$ID RALLY: Bearish Divergence VS SPACEX Factor

Updated

Amongst the crypto community the sentiment attached to SPACE X is that a successful launch would rally all of crypto. The correlation between successful launches and crypto market cap(s) is unknown. However I agree with this perspective, and I'm eagre to see how it plays out. So its noted, and plotted for 9AM EST (2hrs from now). People are expecting Elon Musk too genuinely put DOGE coin on the moon... pundits are expected to shift the conversation too tokens of true utility with genuine business use case. I do see strongly branded projects mooning. And the eToro x Twitter partnership becoming common knowledge as a common talking point when discussing his successes on air. 450,000,000 DAU (daily active users) getting crypto info is huge.

Could retrace to .80 or .78 USD but... i doubt it. There's 66,000+ holders, and the project is on over 30,000 watchlists.
The retracement is normal, remember in the past 7 days we crossed 106% in growth, so this isn't a dump. Its a minor correction at best before we continue blowing shorts out of the water. Personally I'm bullish and I expect to rally from here.

#SPACEID being down 10% is nothing.... its already hovering, settling, and repositioning for another breakout to the upside. It's successfully battled the -10%. It gives me confidence to see it stand up to the selling pressure. Also, people taking profit is too be expected. If we trail sideways I'm fine with that.

Bonus Historical Data:
One of the most publicized SpaceX launches was the Crew Dragon Demo-2 mission, which took place on May 30, 2020. Here are the approximate Bitcoin and Ethereum prices for the day before and after the launch:

May 29, 2020 (Day before the launch):
Bitcoin: ~,400
Ethereum: ~

May 31, 2020 (Day after the launch):
Bitcoin: ~,700
Ethereum: ~

Note

Launch was delayed by a pressurized line issue... otherwise today is considered a "wet launch" rehearsal. Propellant has too be re-cycled, which will take 48hrs at minimum before relaunch can be attempted.

BIG-BLACK-CRYPTO

Everyday above ground is a blessing we often take for granted... remember to go outside and touch grass.
- God Bless

Also on:

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.