📍llkThe market has entered an irrational phase, where arguments abound, but the momentum is driven more by hindsight. At the beginning of the year, there were many reasons to target $60,000 for BTC, with optimism around a vitalizing ETF and a Federal Reserve rate cut. The discussions included miners and hash rates, yet the market didn't surge as it does now. In the current phase, it seems arguments are unnecessary; it's simply about buying.
The Coinbase glitch likely triggered yesterday's Flash Crash. However, users on Binance, ByBit, and OKX may not have experienced the same intensity seen on smaller exchanges, especially decentralized ones offering leveraged trading.
In DEX platforms where oracles and liquidity pools shape the market, significant drops occurred; PEPE fell by 70%, MINA by 64%, and many others suffered. Trading halts with peculiar rules added complexity. DEX incidents bring to mind traditional exchanges like the Moscow Exchange (MMVB) with its "planks" and manual interventions. Amid squeezes, order chaos, oracle errors, predicting all scenarios in a smart contract becomes challenging.
✔️News
Macroeconomics currently seems irrelevant to the cryptocurrency market. Positive inflation statistics had no impact, whereas the stock market reacted positively to similar data.
The major SHIDO hack resulted in scammers taking almost half of the project's tokens, causing an immediate 95% drop in its value.
✔️Baseline Scenario
Anticipate growth to historical BTC highs, followed by a substantial correction.
✔️Today's Long Ideas
Meme coins, including longstanding GameFI tokens like MANA and SAND, might be among the first to undergo corrections.
Yesterday's idea for Solana was excellent, but given the powerful squeeze, holding stops might be challenging.
Today's suggestion: Buy BLZ
Break-even at $0.415, Stop at $0.33447, Take-profit at $0.48103.
Not a trading recommendation.
#cryptoreview