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BuyTheDip! Next Step Adoption Awaits For the Crypto space?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Nov 26, 2021

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When bears infiltrate into the crypto space and the market sentiments transverse from optimism to defeatism resulting in the panic sell-off of the assets. In such events, traders end up perplexed on whether to buy the asset in the bear phase or whether the bubble burst would ruin their investment?

Moreover, it’s quite tedious to decide if they invest too early, the filled position may quickly give rise to a loss. In contrast, if they look out for heavy corrections, they may be left out of the early part of the bull run. However, social dominance factors and the RSI factory could give a brief idea of favorable risk to reward plot. 

Actually, we have not yet entered the bear market, the space is under a gradual growth with short pullbacks. The crypto space referring the recent sell-off as a thanksgiving dip.

Smart traders constantly watch out for these opportunities and purchase quickly as per the market trends. They do thorough market research, trend check-up and use technical indicators to make use of the dip. 

Moreover, A crypto metric platform Santiment confirms the rise in the buy order sentiments. As per its recent insights, the rate of buying the dip on social media platforms clinched new heights.

This is followed by the Bitcoin price drop to its seven-week low of $54k. Further, the recent drop compelled the traction of a larger user base, as they not enough fear for another bottom.  

On the other hand, the RSI level is hovering above the territory of oversold conditions, hence a little more dip may be on the cards. Bearish trend fecilitates an opportunity to buy an asset at a considerable discount yet it’s not a easy deal, when everyone is selling and sentiments are worse. 

Collectively,  proponents and traders across the space laud to buy more as crypto space undergoes steep fall within a day. The crypto space has seen a slight fall during the initial days of Covid, later it rose like a phoenix.

The adoption was folded to multitimes higher post the pandemic, yet again a sound of new variant threatening the global economy. Yet the short fall of crypto space appears to be for the new beginnings. 

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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