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There's like so many people getting liquidated everyday and still they're involved in the market: so, they're gambler and addict? Yeah, they have found themselves in a market where they are participants and can't walk away with the money.
Take the majority of people in crypto they'll be like I'm already down -50% and profit turned into losses already meanwhile bitcoin is literally still just -20% from all time high.
The Altcoins have lost around -70% like down from all time high in this bull cycle which is something odd haven't seen happening before.
This Bull Cycle is psychological Play
Imagine getting liquidated in the so called bull market where downside is coming way too less but when market is finally coming down that downside is pissing off everyone because they're in huge losses and trapped, underwater.
This bull market is like a torture for both bulls and bears. I've seen both sides are frustrated seeing what's going on.
Image by Gerd Altmann from Pixabay
When market chops, goes down > bulls are in anger, when market is going higher and not giving a slight dip > bears and sideliners are in anger.
It's been a test of patience for all of the people waiting for the Altcoins season and looks like there's no way we're getting any of Altcoins season anytime soon.
if BTC goes up, it's fine but when ETH does
It's like time to sell off and chop for another two three weeks just because eth somehow pumped about 5% up and now Altcoins had to go down another -10% to fix it.
It's so clear that Altcoin season is only going to happen when eth takes over the lead which is something only possible if they approve the ETFs.
Or in other way ETH could go higher if they deny ETF because at that point ETH fud will be big enough to pull a kingmaker move to upside.
Second Quarter of the Year Same thing happened in last year second quarter, market went down a lot and the situation was a lot similar to present one.
In last Q2 BTC fell from $32k and the lowest it went was $23k and everyone thought we're going even lower and Altcoins also fell so hard.
When everyone thought it's over and we're in a bear market, they did run it back so high without giving any dips.
Touching grass In Q2 seems a better choice than trying to catch a falling knife.
This could go lot lower but it's just some mind games at the moment BTC isn't losing 60k's while people are expecting lower 60s.. so, it depends if they'll get that lower 60s and if they did trust me they'll wait for more lower and that's when it'll rise again and no one had bought anything.
Wrapping Up....
Like always I'd say it's better to see the long time frame in chart and avoid micro downtrend at all cost. Just cleared my head seeing this market trying to go even lower but it's not going down that easily except the Altcoins.
Also honk Kong pulled off ETFs and did about $10 million in volume on first day seems solid.
May is about to begin and I'm kind of nervous if this time It'll be another crash or up only which is something never happened.
fin.
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