Why is the Bitcoin correction necessary? - NOT ANALYSIS
This post is here to help you learn more about corrections:
It all started with GameStop (GME), then Elon Musk thought it was a cool thing to manipulate the market just because you sell cars and have too many followers on Twitter. But then the great damage was done by China.
As we talked about this before, the new regulations in China about bitcoin caused a massive drop, but it wasn't a bad thing!
We needed this correction... in fact, we even need MORE!
That's right, the price MUST touch the $19K and then the $13K area if the market wants to play safe.
All trading markets need the touch-back and the consolidation before making better and stronger moves (pumps)
I know too many of you fellow traders might be a "bull" and hate what I'm explaining here, but that doesn't make you right.
We might even see a good pump again any day now (as the indicators are showing us), but it would be great if the market corrects itself to the lower $20K channels.
You see, right after the drop started, the volume on Bitcoin began to come down the bubble people built for it.
Right now Bitcoin is STILL not oversold; Meaning we need more corrections for a stable market. Remember: for a higher high, a complete correction is needed.
Corrections are not bear markets. They typically last for three months whereas market crashes can linger indefinitely. Every bull market needs a correction.
It all started with GameStop (GME), then Elon Musk thought it was a cool thing to manipulate the market just because you sell cars and have too many followers on Twitter. But then the great damage was done by China.
As we talked about this before, the new regulations in China about bitcoin caused a massive drop, but it wasn't a bad thing!
We needed this correction... in fact, we even need MORE!
That's right, the price MUST touch the $19K and then the $13K area if the market wants to play safe.
All trading markets need the touch-back and the consolidation before making better and stronger moves (pumps)
I know too many of you fellow traders might be a "bull" and hate what I'm explaining here, but that doesn't make you right.
We might even see a good pump again any day now (as the indicators are showing us), but it would be great if the market corrects itself to the lower $20K channels.
You see, right after the drop started, the volume on Bitcoin began to come down the bubble people built for it.
Right now Bitcoin is STILL not oversold; Meaning we need more corrections for a stable market. Remember: for a higher high, a complete correction is needed.
Corrections are not bear markets. They typically last for three months whereas market crashes can linger indefinitely. Every bull market needs a correction.
