I'm pretty sure most of people were panic due to earlier BTC price drop, breaking below $8000. But, if you're a trader, this price drop solely means there's going to be a trading entry point soon. Current price level contains low risk compared to it's potential loss, which means we can utilize 2 different types of strategies.
Did you know? if price goes down, then actual risk pertaining to trade is also lowered as potential loss cut % decreases.
1. Buy at the lowest price when it's oversold
- This strategy is focused on profit-loss ratio.
2. Wait and buy when its velocity confirmed trend is changed.
- This strategy is focused on required probability to make profit.
= > And this trade is for profit-loss ratio focused. Profit-loss ratio : 1.82
Required possibility to make profit : 35.46%
After all, only Traders who have right strategies that penetrate markets will survive, not people trading with luck or without criteria.