Bitcoin Has Been Drawing Red Candles for 6 Weeks. Where is the Bottom?

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(Edited)

Bitcoin has been in the bearish zone for 6 weeks and the losses are increasing day by day. It is trading very close to the lowest levels of the last year. Bitcoin had a sharper decline in May last year, but then managed to recover. Bitcoin price may be at the bottom right now.

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Bitcoin fell from $ 59,200 to $ 31,000 in 2 weeks in May last year. It fell as low as $28,805 in the following weeks but then managed to recover and hit ATH in October. It's like Bitcoin is repeating last year. When we look at the weekly chart, it is seen that it repeats the previous year.

Bitcoin is currently trading at $ 30,432. There is a big support at $ 30,000, which seems difficult to break, but if it does, it can drop to $ 28,800. Bears will want to break this support, but buyers may not allow it. If buyers do not maintain this support, there may be more crash in the markets.I think this support will not be easily lost. If the support around $30,000 is maintained, Bitcoin could recover faster and rise faster than last year.

What happens if support breaks and markets continue to crash?

The next major support appears at $28,800. But if this support is lost as sales increase, Bitcoin can fall to $22,000. There is a lot of fear and worry in the markets right now, which makes it difficult for Bitcoin to recover. But as Bitcoin approaches $30,000, it seems that buyers are increasing, which prevents further declines.

In the bear market, I prefer to stay calm and watch the developments. Honestly, I'm not afraid and I'm not worried, I'm just watching what's going on. Bitcoin fell many times, made harder drops, and then managed to reach higher by getting back what it lost. Right now, I know that wherever Bitcoin price goes, it will come back. Maybe a month later, maybe 6 months, maybe a year later, maybe more, but I believe that it will definitely come back.

So I have no worries or fears. That's why I'm very happy to be a long-term investor. I've already stopped short-term investing. If I were a short-term investor, I think I would be very upset right now.

It seems to me that it is very close to the bottom prices now, so I can start increasing my holdings. Not only Bitcoin, I think #HIVE, #LEO are also very close to the lowest prices of recent times. I have long wanted to increase my HIVE and LEO assets and now I have this opportunity. I don't know if they'll drop any more, but a few months ago I wouldn't have dreamed of being able to buy them at these prices.

I don't know how far the price of Bitcoin, HIVE, LEO will go down, but I believe that no matter what price I buy now, I can make a profit in the future. I can make more profit if I can buy them at lower prices. But where is the bottom? This is very difficult to know. Does anyone knows?

Finally, I would like to point out that I think the declines will not last long. I believe that the markets, especially Bitcoin, will recover very quickly soon. Bitcoin's rise could be faster than last year.

This is not financial advice. When I look at the past years, those who remained calm in such collapses always profited. That's why it's best for me to stay calm and seize opportunities for now.

How do you behave in times of market crashes?

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3 comments
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Stick to my plan. I haven't bought in and I don't plan to until my plan tells me to. It's better than relying on emotions as prices swing both ways.

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