Weekend is here and crypto market is on red mode, i am sure that you know what means by it. Whole crypto market is down as of now , Bitcoin seems to be having a support at $60k but i have inside feelings that this support would not hold long and Bitcoin will drop below it finding a new support which could be $57k.
On Friday evening, Bitcoin price decreased to $60050 with a decrease of around 2% which turned the whole cryptocurrency market into red sea. According to data from Binance it has come to know that 72% traders are bullish longing bitcoin while 28% are bearish shorting it.
Ethereum which is the second largest crypto by marketcap is also decreased 2%. Its price is decreased from $3476 to $3365. It is trading at $3390 right now. This can drop further if the market doesnt get stable which all depends upon the King Bitcoin. We know that everything is connected to Bitcoin.
If you dont know let me tell you that Bitcoin lost support at $60k few days back and hit lowest of $58350 then it rebounds to $63k.
This time if it lose support at $60k then it can go further lower and recovery may take longer than before.
Either way its good, no matter of worry for holders if Bitcoin goes up or down because they know how to make most of it. If Bitcoin goes up then its good for holders as the bags grow in term of dollars on the other hand if Bitcoin goes down they buy because they know the dips are temporary.
Also those diamond hands will never sell Bitcoin at current price who did hold it when it was at $20k because they knew the importance and value of Bitcoin. Bitcoin will be the number one asset one day. This will take time but definitely the day will come.
I am also agree with many other that taking profits along the way is good strategy but complete exit would really make you feels disappointed at one point in the future. Selling something for peanuts when you can gain big is really stupid thing to do.
Some of us are looking for the short term gains while others are looking at the big picture. Short term profit seekers may have come true their wishes but that will not make much difference while long term holders will get the fruit of patience.
Crypto adoption is happening fast which is good for the early adopters. If you are reading this then congrats you are also an early adopter because right now we have a very little population into crypto so keeping this in mind we are still very early.
Being an eraly adopter what we will hold will give us advantage as compared to those who jump later into crypto. For example those people who joins before us and hold Bitcoin from beginning are now in huge advantage.
The world will eventually embrace that Crypto is the future of finance.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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