18 June, 2024

The sharp correction continues. The market is objectively difficult now, BTC and ETH are falling as hard as it was not in 2022 and almost not in 2023, and 2021 was just easy compared to today's manipulations.

Often the spike breaks randomly in both directions, drawing both a W and V shaped reversal. B like today's W shaped and then a level spike. The market has become complex, that's what ETFs have brought. Speculators, myself included, have long enjoyed the primitiveness of the crypto market for intraday speculation compared to the major stock markets.

What to do now? Adapt quickly. It's very difficult, but what is clear in the current market is the rapid change in patterns. For 2 months we have seen how, when the market falls, a minimum is formed, after which we could safely go long for 1-3 days, and now it is growth for 3-8 hours and falls again. Sometimes we see the formation of a descending wedge which repeatedly breaks down and expands.

In the altcoins there is still complete hopelessness, if you trade altcoins, take the token screener and sort by volume for 24 hours and you will see alts where there is still some movement and interest from investors.

Retail sales were pretty weak and investors were pretty disappointed with that. You can see movement in the crypto market at 15:30, first a small spike in anticipation of a neutral and investor reassuring report and then a decline.

Speeches from Fed members continue throughout the day. And nothing good: no one is promising an imminent taper, a few months of lower inflation does not mean anything, more time is needed, more data is needed. A kind of conspiracy to scare the markets.

The situation is incomprehensible to me. BTC updated the overnight low, but ETH did not. The price is hanging around for the third hour at levels close to last week's lows.

Will there be a bounce or will it continue to fall? BTC's support has already been broken, but volumes say a buyback is underway.