U.S. Keeps Dumping — Bitcoin Testing 60k (again) — Altcoins Are Bleeding!
Even the weekend seems to follow the recent pattern. The day started okay, with some recovery driven by Asian and European investors. However, similar to the last days, the recovery ended abruptly once the U.S. woke up.
Immediately, Bitcoin was sent down to 60k again. Altcoins suffered even more pain.
Here are a couple of thoughts that might help navigating through the stormy weather:
- Be careful with all "buy the dip!!!" advice. So far, there's no evidence for a reversal/bottom.
- I would be careful when entering new trades, especially margin trades (which are always a bad idea, but right now, it's like stupid). Don't do it — volatility will shake you out.
- If you want to short the market, wait for the 60k level to break. This is still a support that can hold.
- If you're invested in altcoins (or BTC) long-term, don't sell them now. Yes, we can go lower, and we probably will. However, as a longer-term investor, you should not let short-term price action influence your decisions. Just close the chart and come back in a couple of weeks.
👉 Check out my long-term thoughts about Bitcoin: Read here
👉 What about the altseason? Check this article
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