Hello traders, I hope your trading has been going well. BTC once again has slowed down its movement after the firing news of FTX, CZ, Elon, and Sun. Things became so dramatic that BTC price surged from 21K all the way to 15k, a -24% drop in 2 days. As we all know that BTC has already broken down below the 17.6k support a week ago and till now it is unable to make a comeback. This is something that has happened before and this could happen again if BTC fails to break above the 17.6k resistance level.
What if this breakdown turns out to be real? What if we see BTC at 11k and below once again?
Would you buy it or would you quit? Do share your thought in the comments.
Many of you must be in a dilemma about whether to buy now or wait for BTC to drop. I am not a financial advisor to advise anything but I can share my personal strategy on the recent drop. I am accumulating every dip possible. I have purchased BTC at 22k, 19.7k, 18.3k, 16.2k, and I will continue to buy more if there's any new bottom. Now, you may assume that I am a man with a big bank balance who is able to buy every single dip. It is nothing like that, all I do is buy BTC in a fraction. You can't jump in with your entire portfolio when BTC drops cause when you buy BTC with what you have and if it dips further down, you won't have anything left to buy more. So, always buy BTC in fractions and if BTC starts to rally and you missed the bottom, then look for breakout and retest levels and enter accordingly. I don't claim this to be an excellent strategy but it works for me.
Throw some ideas if you have any to deal with this recent fall.