Crypto Carnage Continues…

Crypto Carnage Continues…

No immediate catalyst over and above the recent list of potential narratives (from the infrastrucuture bill’s crypto clause to ‘sell the news’ on Taproot and Twitter CFO’s comments), but cryptos are getting monkeyhammered this morning…

Bitcoin is back below $60,000, trading at its lowest in two months…

Broken below its 50DMA…

 

While Ethereum is trading down testing the key $4000 level…

What happens next?

h/t Raoul Pal

Highlighting a lack of “fear” in sentiment, trader and analyst Rekt Capital was sober on the likelihood of a full-on trend reversal.

“Doesn’t seem that BTC investors are fearful enough towards price for this retrace to be over just yet,” he warned.

“It is Extreme Fear that precedes maximum financial opportunity, not neutrality.”

The Crypto Fear & Greed Index stood at 54/100 Thursday — “neutral” territory — having reached local highs of 84/100 on Nov. 9.

Tyler Durden
Thu, 11/18/2021 – 11:57

Share DeepPol