Welcome back,
The crypto market has started to recover, and the sentiments are about to change in no time. While you might still be seeing a lot of people talking about the bear cycle everywhere, soon you will start hearing people saying that Bitcoin is going to create a new all time high again, and so on. That is how this market works, and if you understand this pattern, you will be among those who can actually make profit in the market.
Now, let us talk about what we have to do right now.
Currently, as I have shared in my recent blogs, we have to keep an eye on the support for Bitcoin at $106K. As that level is successfully confirmed and we are trading above it, I think we are safe and good to go.
The recovery is no doubt a good sign, and even I am liking the current market situation. But I think there is no way you should participate in future trading right now because you never know what is going to happen in the coming days, especially when tensions are high between America and China. The situation still seems to be midway without a strong solution.
We never know when Mr. Trump decides to implement tariffs on China or vice versa. So, it’s good to stay away from the market right now, especially away from future trading.
The fundamentals and technicals are actually not working when the people in power are able to manipulate the entire financial market. We can't trust our technical analysis even if we are too cool at them, there is a nice chance of losing our money here so maybe look at these people and their statements as well so you take decisions properly.
If you are thinking about investing in any cryptos, then I am just going to say don’t do it right now because you had the chance to invest at 15% to 20% lower just a day ago, but you were scared. So when you couldn’t participate when the market was unclear, then buying in panic is not a solution.
If you are aiming for long-term profits, then surely you can still go and buy, but for short term profits, I think this is not the time to buy anything. That’s what I am going to practice, and that’s why I shared it.
What are your thoughts on the current market situation? Do share with me.
Thank you and happy trading everyone!