The Bitcoin market has been experiencing ups and downs for a few days, and experts say that a good correction is expected now. Correction means that the price could go a bit lower. So, those who are trading should avoid taking too much risk. Making wrong decisions during such times can lead to losses.
We have seen that Bitcoin rose more than 7% in just a week from $95K to $104K and currently the price is at $103500 which is at resistance level and is testing again and again. As I noted it looks like a strong resistance level and many rejection means bears are strong over here.
Therefore, in such scenario corrections can happen which will take the price down. Bitcoin may correct 3-4% but alts will struggle more.
If you are an investor and already in profit, this could be a good time to take out some profit. The market doesn't always go up, sometimes it needs to go down for stable growth to happen again.
Its the best time to stay away from market for the time being, once the correction is over we will see again the bullish momentum. According to high time frames market is bullish but short corrections will strengthen the market.
When trading or investing, the most important thing is to control your emotions and make decisions carefully. Understanding every move of the market is difficult, so risk management is important.
In simple words, now is the time to be cautious. Not too much greed, not too much fear. Just be wise, so that your profit remains safe.
What do you people think about current price of the Bitcoin? Do you think correction is due in coming days? Will be glad to see your answers in the comment section.
I hope you find this post useful and informative. If you do, please remember to reblog it so that it reaches as many people as possible and that they can benefit the most from it. Also, remember to upvote, which will help me financially and grow my account.
IMAGE TAKEN AND EDITED IN CANVA
Thank You!
Best Wishes.