**Always take in consideration non of this information is financial advice or official announcement from any specific project, I’m no financial advisor, trader or expert, this is just my personal opinion on certain project mention on this article, cryptocurrencies are extreme high risk assets and you must do you own research, never follow what I or other people say on internet**
Crypto Market Update and TIME TO BUY – Feels Like Home Drop 18%
I have gone offline for mainly to take a break from the entire crypto space / social media, talking and listening to crypto related things every day sometimes is overwhelming, this gave me time to focus on manual trading and manage my two algos, this time was very productive, mining Ethereum is doing great and I was even thinking to buy a few GPU but it feels like we are at the top of mining and who knows what will happen if EIP 1559 on Ethereum becomes a reality I think that’s not going to help reduce the fees themself as of my understanding, the other day saw a lifestream from BitsBeTripping with a few other miners, very interesting.
Same as I decided not to buy more GPU to mine more Ethereum or any other coin since most are very profitable now and avoid the entire ROI thing, same reason that kept me on hold for buying crypto with FIAT heavily, the bull market doesn’t seem to be over anytime soon and ETH is a sleeping giant that most of the crypto space is trolling with their DOT, BSC and any other smart chain that may compete with Ethereum but all I see is the same situation as on 2018 when everyone was saying Ethereum Killer, sorry but not sorry, that’s still not happening. Since this weekend we saw a nice amount of liquidation from ppl using large amounts of leverage thinking that the market will always go up, “Threes grow up but never reach the sky”. Today we didn’t only see probably the biggest wick in Bitcoin history after a story of stop loss hunting and some liquidation of over leverage traders, going from $56,624 to $47,400 in a 4 hour candle that’s about 12% in four hours, doing that on Bitcoin is not easy with how big the market is so its great and feels like home, this is still crypto.
IMO this is the time to buy crypto with FIAT, bought some BTC to then buy a few alts that then I bought with USDT, a few had orders in place this morning and some others bought recently but still sweet deals
Since Recent Yearly / ATH
$ADA / -13%
$TWT / -23%
$HIVE / -34%
$CEL / -19%
$1INCH / -28%
$GRT / -30%
I havent feel this good buying dips in a long time, for the most part I never get them as good because it usually happens during asia trading session and Im sleeping but this time the drop was dip and extend for the rest of the day until I get my BTC to then transfer to exchange and buy this alts, for Celsius Network Im not using UNISWAP anymore because of ETH fees so just buying on USD pair at FTX.
Take in consideration Im no trader, financial advisor and most likely IM TOTALLY WRONG about this, this is just my personal blog and personal of opinion based on what the market is doing lately
This was already ridiculous and the feeling was among CT, not a matter of IF we will have a correction but WHEN, during bull markets corrections can go from 15% to 40% on BTC and alts will do almost double as KING BTC.
The daily looks very promising for more possible dips to buy, although in a bull market you dont choose when the dip will happen, many of us have been waiting for such dip since $30k and it happen $28k after that, so you go buy some DONT GO ALL IN so in case we dip a bit more you still have a few bullets in the chamber.
Right now IMO what we might see in the upcoming days is another scenario like when BTC drop from $42k to $29k, not that we going that deep but as show on the 1D chart BTC can start trading sideways on a previous demand zone, $49k to $45k or $50k to $45k, its never exact range, as the 20 EMA takes a rest, BTC retest the 50 EMA at that point close to $45k before keep going up, at some point the market had to take a rest, also for me MACD on the 1D have work very nice in the past many times when we have this mini tops, it did at $42k now we having a similar situation where its turning bearish and about to cross, unless we have another Elon Musk pump IDK how this can change in the short term.
I do this type of articules mainly to document and express my thoughts on the market so it helps other avoid making the same mistakes I do and improve my own Technical Analysis.
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