Bitcoin Market Update: Caution Advised Amid Gradual Decline
The current Bitcoin market presents a concerning outlook, with a growing sense of instability. While sudden price spikes might initially seem alarming, what is truly worrisome is the ongoing, steady decline. The hourly chart has already broken down, signaling potential further weakness. If the second wave on the four-hour chart does not show any signs of recovery, it might be wise to reduce altcoin positions by half as a risk management strategy.
For those holding the remaining positions, consider setting a target around $97,400. If the price falls below this level, it’s advisable to exit the entire position. There’s also a possibility of a temporary price spike that could create a false breakdown to bait short-sellers. My personal inclination is that Bitcoin may attempt a false breakout, luring in longs before potentially seeing a sharp decline.
The current market sentiment is heavily skewed towards bearishness, and if this gradual decline continues, retail investors are likely to panic and exit. Setting stop-loss orders to protect your positions and locking in profits on any green positions seems like a prudent approach for now. Let time reveal the market's true direction.
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