Crypto Market Retracement Idea
Loads of coins that have set new highs over the past year have not had a retracement yet, BTC, ETH, ADA, MANA, etc.
With the current market sentiment being so fearful, it's possible to see the market bounce back to the 0.382-0.618 regions as shorts start to close and bears wear off. The retracement could then act as the perfect bull trap for smart money to cash out.
The head-scratcher is whether or not coins that haven't set new highs (80% of the market) will go on to do so during this retracement, or simply just continue to follow BTC.
With the current market sentiment being so fearful, it's possible to see the market bounce back to the 0.382-0.618 regions as shorts start to close and bears wear off. The retracement could then act as the perfect bull trap for smart money to cash out.
The head-scratcher is whether or not coins that haven't set new highs (80% of the market) will go on to do so during this retracement, or simply just continue to follow BTC.
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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.