Yes, Bitcoin dropped 8%. No, it’s not fun. But it’s not devastating.
It’s always a good idea to zoom out and look at your weekly and monthly time frames and look at where the bulls need to defend the chart to keep the positive momentum in place.
Think about it like this:
We have another week in February. The bears would obviously love to close at $3400 or below, but if we can maintain above the $3415, it would be the first time in six months that we have a month-over-month positive change. This is bullish news, and we very well could see a break in the market for the positive.
You can take gains from the upside. If you’re trading the correct way, you can ignore the FOMO and the FUD and trade without any anxiety. If we close above the $3650, that’s still very positive for the month.
You can find more details in the video below: