RSI on the 4hr is at a place you would only expect in a major bull maket when masses of new retail investors were flooding into the market to buy BTC. And this couldnt be farther from the truth. It maybe that the current run just reflects the other major stock markets that are currently going through a denial phase it seems, as to how deeply damaging the current situation is. One daily drop in NYC deaths and the markets jumped 7% as though it was all over! But we are far from it being over. I have friends across the US who tell me that the lockdown seen in Italy and Spain just simply isnt happening in states all across America. State by the state the numbers are rising and it is likely that they will continue to rise far past the time NYC reaches its peak. It will take some weeks for this to filter through as the current administration is bent on misplaced optimism that it will be past this crisis by the end of April. At some point that optimism will evaporate and the markets will dump harder than a sumo wrestler returning home with a dicky tummy after a 9 hour flight to Okinawa!
As for crypto, whats left of the retail market will evaporate faster than the US rise in unemployment numbers. And whether it is in May June or July and the US has finally locked down and taken the virus seriously will it dawn on everybody that you cant print enough money to save all the corporation and banks from what is likely to follow. We have been fuelling the global economy on a mountain of increasing debt because debt was cheap. The current model doesnt work in pandemic lockdown.
And for those who think that crypto will be the saviour of the world.... LOL
The question will be how many whales will it take and who will blink first to the realisation of what is happening and decide to jump ship with as much as they can get for their BTC stash. At current volume levels it might suggest it wont take many and it wont take long.
We will be going back to the beginning.....and maybe a chance to do it better this time. BTC is currently a market for gamblers hoping to predict what the market manipulators are doing. If we can wipe out the whales then maybe a less manipulated market will provide a platform for steady continous mass adoption and ultimately growth beyond that of most other assets. The limited supply is its greatest asset. But for right now....nobody is really interested...and without mass demand...the whales will be left playing with themselves...
As for crypto, whats left of the retail market will evaporate faster than the US rise in unemployment numbers. And whether it is in May June or July and the US has finally locked down and taken the virus seriously will it dawn on everybody that you cant print enough money to save all the corporation and banks from what is likely to follow. We have been fuelling the global economy on a mountain of increasing debt because debt was cheap. The current model doesnt work in pandemic lockdown.
And for those who think that crypto will be the saviour of the world.... LOL
The question will be how many whales will it take and who will blink first to the realisation of what is happening and decide to jump ship with as much as they can get for their BTC stash. At current volume levels it might suggest it wont take many and it wont take long.
We will be going back to the beginning.....and maybe a chance to do it better this time. BTC is currently a market for gamblers hoping to predict what the market manipulators are doing. If we can wipe out the whales then maybe a less manipulated market will provide a platform for steady continous mass adoption and ultimately growth beyond that of most other assets. The limited supply is its greatest asset. But for right now....nobody is really interested...and without mass demand...the whales will be left playing with themselves...