Depression on crypto market is actually the beginning of a new rally. So argues the most cited YouTube vlogger DataDash (Nicholas Merten). And he expects the fall of Bitcoin to $ 8500. The cryptanalyst now admits that he is ready to become a BTC buyer, since the largest cryptocurrency is “finally” adjusted to the level that he had foreseen.
– Anything below $10,800 is a range where I feel comfortable averaging in, because generally speaking that’s about a 30% correction from the highs. And anything down towards 35% to 40% is something that I see as a great buy opportunity because I know historically that Bitcoin goes through 30% to 40% corrections.
The expert praises just such a correction mode, with flats, because then “we actually have cooldown periods in markets”. In this case, the previous resistance level becomes a good foundation for the rally – “It allows us to build foundations on previous resistance”. Nicholas Merten enthusiastically reveals:
– Even if we go down to around $8,500, which is going to be my big even target that I’m looking at here over the next two to three days, anything around $8,800 we’re making previous resistance support now. And this is good… And right now, what this is basically building in mind, in the sense of market psychology, is that when you can build new support like this, this allows buyers to get confident that we really are building up for the next rally here.
Or maybe you should not be greedy? And besides, do not forget the Golden Rule:
– Do not do what traders say. Do what they do!
(We do not give financial advice!)