Last night and today the whole Bitcoin and Altcoin market suffered a severe price drop.
- What should a crypto trader do in this type of situation?
People tend to panic sell their coins if prices drop. Please be careful of this, market manipulators want you to do this so they can buy your coins cheaply after the price drop. Keep your coins and don’t sell them and give the market 3-5 days to settle, and the prices will slowly return to resistance levels.
If you are an opportunistic trader this is a very good entry point for any coin in the redzone!
Here is some pointers on how to see a Bullish (buy) or Bearish (sell) market. Because margin trading is so volatile in Cryptocurrency, we only look at Bullish indicators and Bearish trends to sell and take profit.
2. Why does this happen?
There are no definite answers to this question but our best guess is:
Big traders taking profits,
Just plain price correction,
Big miners selling large volumes of coins, or
Hacks and Ddos attacks.
Bitmart: Please use caution when trading! A lot of market variables can affect the price, Ddos attacks, Bitcoin rising and market manipulators.