Quote from: mikeywith on May 19, 2019, 01:44:16 AM

Quote from: jakelyson on May 18, 2019, 11:36:48 PM

The correction is rather low considering how the price pumped in the past few weeks. This is expected and is just normal price movement for bitcoin. The support is strong in 7000 so I am also encouraged to buy more at this level.

There is a whole different way of looking at last rally, it could simply be a major correction for the massive drop, BTC entered a bear market and lasted for about a year and half, it lost about 85% of it's value from ATH, recovering 30% from the 85% drop can very likely be a major correction of the overall bear market, or of cource it could be the beginning of the rally, you can't ignore either one.

OP ,one should always look at every possibility out there, you said "I tried to refresh my wallet" which indicates you are not a day trader, so you should look at the market from a different perspective, as hodler you should always buy every dip and wait to sell for a price that is higher than the last known ATH , while for a trader it makes sense to sell even at 4k for to re-buy at 3.8k for an instance.

I sold at 5.6-6k aread and got stopped on all of my short positions, entered long after that and took profit at 6.8k , bought again at 7k and sold at 7.5k , bought again at 7.6.k and sold for a loss at 7.4k.

Moral of story, if you are a day trader , you should ALWAYS take profits, big or small, does not matter, and you should always exit with a loss if the market goes against your prediction, if however you don't day trade, then simply stop watching the charts/your wallet and come back after 2-3 years.

''can very likely be a major correction of the overall bear market'' Overall bear market by what standards? Overall it's a bull market and it has always been, Bitcoin has been bullish since the beginning and the 1 year chart has always shown this, so no, it's not a ''correction''. You don't switch from downtrends on all timeframes to uptrends in all but the monthly chart and it's getting there as well.