There is still room to fall!
Dont enter mid range.
Firstly if you saw my posts from Saturday and Sunday you will see i clearly stated Friday was NOT a crash, we were not in a dip, we could still fall a lot more.
My reasoning for this is simple,
Since February the Overall Crypto Market cap has been ranging between $2.13T-$2.6T.(weekly)
$2.6 Trillion has been an extremely strong resistance and it is why in many of my previous posts i told people to stop listening to parabolic bull run hype(until 2.6T was broken)
The Total Crypto MC is currently $2.34T, we are in the middle of a VERY consistent and confirmed range.
To me the price action on Crypto in the last day shows the market is pricing in 2 or less interest rate cuts this year, first probaby in September.
The FED decision in the coming months is critical because of (currency)carry trading, they could basically destroy or reverse progress in other struggling economies by keeping their interest rates much higher for longer, this is because huge funds will borrow money in lower Interest rate economies and invest it in high interest rate(secure) economies like the US, basically draining liquidity out of economies that need it, its a vicious circle because this will increase the US inflation and need further Interest rate hikes.
This is why European Countries and Canada lowering their rates has put a spotlight on the FED
I know this is VERY macro but these are the things large funds are looking at and why the economy and Crypto is so unpredictable at the moment and it will be until after the elections or until the FED lowers interest rates.
If you are looking to enter LONG term trades on ANY project my advise is wait until the TOTAL crypto MC is near the range low of $2.13-$2.17T.
There is to much uncertainty currently, around $2.13-$2.17T market cap we have a strong support zone, it offers better entries, at the current TOTAL MC we are just guessing the next direction.
Patience is key now,its the only way you will be profitable long term.
Be smart
Peace
