Since the daily swing top yesterday Bitcoin had a precipitous fall of 27.21% to this mornings low of 41,967.50 before climbing some 5,000+ points to the present price at the time of this article.
Listening to the fundamentals there is a report that the Federal Reserve's latest news is to blame. The assumption based on the headline:
"Faster Fed taper, earlier rate hikes in sight as unemployment falls"[Fn1] is that the economy is getting stronger and that the Fed should end its Bond Buying program and begin raising interest rates. The problem I see is that the economy is not truly getting stronger if you look at the indexes and consider the amount of money printing that has occurred since in 2019/2020/2021.
Some "talking heads" say that BTC is being dumped for Ethereum. However, if you're looking at the Eth chart you should see the same thing I'm seeing. Eth has dumped since December 1st some 27.47% too it's .618 Fibonnaci level.
What's going on?! Can we look at something else besides the fundamentals? In part yes. Today December 4, 2021, is a Total Solar Eclipse.
"A total solar eclipse took place on December 4, 2021, when the Moon passed between Earth and the Sun, thereby totally or partly obscuring the image of the Sun for a viewer on Earth. This eclipse was unusual as the path of the total eclipse moved from east to west across West Antarctica, while most eclipse paths move from west to east. This reversal is only possible in polar regions. Its path across Antarctica crossed near Berkner Island, traversed an arc over the continent and passed over Shepard Island." [Fn2]
Here's the Ethereum/U.S. Dollar chart
Now consider the BTC/U.S. Dollar charts below
I am of the opinion that what the crypto space is experiencing at this time is no more than a correction. I must remind you that this does not constitute financial or trading advise. Do your own research. Buying and selling cryptos involves inherent risks. For informational purposes only.
Whether you're an investor or trader you should always have charts in front of you. You should never depend solely on anyone to make your decisions. Taking time to learn technical analysis and knowing what natural phenomenon occurs in this world of ours.
Well I hope this has whet your appetite to see what else is available to consider in your journey of charts and crypto.
