Dump over? Eth bounce soon?Eth has fallen into major support and almost into the golden pocket of the current trends fibonacci. It may take a week or 3 but I think this is the bounce zone. There may be a wick or two lower but fear is so high (15 currently) I don't think we will spend too much longer here.
Maybe I'm a stupid contrarian or maybe we're establishing higher lows before the next leg in the bull run. Extending cycles, diminishing returns - yes. Bear - no. This kind of extreme fear just makes me more bullish, the FED scared the markets but it won't last forever because the FED isn't ready to give up their profit creation machine of buying debt through one door and selling it through another, they will continue to buy assets and "tapering" will continue to be as scary and unreal as big foot. When sh*t hits the fan we will not be asking "is this a bear market?" - we will know for sure. At least, that's what I believe.
My strategy is simple, buy fear, sell greed. There's more to it but that's it's most simplified form. When the whole world is calling for a market crash and saying "crypto is ded", I think - "not yet" and look for buying opportunities. There's no question that the markets are beyond inflated and the system is beyond screwed but remember "the market can stay irrational longer than you can stay solvent". We're probably not Micheal Burry, able to hold tesla shorts from 730 without concern.
We have to trade the market we have and currently the market is a crazy circus and dumpster fire at times but it's the market we know and love lol. I say all this because I don't want you to see my long theories and think I'm ODed on hopium. I know sh*t is messed up and getting crazier BUT its NOT over.
I believe we'll be rallying by the end of the month in crypto and maybe sooner in the stock market. I put Astro before my name because I study astrology too in conjunction with TA. We're currently in a Venus retrograde period that seems to be really causing a lot of fear, tension and feelings of despair and hopelessness in people and thus the market. She goes direct at the end of the month (the 29th) and will spend weeks conjoined to mars as they move through Capricorn (a sign connected with big business, gov'ts, institutions, banks etc). On the 18th there's a full moon in cancer opposite the planet Pluto (still a planet to me ❤️🩹). I think there could be some major dramatic world events like revolts breaking out in some countries (like is happening in Kazakstan now), possibly some corruption coming to the light between businesses and governments or any number of things that might piss people off on both a micro and macro scale. Its obvious people are getting more and more fed up with the system and the powers that be and THIS will push people INTO the markets.
That combined with the FED being concerned about inflation are ironically BULLISH. The gap between rich and poor will continue to be made greater and greater until a large mass of people stand up against it. I don't think we're at that point yet, we're at the point where people want to take matters into their own hands to bring MORE security. Inflation is robbing savers and many of them are realizing that's true, looking into investing and trying to learn. Crypto is hot and trendy and ETH has the network effect.
I do think the rest of this month could be hard and or boring but we're headed into a bounce IMO. The geo-political landscape is pushing people to figure out alternatives and still less than 5% of the world owns crypto. This is a bit of a rant and I apologize for that but the uptrend has not been broken for eth or the asset class as a whole. As long as the stock market keeps going up, so will crypto. Maybe someday crypto will deviate from the stock market but that's a thought for another time and may never happen. The FED does this same thing where they say they will taper, the markets freak out and they buy the freaking dip. I bet the FED is eating this up and of course it's affecting crypto too because it's the most emotionally volatile asset class.
So when I see 15 on the fear and greed index as ETH falls into it's golden pocket - I get bullish as hell
stay safe and frosty fellow traders and travelers ✌🏻 don't let the man get you 👁
