Now that crypto faces a Gox type catastrophe, we might get some substantial downside and perhaps we get rid of people bag holding from April 2021, who have been confident in loss and adding on the way down. Including the ones who thought 20k was a bottom (all the guys who missed the prior bull cycle ending in late 2021, when they sold the ATH retest in Dec 2020). We sure needed a good ole' sentiment reset in crypto and for some reason despite some things looking bullish we never had it, as price never flushed low enough to take everyone out, this had kept me uneasy about the basing pattern we had here since the post-Luna debacle low. Patience paid off as I mostly made some small gains instead of losing big being trapped long like everyone is now. I went short today, and added a tad lower, with an avg around 18835. I did take a small loss when one of CZ's tweets had made price jump back over 19750, but it was short lived as news emerged of antitrust issues being an obstacle for CZ to buy FTX.com. Jury's still out on that one but the chart looks primed for a drop as we now have both the weekly and monthly timeframes indicating sharp downside ahead. Stay safe out there!
Best of luck!
Cheers.
Ivan Labrie.
Best of luck!
Cheers.
Ivan Labrie.
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I'm in the short, reentered $BITI longs at my previous exit today...so, resuming this position. I didn't short crypto itself but bought the inverse ETF.
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This rebound seems like a decent chance to join if you're not short:
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About to continue lower:
