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Nothing too insightful here, just want to share this with a few friends and keep an eye on it myself. Keep in mind the chat is logarithmic so even if we stay in this channel the virus is still spreading at an exponential rate. But what i want to be able to notice is if that exponential rate increases or decreases noticeably.
Only time will tell. Though we seem to have stalled out perfectly on our .382 fib, so it could be a good idea to pick a few coins up if it appears to be holding or bouncing from the .382 in the next couple hours, else i could see us dropping to the next level down in our fib channel. And if all goes to shit, hopefully the prior resistance that has become support...
1. I totally agree, the recent dump implies some larger correction may be taking place.
2. But it's for exactly that reason that i believe it may fake everyone out and have a very violent bounce in the next few hours.
3. Alternatively, we may flatten out and not see much price action while alts on the other hand either correct further or...
Despite BTC's huge dump, eth has failed to significantly break below its lower trendline/accumulation zone. I'm posting this because i find it interesting and potentially really bullish. THAT BEING SAID, I can almost reasonably expect more down as opposed to this, past our invalidation point before resuming real bullish momentum. Why? Because it's crypto.
Personally, chainlink is my largest non-margin holding, and I have high hopes for it over the next couple months, but we should still acknowledge what could potentially be forming. I dont think this is the most likely outcome, it is however possible.