If you've followed my analyses for a while, you've seen this chart before. This is a chart of the relative total stablecoins marketcap. In other words, the stablecoins marketcap divided by the total crypto marketcap.
In my previous analyses, I stated that BTC dumped every time that the bottom support of the channel has been hit, with my most recent analysis talking about an impending dump after we hit it again in July. This was also the main reason why I was bearish during August and September.
However, this time is different! For the first time since 2019, the relative stable coins marketcap has fallen through the bottom support of the channel. This is great news for crypto, since a rising value often means more bearish market conditions.
With stablecoins falling, this could very well be the start of a longer-term downtrend, which is great for crypto as a whole because stables are being spent instead of being held.
In my previous analyses, I stated that BTC dumped every time that the bottom support of the channel has been hit, with my most recent analysis talking about an impending dump after we hit it again in July. This was also the main reason why I was bearish during August and September.
However, this time is different! For the first time since 2019, the relative stable coins marketcap has fallen through the bottom support of the channel. This is great news for crypto, since a rising value often means more bearish market conditions.
With stablecoins falling, this could very well be the start of a longer-term downtrend, which is great for crypto as a whole because stables are being spent instead of being held.
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