ETH rejected the higher FIB resistance once again.ETH also broke below the 50MA on the daily. It will possibly bounce at 20 RSI and continue to converge to the mean. The long term bullrun is intact, however just like in 2018 when we experienced a cool down period a similar story is unveiling here. The market moves in cycles and similar to how prices inflate upwards to the extremes it will also revert to the mean. I support crypto and have been a participant since 2011 and can tell you that its truly revolutionary. However that being said, the use case of crypto is now all shiny and plastic. I am referring to the NFT market and the absurd valuations. Back in the old days, it was bits and forums. Now we have social media campaigns promoting coins and ICO's. Although the market has room to grow, there will have to be projects that prove themselves to be disruptive. In the end, the market does what she wants. Be safe out there and enjoy the ride. All explanations are on my chart this was more commentary.
Comment:
I'm projecting a sharp drop from here. at least a 20% drop. If this idea helped you make money give it a thumbs up.