Altcoins: Monthly down trend spotted...
Updated
Pain isn't over in crypto, and Altcoins excluding Ethereum and Bitcoin look about to fall off a cliff here in the monthly timeframe...
I would suggest to take it easy with crypto positioning, perhaps best to sit this one out in USD at a safe CEX and stake it (say Kraken) for a while.
While recently Ripple has been doing well, it isn't immune to these flash crashes that have been occurring with news like the fund cashing out or the old coins whales moving coins around to dump stuff held since 2013. Until this cycle of bad news after bad news is over more downside is possible here.
To make things worse, crypto performance has 'decoupled' from stocks, but in a bad way, having recently acted more like Gold following the aftermath of the banking crisis that culminated in NASDAQ:SIVB's untimely death. It's gotten even worse as it now has random price action totally divorced from either Gold or Stocks, and has random crashes as a result of bad news that constantly assault this market.
Stay safe out there!
Cheers,
Ivan Labrie.
I would suggest to take it easy with crypto positioning, perhaps best to sit this one out in USD at a safe CEX and stake it (say Kraken) for a while.
While recently Ripple has been doing well, it isn't immune to these flash crashes that have been occurring with news like the fund cashing out or the old coins whales moving coins around to dump stuff held since 2013. Until this cycle of bad news after bad news is over more downside is possible here.
To make things worse, crypto performance has 'decoupled' from stocks, but in a bad way, having recently acted more like Gold following the aftermath of the banking crisis that culminated in NASDAQ:SIVB's untimely death. It's gotten even worse as it now has random price action totally divorced from either Gold or Stocks, and has random crashes as a result of bad news that constantly assault this market.
Stay safe out there!
Cheers,
Ivan Labrie.
Note
Here's the TOTAL crypto market cap chart...
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