The biggest selling pressure currently held by the hacker is still concentrated in ETH and some large-cap altcoins. About 195,000 ETH, worth an estimated over $400 million. Since the Ethereum mainnet cannot be frozen, this will create an invisible source of selling pressure for a long time to come. The hacker is unlikely to sell it all at once—that would create a huge hole in the market. Most likely, the funds will be sent through mixers and sold gradually. This will put considerable pressure on ETH’s price, so it’s still too early to buy the dip in the short term. Keep your hands off! Keep your hands off!
With U.S. earnings season coinciding with the U.S. midterm elections over the next few days, I’d advise anyone looking to trade U.S. stocks to wait a little longer. I’ve kept telling everyone in my livestream not to trade U.S. stocks. We caught the rally before yesterday’s plunge, and our last attempt to buy the dip was at an average price of around 79,500, with a stop-loss at 77,900. That trade ended in a stop-loss. Overall, the gains and losses from the trades before and after it canceled each other out, leaving us with a small profit. I had been looking to go long at lower levels and didn’t anticipate this black swan event, so there was no real opportunity to profit from this drop. I’m currently out of the market!
The weekend is just around the corner. Until the Binance hack is fully resolved, try not to buy the dip. A drop of this magnitude can’t be absorbed in just a day or two, and fear is still present in the market. Don’t worry about missing out on a move. Of course, if you trade spot, you can start entering in batches when the time comes.
With U.S. earnings season coinciding with the U.S. midterm elections over the next few days, I’d advise anyone looking to trade U.S. stocks to wait a little longer. I’ve kept telling everyone in my livestream not to trade U.S. stocks. We caught the rally before yesterday’s plunge, and our last attempt to buy the dip was at an average price of around 79,500, with a stop-loss at 77,900. That trade ended in a stop-loss. Overall, the gains and losses from the trades before and after it canceled each other out, leaving us with a small profit. I had been looking to go long at lower levels and didn’t anticipate this black swan event, so there was no real opportunity to profit from this drop. I’m currently out of the market!
The weekend is just around the corner. Until the Binance hack is fully resolved, try not to buy the dip. A drop of this magnitude can’t be absorbed in just a day or two, and fear is still present in the market. Don’t worry about missing out on a move. Of course, if you trade spot, you can start entering in batches when the time comes.
