BRUTAL SELL OFF — SteemCN

The Bitcoin price has indeed corrected after nearly tapping an overbought RSI reading. What we want to see now is the price for the weekly candle is not to fail below last week's candle, it will be good if it close above last week's candle. Speaking of Bitcoin monthly chart, it has only been three months since we broke out of that since we broke the year-long downtrend we are in. In that time, we've already broken out and retested that breakout trend line and have put in some serious price gains for Bitcoin and the broader cryptocurrency market. I still think we could have enough fuel in the tank to see Bitcoin go up to 48k.

We have had a pretty brutal sell off, a sell-off was excepted around about 30k. I believe this is very healthy, I don't see any reason to panic. There is always panic and this short-term mindset should only apply to you if you are a short-time trader. A lot of people out there add way too much stress to the market. If the market was a human being, it would be very emotional human. Market psychology is massive, it plays out and you can see that on days like today when you get a drop in Bitcoin by 4% and some of the Altcoin get stopped. You should know that crypto is a leverage game, and what I mean by that is you have a lot of leverage positions.

It is exceptionally bullish and the price sold off this morning after all the weird news. I am ultimately bullish on the crypto space, I think think that the broader trend is up now. I think the bear market and potentially we don't revisit lows for Bitcoin, that is my base case. Generally, things are going in the right direction. I am personally looking for a run down to 28k, I think that is very healthy for the market in my opinion. From the trading point of view, there are always going to be emotions attached to days like this but from an investment point of view, this shouldn't phase you. You got to remember that Bitcoin is gone all the way from 15k since the start of this year to over an hundred percent. That is a big significant move with only one significant pullback. Something you are better to have a big pullback, it provides a great buying opportunity and ultimately gives you a good entry.