Massive selloff as we approach EOY; be prepared for additional correction. Current resistance at lower trend average (~4050) with expected support at lower trend (~3600).
My plan is to take profit if $ETH crosses weekly MACD; I may even liquidate up to 80% depending on sell pressure.
The majority of crypto's gains this year were due to covid and corresponding stimulus checks; now that we approach the (potential) end of covid and inflation becomes more notable, the market will surely look to correct itself. Just to put in perspective, $ETH was under $400 just over a year ago and now we hover around 4k.
I mentioned this up in past posts, but in reality how many people can afford to get into $ETH at say 8k-10k, let alone 4-5k. $ETH was developed for utility purposes and doesn't really hold the 'gold effect' like $BTC. As more liquidity funnels in over time, the price of $ETH will likely stabilize and this price will likely be 'affordable' in regards to the current market. This is not saying that we hit the top, just to keep expectations realistic.
*** Altcoins ***
- Filled buys based on yesterday's markers. This was less than 10% of my portfolio.
- An additional 5% was used when further dip occurred. I had a $DOT buy set at $25 based on a really low trendline. I also purchased some more $POLK (.63).
- The other portions are for long-term holds (~80%) and liquidity (~5%).
My plan is to take profit if $ETH crosses weekly MACD; I may even liquidate up to 80% depending on sell pressure.
The majority of crypto's gains this year were due to covid and corresponding stimulus checks; now that we approach the (potential) end of covid and inflation becomes more notable, the market will surely look to correct itself. Just to put in perspective, $ETH was under $400 just over a year ago and now we hover around 4k.
I mentioned this up in past posts, but in reality how many people can afford to get into $ETH at say 8k-10k, let alone 4-5k. $ETH was developed for utility purposes and doesn't really hold the 'gold effect' like $BTC. As more liquidity funnels in over time, the price of $ETH will likely stabilize and this price will likely be 'affordable' in regards to the current market. This is not saying that we hit the top, just to keep expectations realistic.
*** Altcoins ***
- Filled buys based on yesterday's markers. This was less than 10% of my portfolio.
- An additional 5% was used when further dip occurred. I had a $DOT buy set at $25 based on a really low trendline. I also purchased some more $POLK (.63).
- The other portions are for long-term holds (~80%) and liquidity (~5%).
