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The news kills the cryptocurrency industry. Over the past week, coins have crashed because of the regulations that China has been putting on the industry. The price of Bitcoin is all about acceptance and liquidity. People need to be able to use it in a real world scenario. Technical analysis is able to prove that this dip is not completely unexpected. Bitcoin has done nothing but go up and the “crash” that we are experiencing is completely normal. When I go and look on Facebook, I see so many posts that claim that this is the end of Bitcoin. I want to make it clear that this drop is completely normal. In this video, I show exactly what you need to be doing to protect your gains.
The market is currently down about 30% from the all-time high of Bitcoin. Most people forget that 30% drops have happened multiple times in the past. About 3 months ago Bitcoin dropped 30% and then went on to read it’s all-time high. The cryptocurrency market is volatile and investors need to understand that drops are going to occur. As an investor, you need to focus on your strategy and stick too it. If you are a trader, you should be out of the market currently. You should be waiting for the next low point so that you can get some cheap Bitcoin. I would continue to wait because the low support line is about $2800. If you are holding Bitcoin for the long term, turn off your computer and wait. The price will bounce back and you will be happy again in a month or so.