What a ride! Being bullish for months has finally paid off. Bitcoin is one step away from posting a new all-time high. A scenario that six months ago would have looked impossible.
Yet, here we are. All resistances smashed with ease. That's exactly how every newbie trader expects the crypto market to be every day. The bad news is that the sun can't be shining every day, and you should always carry an umbrella in case it starts to rain.
If buying spot Bitcoin at these levels after such a parabolic price increase doesn't scare you enough, you should be looking at the Fear & Greed Index, which currently sits at the value of 90, on the high range of the historical record.
Bitcoin's price increased around 80% in just over a month, and that came without a significant retest of previous support areas. As we pointed out, Bitcoin moved on the upside in a very sustainable way since the lows in March. Consolidations followed price increases systematically before the next leg up. At this point, the optimal scenario would be to have a few weeks of sideways movement in a price band of around 10% before breaking on the upside.
But the market can be cruel, and you should be prepared for that as well.
In case of correction, that could continue up to 20% to 30% on the downside. If that happens, don't be scared. Consider it as a last-call for the latecomers.
Yet, here we are. All resistances smashed with ease. That's exactly how every newbie trader expects the crypto market to be every day. The bad news is that the sun can't be shining every day, and you should always carry an umbrella in case it starts to rain.
If buying spot Bitcoin at these levels after such a parabolic price increase doesn't scare you enough, you should be looking at the Fear & Greed Index, which currently sits at the value of 90, on the high range of the historical record.
Bitcoin's price increased around 80% in just over a month, and that came without a significant retest of previous support areas. As we pointed out, Bitcoin moved on the upside in a very sustainable way since the lows in March. Consolidations followed price increases systematically before the next leg up. At this point, the optimal scenario would be to have a few weeks of sideways movement in a price band of around 10% before breaking on the upside.
But the market can be cruel, and you should be prepared for that as well.
In case of correction, that could continue up to 20% to 30% on the downside. If that happens, don't be scared. Consider it as a last-call for the latecomers.
