Sell off are often a good thing. They let understand how strong the market is.
Sell off are tests. If bitcoin holds this test, the next station is called higher high.
If it does not hold, crypto is done for a while.
Under 3k, trend is broken, lower high is in place and lower low is the next step.
In my opinion Ethereum took bitcoin out of the bear market 2014/2015 pumping fresh dollars in the market.
Ethereum went from 47millions to 129 billions Market cap in 800 days. 128.95 billions were theoretically injected in the market in 800 days.
So basically if Ethereum breaks the 70 dollars support, bitcoin goes under 3k and you will see the biggest red candle ever.
This sell off was massive. 200 billions voltatilize in 26 days, 100 billions in little bit more than 24 hour.
This sell off was general. Stock, commodities, crypto. A real need of liquidity.
For me we are in a 60/40 situation. 60% bullish, 40% bearish. Fundamental of crypto are great but sentiment is still too bullish and when sentiment is bullish, bearish is the answer.
BIO
Sell off are tests. If bitcoin holds this test, the next station is called higher high.
If it does not hold, crypto is done for a while.
Under 3k, trend is broken, lower high is in place and lower low is the next step.
In my opinion Ethereum took bitcoin out of the bear market 2014/2015 pumping fresh dollars in the market.
Ethereum went from 47millions to 129 billions Market cap in 800 days. 128.95 billions were theoretically injected in the market in 800 days.
So basically if Ethereum breaks the 70 dollars support, bitcoin goes under 3k and you will see the biggest red candle ever.
This sell off was massive. 200 billions voltatilize in 26 days, 100 billions in little bit more than 24 hour.
This sell off was general. Stock, commodities, crypto. A real need of liquidity.
For me we are in a 60/40 situation. 60% bullish, 40% bearish. Fundamental of crypto are great but sentiment is still too bullish and when sentiment is bullish, bearish is the answer.
BIO