Holy Shizzle! ETH is getting crushed! Looking at the four hour chart, you can see that ETH has PLUMMETED from my bear flag
, and has dropped straight though the support at $665, like it doesn't even exist. The next downside support is at the 78.6% retrace, near $615, then my oh-so-hated, publicly chastised, heavily disputed downside target will be met. How do you like me now? haha. Make no mistake about it, this is a very, very, dangerous market. There is no end in sight, for the selling, and if you're a long term holder, you have to be asking yourself how low this market can really go. Remember people. Crypto is much different now. Smart money is involved. Hedge funds, investment firms, multi-billion dollar institutions — this is who you are up against. I've heard a lot of people say, oh the bears are running out of gas, and this and that. Trust me when I say, their pockets are deeper than yours. Now, and interesting thing to note, is that Bitcoin
is approaching the bottom of it's downtrend channel
. If it bounces, ETH could have a positive reaction around here. However, this market is in very bad shape. To shed some light on the damage that has been done, about a month ago, the crypto market cap had surpassed $800 billion. Right now, it's only at $320 billion. That is a more than 60% loss, in market capitalization, in about a month's time. That's why I've been telling people, never try to catch a falling knife. This market is A FALLING KNIFE! Do you know how many people have tried to catch it already? They're all getting smoked, and they should have just listened to the MagicPoopCannon. To all of you amateur investors out there, who like to HODL or whatever, heed my warning! Holding On for Dear Life, won't work forever. For all you know, you could be holding on for dear DEATH!
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-MPC loves you-