The resent drop be it fabricated on purpose or just 'pure luck'(1) was based on misinterpreted data leading investors to believe HUGE bitcoin volumes were moving into exchanges. More specifically Gemini reported over Over A $Billion BTC inflows.
People thought Wales were going to dump and traders closed their positions fearing a sell off. This is the 2ND time in a month news of INTERNAL moves ware reported as exchange capital inflows. No mater if it was to spoof liquidity or a mistake this data is bogus! However it has formed a Frankenstein of a .
(1) Why do i think its pure luck? Well, it reset the , / , fear and greed and other applicable indicators & the technical projected targets based on those indicator are:
$ 75k for BTC
$ 2.5K for ETH.
Although we might spend more time finishing the handle part of the cup providing for better entry position, just look how the targets line up perfectly with the technical.
For me, Technicals and Fundamentals dont quite give a clear enough picture and market Physiology/sentiment is what completes the analysis holy Trinity.
So what do YOU think/feel of the recent price action and future direction? Comment down below.
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