For newcomers it is the end of the (crypto) world. For old timers it has more of an entertaining character. I mean seeing all alt coins down by 30%-50% is quite something, no? I can see people with their hands on their heads running around in circles screaming the end is nigh! But then again, looking at the charts this isn't anything extraordinary. In fact we should expect it to happen every 1-2 years on average as the chart here demonstrates:
But still, we always hope that it does not happen. So basically we don't learn very well from the past. With Bitcoin now down to almost 25k we are heading down faster than I anticipated. I definitely saw the ~29k correction as a possibility some weeks ago. But heading directly to ~22k is kinda crazy. But then again, it actually isn't when one looks at that chart. All of those marked corrections were super corrections with a 50%+ correction. So 22k is sitting exactly at that area. Why 22k? Because Bitcoin has so far always corrected back to this trend line in the monthly chart from earlier established support.
The caveat is that for this cycle there is a long wick all the way down to ~3k which makes this supporting trend line not as strong as the previous ones. But you can also see that the correction of the bear market never touched the former ATH again, so with the former ATH at around 20k this would perfectly satisfy that pattern.
Nevertheless, I still think that we could first head back up a bit before eventually reaching that support line. Contrary to earlier posts I don't see Bitcoin breaking above the resistance coming from the previous peaks, however, as we now made a lower low (going sub 29k). Therefore I think these two scenarios are most likely.
Well, again, I thought just like Bitcoin that we would be holding that first line of defense which would be the 45 cents range equivalent for Hive (29k for Bitcoin). But contrary to other alt coins Hive is not doing so bad. Only a ~35% correction today (ouch!). The top #?!t coin is LUNA with the holders revealing them all to be a bit on the LUNAtic side 😅 by having lost over 97%. I think that is a first for a previously top 20(?) coin. Then there is a long list of alt coins down 40-60%...
... and eventually we see Hive in the middle. So not good, but not bad compared to other coins....
Whatever you lost in the last couple of days, don't panic. That's never a good thing to do. Rather, realize that this is what cryptos do. They scare people and they make them euphoric. It's basically like a drug. But that effect gets less when one thinks long term.
...
If you can answer these questions in the positive you should be fine in the long run. Have a great day! 😎
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅
⛅🌦🌧🌦🌧🌨☁🌩🌦⛅🌧☁🌤🌥🌪🌧🌨🌩⛅🌦☁🌤🌥🌤⛅🌤⛅🌦⛅
