As I write, ETHUSD is breaking short-term resistance. Even in BTCUSD , support is holding, yet the picture is less clear.
Fundamentally, I favor Bitcoin over all other cryptos.Yet, the setups are cleaner in ETH, LTC, and XRP.
Sentiment-wise, the paradox is that while the sector is in a cyclical bear market, those hoping for lower prices overwhelmingly expect to be able to 'fill their bags' at bargain prices. Alas, I remind my crypto trader friends of the great Silver bull market of 2009-2011, and subsequent bear market. I can clearly remember traders begging for silver under $20 at $40, boldly proclaiming they would 'load the truck'. Yet, today XAGUSD trades under $15, and Silver has lost it's sheen. The market does not reward the expectations of the majority. Thus, crypto may punish those expecting lower prices with a relief rally.
I'm currently long ETHUSD , with a target of the 400 area. To be clear, this is tactical trading. I will exit any break of near-term support, and will consider this just a pit-stop before lower prices.