Well stock market vs crypto have been uncorrelated until recently and well has accomplish their goal. Now what caused this drop, its cause crypto is partially correlated, yet is different due to fact i talked about before THE LIQUIDITY. I said theres an article that came out a while back saying theres only about 100million usd holding up the market which makes sense due to the bitcoin marketcap towards gold and most of the cryptos marketcap is from btc pairing. Thats why to my new crypto investors is why alts take massive damage in a btc dump because theres one goal in crypto trading, get as much bitcoin as possible before new ath .
So why did the stock market drop? Well a few can reason at this given time of writing this can explain this
-Election season in the United States: It's still uncertain, but with recent polls Trump is gaining steam due to the riots of "radical left." So its fear driven
-Only news today DrFauci , that little *** came out today saying the vaccine might not work. Only major news for stocks
-Too much money poured in to tech like Tesla and Apple , which caused them to dump over the past two days in which could have caused feared in other assets. Besides Gold , its holding up.
Now Crypto related
-Bithumb still under investigation?
-DeFi bubble, yet coins like YFI and DOT havn't seen massive downward movement. Btw I guess I'm the Bill Ackman of Pokadot and think its a massive scam due to the exchanges and liquidity its on. I posted a TA, but Pokadot is acting like a ***.
-In my theory
-We hit our goal, whats next? Why not an 80x on bitcoin leverage or atleast 40x. I'm hoping for three things, but really two of them is a if
1: Never go below 10k, yet as caution it is possible to go as low as 9563.72 to see if the has a control over a bull market. Yes we are in a long term bull market, yet this current market cycle is a bear cycle until we establish a bottom.
2: Go sideways for strong accumulation for the 2021 ath .
3: Third way it could go is we get a bounch back to the 11k and test it before finding a middle ground for an accumulation phase.
-Now we can remove 11010.26 from our charts due to the fact we blew past it. At the moment we could see a price increase of 3.9%-9.9% upwards, yet a downward movement of 1.74%-6.6%/9%
-RSI is oversold (no sh*t)
-MACD well below -100 and is at -200, which is probably a go all in moment if you believe. I do suspect a massive bounce, yet we will see very soon.
-EMA is sh*t
Best time to buy imo and don't suspect much futher downward movement besides at most and very scary a sub 10k btc at 9563.72 (maybe put some buy orders and forget about it in that range). Again at this price i believe we are getting fair value at this current level. You may refer back to my other Bitcoin TAs if you want. My stock TA are wierd since I deal with pennystocks, yet I do other blue chip stocks if I like the technology.