There is panic over the current state of the market although the overall picture is still good. But from this stage it can back down and turn bullish. So we have to wait this week to judge the next market movement. But the current range $27k is certainly a good position. Hope fully it will be positive.
So who panicked and why panicked? I think the bitcoin price movement since the beginning of the year has been pretty good and the positive trend has been going on for a long time. although currently the bitcoin price is stuck below $30k and has difficulty breaking through $30k but in my opinion this is not a serious problem because I believe in the near future the bitcoin price will be able to penetrate $30k and continue the positive trend.
it's normal for someone to panic about the price of bitcoin that hasn't improved, because maybe he bought bitcoin when the price was indeed higher and the funds that were going to be turned over had not yet returned. but I also agree that there is no need to panic too much because the criterion of bitcoin is always to repeat what has been done, maybe it's only a loss at a longer time.
for the price of $ 30K already done by bitcoin now it will slowly go to penetrate $ 40K, although slowly but there is no need to worry because next year has entered the era of the halving period.
It is not normal to experience panic especially if your goal in trading is to master the technical analysis skill. If you cannot overcome the fear and panicking the possibility of you losing your whole capital is very high so it is important that panicking is not good and it gives you signal that there is something taht you do not know yet and you can overcome it by being aware to what is wrong. The price of bitcoin recently go up and there are a lot of altcoins that up gains more than 30% in just a one day. It is a signal that the market really transitioned into bull market, today if you will look at the chart; you can see that most of the cryptos are in red because the market is retracing and we should not feel any fear or panic because it is noral because remember that the price do not go into straight line ebcause it also experience exhaustion so it needs break that is why it is current retracing.
I'm looking at $29,000 level, there is a high chance that the price may retest in this area so better to watch out and for me this is the best time to get positions because it is where the buyer resides wherein the demand is too high that may cause the price to bounce and to do some swing high. I also expect consolidation for the following days and weeks so let's see.
When the market is volatile, or we buy at a price higher than the current price, panic is normal, but if it persists, it is not normal anymore. Remember that panic is the cause of our losses.
What is happening in the markets today is a mini uptrend, not a real uptrend, and so I do not see us entering a bull season. History has shown us that the bull season is only 1 year after the halving, which means we will have a bull season in 2025. Unless history does not repeat itself and we will make new history this year, but I doubt that given the current world economic conditions.