Suffering from both Major downtrend and Minor downtrend, the strong accumulation zone around $38750 has been broken. With the new breakout, the whole cryptocurrency market looks like a bloodbath
But nothing goes down forever (as things can not go up permanently), and there will be a good entry point for buyers. As you observe the chart, there is no buying signal, we are still in very very "bearish", at least for 1 or 2 days. We are at the key level where buyers are waiting for any significant signal to create a big rally. Thus, Short-term traders should continue to short but exit as soon as possible, Mid-term traders should consider waiting for a better long entry or a clear signal, Long-term traders (or HODLER) may think about selling at the next rally to exit loss
The situation is complicated for most people because many of you are new traders, new investors who are driven by the hype from the NTFs, Web3, and the fantasy of making fast and easy money. Always remember: no trade makes you rich after one night, therefore, control your greed. You think you are investors or traders, but in fact, you act like gamblers. I was once dreaming of being rich with cryptocurrency and trading, too arrogant to realize that in fact, I am the same as any addicted gambler who always looks at the chart, and let emotion slowly kill me and my funds. As a result, I end up feeling desperate when the crypto market reversed in 2018.
As for newbies, changing a bad habit is hard, but it is evitable. I know it is hard to get rid of the bad feeling since you want to regain what you have lost, but the easiest way to regain is to accept it is what it is, and stay away from the screen. So, what should we do? Who am I without the market? Who do you want to be? There are hundreds of activities to do to recover your motivation and find out the best answer for yourself. After losing a lot of money, I realize how dumb and ignorant I was so I started to learn, to obtain more knowledge. I do not want to be a gambler anymore, I want to become a pro trader (which in fact I am still trying to achieve ). I also started to take care of my physical and mental health by running and meditation. With these new habits, I was capable to survive my most painful and depressing moment.
So, who do you choose to become?
Cheers
But nothing goes down forever (as things can not go up permanently), and there will be a good entry point for buyers. As you observe the chart, there is no buying signal, we are still in very very "bearish", at least for 1 or 2 days. We are at the key level where buyers are waiting for any significant signal to create a big rally. Thus, Short-term traders should continue to short but exit as soon as possible, Mid-term traders should consider waiting for a better long entry or a clear signal, Long-term traders (or HODLER) may think about selling at the next rally to exit loss
The situation is complicated for most people because many of you are new traders, new investors who are driven by the hype from the NTFs, Web3, and the fantasy of making fast and easy money. Always remember: no trade makes you rich after one night, therefore, control your greed. You think you are investors or traders, but in fact, you act like gamblers. I was once dreaming of being rich with cryptocurrency and trading, too arrogant to realize that in fact, I am the same as any addicted gambler who always looks at the chart, and let emotion slowly kill me and my funds. As a result, I end up feeling desperate when the crypto market reversed in 2018.
As for newbies, changing a bad habit is hard, but it is evitable. I know it is hard to get rid of the bad feeling since you want to regain what you have lost, but the easiest way to regain is to accept it is what it is, and stay away from the screen. So, what should we do? Who am I without the market? Who do you want to be? There are hundreds of activities to do to recover your motivation and find out the best answer for yourself. After losing a lot of money, I realize how dumb and ignorant I was so I started to learn, to obtain more knowledge. I do not want to be a gambler anymore, I want to become a pro trader (which in fact I am still trying to achieve ). I also started to take care of my physical and mental health by running and meditation. With these new habits, I was capable to survive my most painful and depressing moment.
So, who do you choose to become?
Cheers