I'm pretty sure we saw the top of the alt season rally here. If Bitcoin topped for good or not, $ETHBTC likely goes lower next. Everyone and their mother believe in up only and want alt season forever, people quit jobs for crypto, there's a lot of flippening talk, before this drop people were talking about the price levels they want to sell $ETHBTC at, higher of course, mining gear is selling at insane prices and people pay them without problems, but they pay with cash, not with crypto cause they are confident in upside still...Doge at SNL was peak altcoin lunacy here, and the performance of $ETHBTC during the drop in $BTCUSD is reminiscent of January 2018. Upside risk to short it vs $Bitcoin is lower than potential downside.
Cheers,
Ivan Labrie.
Cheers,
Ivan Labrie.
Trade closed manually:
Shorts in alts worked well, I covered near the lows today, and sit in cash in crypto.
Not 100% sure of direction for now but I expect more bearish action over time. It could take a long time to chop before breaking lower though...I rather not lose money in the chop, so trading other markets for now, or waiting for a VERY low risk signal makes sense.
Not 100% sure of direction for now but I expect more bearish action over time. It could take a long time to chop before breaking lower though...I rather not lose money in the chop, so trading other markets for now, or waiting for a VERY low risk signal makes sense.
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Seems like I could have held shorts, but overall fine to be in cash...bear market likely.
Seems like Vitalik sold foundation coins when I published this, guess he liked my post.
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Bear market.
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About to start the next leg down.
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Ended up bottoming and reversing the fall, the top call was correct overall, as we had a big drawdown.
