October 10.
So, what should you do right now?
In my personal opinion, the market is giving quite a stress to traders, especially new traders, because they don’t have much experience. They are simply watching YouTube videos or following tweets on Twitter and buying stuff blindly.
You don’t have to go on that path. Rather, just participate in spot trading and hold long term, so that you don’t end up getting liquidated or facing huge losses.
For now, I am going to wait and not react to the situation. I hope that the reclaim happens tomorrow, and only then will I decide what to do. I still believe that the market is going to show us a nice bump soon.
I am not saying that we are going to get 5x or 10x returns on alts, or 2x to 3x on Ethereum. But yes, I do believe that Ethereum should go above $5K to $6K, and Bitcoin must cross its recently created all time high, while alts too should rise by 150% to 200%.
One more thing before I end this blog, you should make sure that you don’t panic in this situation because there are two situations in which people panic. The first one is when the market falls extremely, and the second is when it pumps extremely. In both of these situations, you should stay calm because that is what helps you learn about the market and make good profit.
So, just look at the market, stay away from future trading, and keep patience. That’s all for this blog.
Thank you everyone and happy trading!