Altcoins suddenly flash crash 20% to 30%
I actually think it looks more like a violent shakeout before a rise
Just now, altcoins suddenly collectively plunged, with many coins dropping 20% to 30% in a short time.
But I actually think this movement looks like a violent shakeout before a real market rally starts.
A few days ago, altcoins just began to show some profit effect, more people chased the rise, and leverage started to pile up. At this moment, suddenly a sharp drop hits, washing out those chasing highs, those with high-leverage long positions, and those who can't hold their chips, making the market cleaner.
Of course, we can't prove that this is deliberately dumped by so-called "whales," but from the chart perspective, this kind of rapid drop followed by quick support is a very typical deleveraging process.
If BTC doesn't break the trend next, and altcoins quickly recover this drop, I will actually look forward more to the real main upward phase afterward.
Sometimes before a rise, the market just needs to throw people off the bus.
$BTC $ETH $DOGE
#USDollarFallsToThreeMonthLow
I actually think it looks more like a violent shakeout before a rise
Just now, altcoins suddenly collectively plunged, with many coins dropping 20% to 30% in a short time.
But I actually think this movement looks like a violent shakeout before a real market rally starts.
A few days ago, altcoins just began to show some profit effect, more people chased the rise, and leverage started to pile up. At this moment, suddenly a sharp drop hits, washing out those chasing highs, those with high-leverage long positions, and those who can't hold their chips, making the market cleaner.
Of course, we can't prove that this is deliberately dumped by so-called "whales," but from the chart perspective, this kind of rapid drop followed by quick support is a very typical deleveraging process.
If BTC doesn't break the trend next, and altcoins quickly recover this drop, I will actually look forward more to the real main upward phase afterward.
Sometimes before a rise, the market just needs to throw people off the bus.
$BTC $ETH $DOGE
#USDollarFallsToThreeMonthLow