The market is bleeding, what's next ❗️⁉️
Well, there is a huge panic selling in the market, the same thing we all witnessed last year as well. But that was the start and now we are in a correction and retracing badly after a huge year.
Many of you got rich, made millions but didn't book profits? Well, that's pretty disturbing to see the portfolio in big red, no?
Well, the situation I see right now is very edgy and very dangerous, more than 150% retracement is something unimaginable for everyone here. But it happens in stocks markets/ crypto markets where nothing is holding in the back. Everything is in the hands of big whales/communities, they make or break the market.
Having a good experience in crypto/stocks markets we can say that this bearish market will take longer than expected, not like the last year where everything jumped crazily.
What to do with your holdings when they're in big red?
Well, as far as our trades are above the stop loss levels we are good to go because of the strong support levels, we always use the stop loss no matter what. Losing 5-10% is okay instead of 50-100%!
Anyways, trading in a highly volatile market is a bad and poor choice of many. We don't trade in these conditions, and it's better to stay away and only scalping at Bitmex is best at this moment. We are already making good profits with that.
Bitcoin serious note: predicted this drop a few days ago around 6500-6600 levels, that was a good point to short/ convert in USD.
Now we're holding the next support 6000 which is a strong support but in the market when there is panic selling we don't think support and resistances work.
There are different prices at different exchanges. Taking the Finance price it's still respecting the 6250 support and can jump from that point.
Next resistances if we jump suddenly (6500-6600) if we break these levels and close the daily candle above 6600 we can expect it to go 7200 in the next few days.
If we break the 6250 and 6000 then we will see 5500-4800 in upcoming days/weeks.
Best of luck 🍻