Equal Weight Crypto Precariously Positioned
Whenever I want a decent understanding of what crypto is doing on aggregate, I consult an equal weight portfolio of 10 of the top cryptos by market cap.
The sector has been building another pennant, trying for a push to fresh highs, but momentum is flagging. The last time this happened, not too long back, there was a solid drawdown before the pump.
By the look of it, there's room for a 30% drop. Given that so many cryptos have doubled, tripled, 5x, 25x, etc don't be surprised if there's a crash soon.
The sector has been building another pennant, trying for a push to fresh highs, but momentum is flagging. The last time this happened, not too long back, there was a solid drawdown before the pump.
By the look of it, there's room for a 30% drop. Given that so many cryptos have doubled, tripled, 5x, 25x, etc don't be surprised if there's a crash soon.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.