The 7-day chart for Bitcoin looks pretty brutal. I think we're all just watching and waiting to see how low it is going to go. Hopefully not too much lower, not that I'm planning to sell any but I think we all enjoy seeing Bitcoin in the 6-digit range. One thing is clear... The market traders have been embracing the Sell Sell Sell lately. I worry we're only going to end this drop with a massive volume shakeout and who knows what sort of cascading liquidations that will bring. It might be the time to hold on for dear life...
The chart is brutal for sure but should we be moved to sell out of panic? NO. Surely, we love to see the price at 6 figures but does it really change anything? because corrections will always push the price below the six digit mark due to the actions of those fearful fucking traders. It's just obvious, these traders are giving institutional investors the privilege of buying more below the 6 digit price point but i like the fact that the price still hovers around $93k regardless.
I think it is better to say that we're hodling till we build a great treasure in bitcoins than to say ''it might be time to hold for dear life'', We can't hodl forever.
The chart has little or no impact on a long-term holder since he's focused on accumulation rather than playing around with fucking timing the charts in order to execute a buy action. A dedicated investor buys regardless of the chart movement and only tends to buy more with the availability of more discretionary income when a dip presents itself like what we saw earlier yesterday when Bitcoin was lower than 93k.
Price correction must not be in a downward direction, price correction moves the price towards the true value of a commodity after FOMO or panic sales has either spiked it too much or reduced the price below it's actual value. In fact the movement of the price of BTC from 93k earlier this morning up to 98k is still price correction in an upward direction. Those who bought the recent dip are lucky. Maybe we wouldn't see it again for the main time. Nevertheless, continuous accumulation regardless of the price movement is very instrumental to our accumulation journey and makes us dedicated and committed investors.