Investors in Shock, Fundamentals are the key
Most Bitcoin investors are in a state of shock, following the BTC market crash. In times like these, the most important thing that you should remember as an investor is that Fundamentals do not change just because the price is falling. The short time price of BTC does not represent how successful Bitcoin will be in future.
Quite possibly the market is in the “Capitulation” stage when everyone would be panic selling, which ultimately will find a bottom, either at $4000, or $3200, but that does not matter in the long term. It is only a temporary phase that is only helping the market to complete the cycle. After the break of the major support level of $6000, BTC is in a temporary bearish cycle.
As reported by CoinGecko, the entire crypto is n RED area and most of them in “oversold” areas.
A big bounce is eminent, BTC is very oversold
The daily RSI reports 8.5 which is the minimum in Bitcoin history, which specifies a very oversold position. This also means that the next bull run will be better. Bitcoin was very overbought in last December, that led to huge selling since then, and now BTC is a very oversold area, and that could mean the end of the bear market.
$6000 was a big Psychological level for Bitcoin
$6000 was a very important level for most cryptocurrency investors. It seems that investors are panic selling from the moment BTC got below the $6000 BTC/USD level.
John Mcafee tweeted about the same panic sell, calling Bear markets as “winters” which will pass and glorious spring will arrive.
People have panicked. But there’s no fucking need. We’re in a bear market. They suck, yes, and not like a hooker with no teeth. But I’m 73 and have seen this dozens of times in many markets. Bear markets are like Winter. It’s always followed by a glorious Spring. Fucking relax.
— John McAfee (@officialmcafee) November 20, 2018
The best way to pass the crypto winters is to relax and not panic.
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