In the grand tapestry of the crypto market, pullbacks are as inevitable as the tides, yet the current retracement is a spectacle to behold. As Bitcoin recoiled from its monumental peak, the altcoin realm found itself in a veritable tempest, with valuations taking a nosedive across the board.
https://img.inleo.io/DQmQ6ebdggJg429ES3a5jZcC1MMJYEpdBc9kNaw1mTuEKn3/1.webp
To the seasoned trader, this downturn hardly came as a shock; it was an anticipated correction, albeit one that arrived fashionably late. We find ourselves in what I'd liken to the eye of the storm—a bull market undergoing a rigorous culling, shaking loose the weak hands lured by the siren song of FOMO, far too early in their journey.
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7 Days Chart:
SPS: -26,6%
Hive: -22,6%
ETH: -15.6%
RUNE: -17.8%**... of of my latest gains just died again.
But the lore of crypto is replete with such cycles, reminiscent of the ancient Phoenix; from the ashes of correction, a new, more vigorous market is born. This phase of consolidation may linger for a fortnight or so, yet it's the precursor to what many of us anticipate to be an exhilarating surge. Come Sunday, the veil will be lifted, revealing the true intent behind the current wave of sellers.
Remember, this isn't financial advice, merely a battle-hardened trader's musings as we navigate these wild waters. Prepare your sails, for the winds of fortune are about to change. A lot of the Shorts will hit their targets soon and after that, long it is.
Isn't this actually great?
It is what we have been waiting for, the crazy swings of a Bullmarket, violent swings with ever greater heights eventually. Remember the universal laws while trading:"The trend is your friend" and "never risk anything you're not willing to lose". Personally I never short anything in this market phase and I don't mind the setbacks during corrections anymore.
Just to be clear, my NOT AN ADVICE is, I never open a short in a bullmarket, do not over extend yourself and stay optimistic.
Good luck to you Lions.
img: Dalle3 by GPT, text: me + my AdamGPT as Ghostwriter, all fair use for copy-paste
Posted Using InLeo Alpha