The fractal from 2020 gives you an idea what cap happen when the fundamentals are confused.
1. On one hand we are facing global financial crisis, with all the assets priced over the roof.
2. On the other hand crypto is becoming mainstream, with ETH as the oil of the metaverse and BTC as the gold of the 21st century.
How that could play out?
Remember 2019?
We hit a local bottom recently accompanied by nearly the same RSI level as it was in 2019 before the rally that become historical disaster when Covid hit the markets.
Volume had been decreasing, weekly candles and RSI are all looking very similar. Also sentiment is mixed, some still wait for the blow-off top, some are calling BTC 10k and ETH 1.5k, others are just don't know what to say.
Maybe the outcome will be mixed as well. All scenarios playing out since actors believing in each scenario will have reactions accordingly. The doomers will sell, the hodlers will wait. Traders amplifying both directions.
Opinions are welcomed, all statements are open to discussion.
Cheers,
Goraxes
1. On one hand we are facing global financial crisis, with all the assets priced over the roof.
2. On the other hand crypto is becoming mainstream, with ETH as the oil of the metaverse and BTC as the gold of the 21st century.
How that could play out?
Remember 2019?
We hit a local bottom recently accompanied by nearly the same RSI level as it was in 2019 before the rally that become historical disaster when Covid hit the markets.
Volume had been decreasing, weekly candles and RSI are all looking very similar. Also sentiment is mixed, some still wait for the blow-off top, some are calling BTC 10k and ETH 1.5k, others are just don't know what to say.
Maybe the outcome will be mixed as well. All scenarios playing out since actors believing in each scenario will have reactions accordingly. The doomers will sell, the hodlers will wait. Traders amplifying both directions.
Opinions are welcomed, all statements are open to discussion.
Cheers,
Goraxes