The ultimate rejection took place at 4200 last week for BTC. Longs had their juevos ripped off in just a few minutes as Mex rekt'd the host of people who were calling for the end of the bear market.
In reality, the crowd is still trying to leave through the front door and the smart ones are still getting out. This period has been a wake up call for many ICOs who were banking on the fact that BTC and ETH wouldn't drop down from 6000. They got hammered in the drop. Everyone was running for the exit. Now we are at the point where many "Crypto" funds are starting to get back their token allocations which have been subject to lockup. They need to dump to try and recover ETH, they sell ETH to get back to USD or BTC. This cycle has been going on for months now, but its reaching its end point soon.
There is no long term value in holding ETH. The token model has proved itself to be a cheap way of raising non-dilutive capital. The token holders who accepted the splits of 10% private sale, 10% public and 80% to team are about to be triple ducked. The token holders will want to sell. The teams will want to sell tokens to keep cash flow positive and the exchanges are going to force the companies to pay for market makers to keep their token alive.
Everyone wants back into BTC now that the ETH fork is over. Get on the bear train, we are going to 3450 first stop.
There are several Fib lineups in this area and there is also a volume gap which we have not filled I would expect we dump down over the next 2 days to 3550, then get some spikes down into the 3450 range. We will continue to stay under the long term trend line.
I personally will be buying when the Daily fires a buy signal on the WT cross.
In reality, the crowd is still trying to leave through the front door and the smart ones are still getting out. This period has been a wake up call for many ICOs who were banking on the fact that BTC and ETH wouldn't drop down from 6000. They got hammered in the drop. Everyone was running for the exit. Now we are at the point where many "Crypto" funds are starting to get back their token allocations which have been subject to lockup. They need to dump to try and recover ETH, they sell ETH to get back to USD or BTC. This cycle has been going on for months now, but its reaching its end point soon.
There is no long term value in holding ETH. The token model has proved itself to be a cheap way of raising non-dilutive capital. The token holders who accepted the splits of 10% private sale, 10% public and 80% to team are about to be triple ducked. The token holders will want to sell. The teams will want to sell tokens to keep cash flow positive and the exchanges are going to force the companies to pay for market makers to keep their token alive.
Everyone wants back into BTC now that the ETH fork is over. Get on the bear train, we are going to 3450 first stop.
There are several Fib lineups in this area and there is also a volume gap which we have not filled I would expect we dump down over the next 2 days to 3550, then get some spikes down into the 3450 range. We will continue to stay under the long term trend line.
I personally will be buying when the Daily fires a buy signal on the WT cross.