Few takes on the current market situation after that painful dropđ
#BTC is very likely to go lower. And here is why: RSI (which indicates whether asset is oversold or overbought) on a daily graph is at 49 level. That means, that despite the drop, it is comfortable price for the asset given its recent behavior.
Very sharp drop of alts is a good hint on the overall market sentiment. The reason why I read that as a bearish signal is because most of the altcoins are just the reflection of the public expectation from the $BTC .
From the fundamental perspective, we see more and more whale transfers, primarily of $ETH from their cold wallets to the exchanges. Usually this signifies an intention to sell.
ETH and BTC are basically twin brothers, massive ETH selling means an expectation of BTC to drop more.
There are however mixed forces from the economic perspective. Increasing uncertainty driven by the situation on the Middle East can push more people to invest into digital assets.
Halving, from another hand, can result in selling in a short term.
I donât give financial advices, but my personal strategy is to keep money in stable coins with decent APR during this turbulence, and wait for the market to stabilize. Margin trading is a great way to liquidation at this stage.
Hopefully you find it useful
Thanks to @cryptosarcasm for the inspiration
