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It’s apparent the longer I’ve been involved in crypto that there is a direct correlation with traditional markets and crypto markets. It’s not just the U.S. news it’s shown worldwide across all foreign markets. I’m waiting to make decisions until next week!
Absolutely - it is very common for institutions and HNW individuals to park a small % - say 1% - in crypto. Multibagger if it works, no pain if you lose most of it.
I feel that as it expands to more of the general public and as there continues to be greater involvement it will mimic what the general public follows and that is what the non crypto markets appear to be.
This is pretty clear to me now.
This is the answer. It’s a global liquidity crisis and we’re just getting started with Evergrande.
I have been here since May and one thing I am sure is that nobody knows shit about fuck and technical analysis dont predict shit.
Golden Cross incoming! No wait, Death Cross! No wait, Golden shower!
$52k was a good support for BTC but today drops instantly crash this support level, I think if BTC wont be able to take back it support at $52k level, its price will go down more.
It'll probably keep going down as the market goes down. With VIX at 30, we can expect a bit more of a decline.
Technicals tend to take a back seat in a correction, and especially if its a crash. So can't really look for support etc. there.
In so far as fundamentals of BTC and other crypto is the value that others put in it, and nothing tangible, that is also not much to rely on as that makes it incredibly susceptible to sentiment - negative sentiment in this case.
What is happening now is some big boys who accumulated large reserves of BTC and other crypto in their "risk-on" 1% part of their portfolio are dumping it to derisk, meet margin, etc. And seeing the effect of that, many folks are paperhanding, not wanting to be bag holders who bought near the top.
In other words, I don't know that there is much predicting to be done here.
If history is any guide though, what will likely happen is we will test ATH in a few months again, if not sooner.
Will probably get worse before it gets better, just hold em like you got a pair, it will recover eventually.
It is because crypto is still super young.
You can absolutely read price action and trade based off of it. Trying to predict based on events is a way to lose money.
The funny thing is if people were following a trading approach, which I've pointed to a few times here, they'd have gotten out at \~$63,559 and comfortably waiting for the next buy signal. But hey, "nobody knows shit about fuck", "99% of traders lose money", "TA is astrology for \[I forgot what the stupid saying is\]", etc. People love to remain ignant.
I called 47k BTC weeks ago. People just need to stop seeing green
People need to learn to trade.
BTC is bouncing between 69k and 42k
*Elon is that you?*
the title is pretty damn inaccurate. look at the 50 week MA. the wick is below but it recovered from that and appears to go up after staying on it for a few hours (weekly timeframe)