UseTheBitcoin Market Update | June 13th, 2024

Let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he explains his personal trading approach and observations on the crypto markets.

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The Crypto Market Is Down, Should We Be Worried About It?

The crypto market experienced a significant downturn on Tuesday, June 11th. While a slow recovery is underway, many are left wondering if they should be concerned about the market’s current state. Let’s delve into this topic and assess the situation.

Market Dynamics And Leveraged Trading

If we take a close look at the charts, it seems that big institutions and whales are strategically flushing out the weak hands. The individuals making the most noise and spreading negativity about the crypto market are often those involved in leveraged trading. Leveraged trading can significantly impact their assets, which explains their heightened concern and vocal criticism.

Opportunity For Long Term Investors

For long-term investors, market dips like these are not a cause for panic but rather an opportunity. During these downturns, investors can purchase their favorite cryptocurrencies at lower prices, setting themselves up for potential future gains.

Technical Indicators

When we examine our moving averages, the picture becomes clearer. Currently, the MA20 is above the MA50, the MA50 is above the MA100, and the MA100 is above the MA200. This arrangement indicates that we are still in a bullish trend, despite the recent market fluctuations. While the market may break previous support levels, it tends to bounce back from the next support levels, maintaining overall market health.

Here’s the chart for Bitcoin (BTC):

For Ethereum (ETH):

For Solana (SOL):

And for BNB (BNB):

Final Thoughts

While the recent downturn in the crypto markets might cause some anxiety, long-term investors understand that such fluctuations are part of the journey. These periods of decline can present valuable buying opportunities. It is best to stay informed, remain calm, and maintain a long-term investment perspective.

By focusing on the broader market trends and understanding the underlying dynamics, investors can navigate these turbulent times with confidence. Remember, it is during these market downturns that true opportunities arise.

For more in-depth technical analysis like this one, make sure to subscribe and hit the notification bell on UseTheBitcoin’s YouTube channel. We post daily videos covering the crypto markets, so don’t miss out!

Via: 2Usethebitcoin.com

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