You should never forget that the real bottom is zero, always keep that in mind. The circumstances surrounding the markets are definitely unique, and trading or investing should be approached with more caution than usual until things get back to normal.
With that being said, this huge historical crash could be seen as a good thing, as it could end up accelerating the whole process. Sometimes it's better to just get it over with instead of suffering a painful and prolonged death. According to the charts, we could be where we wanted to be: the bottom. Anyone can see that, lower triangle side, potentially forming the first higher low on the weekly, and with a weekly RSI near oversold. This is a great place to enter a long position, if not the best.
But couldn't we go lower? Yes, that's a very real possibility, but that's why entering a long should be done as a responsible trader, and not as a gambler. You want to enter a log with low leverage and/or with enough funds in your account in order to keep your liquidation price VERY low, if isn't zero. You want to add to your long incrementally, and placing partial stop-losses as the price moves in your favors. And if price moves against you and your long gets trapped, then it's OK because this is one of the few times when HODLing makes sense because we know that in a week or a couple of months things will get better and we could be adding to our long all the way, which will make our profits more and more juicier.
This is a scary time to buy, because everyone is selling... and that's exactly why the right thing to do is to buy.
Cheers!
With that being said, this huge historical crash could be seen as a good thing, as it could end up accelerating the whole process. Sometimes it's better to just get it over with instead of suffering a painful and prolonged death. According to the charts, we could be where we wanted to be: the bottom. Anyone can see that, lower triangle side, potentially forming the first higher low on the weekly, and with a weekly RSI near oversold. This is a great place to enter a long position, if not the best.
But couldn't we go lower? Yes, that's a very real possibility, but that's why entering a long should be done as a responsible trader, and not as a gambler. You want to enter a log with low leverage and/or with enough funds in your account in order to keep your liquidation price VERY low, if isn't zero. You want to add to your long incrementally, and placing partial stop-losses as the price moves in your favors. And if price moves against you and your long gets trapped, then it's OK because this is one of the few times when HODLing makes sense because we know that in a week or a couple of months things will get better and we could be adding to our long all the way, which will make our profits more and more juicier.
This is a scary time to buy, because everyone is selling... and that's exactly why the right thing to do is to buy.
Cheers!