Buy the Dip?

First what is a "DIP"? A drop in price. Currently there is 5 days of correction in the major crypto markets. Only 5 days! But people are comparing it from the January low to ATH and the currently the retracement is 50% Fib move. So just based on that the lows have been bought and current price is around $47,000 for BTC.

Stochastic is a good indicator to trigger the entry on a strong uptrend, but it is not quite oversold yet, but it is very close to being oversold. A perfect entry would be at near 50 EMA, if there is reversal there. I am not looking for a entry in BTC personally, but since most crypto move in tandom, I am looking for an entry in BNB.

I published a variation of this a few days back. I have pancakes staked at Binance Smart Chain. That investment generate CAKE every day. I normally combine them for several weeks and then stake them again. In order to do that I always need BNB. In reality that is one of the major bull case for BNB. Now there is a spike low at 185. I am not looking for that, but I am looking for an entry in the 140 area. I am not sure if I will get that during this move, but that is my goal for now.

Buying the dip can often be a dangerous proposition. You buy a dip and price can keep dropping. Most traders have seen it too many times. A hard stop is often handy for situations like this. Happy trading!

Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.

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