Correction in the cryptocurrency market, as I expected occurred.</strong>
Well how do IIt seems, then on the news that the Chinese court, on Thursday, decided to sell the confiscated cryptocurrencies (or correctly say to implement and appropriate them to the Treasury of China) Bitcoin and fell down.Among other things, the seized crypt is estimated at $4.2 billion.
How is everything on time?The cue ball has just reached 20k and let’s drain the crypto on highs. It is not yet clear how the seized crypto will be sold, but I doubt that the Chinese authorities will dump this crypto on the Exchanges, but auctions are more likely. Thus, no matter how scary this news may sound, it is good news, since now the fate of the PlusToken cryptocurrency, which makes up 1% of the turnover of the entire market, has been decided and we have certainty. Moreover, the sale of crypto under the hammer will not affect the market, unless, of course, it is sold on the market from the exchange)))))))))
How deep can this correction go?
There are no people on earth who knows for sure, but II will assume that for now this is the range from 14,400 to 16,200, since this is the average size of the correction in the crypt since March 2020. Open interest at the moment is less and less, which means that everyone is afraid to short and there are fewer and fewer expectations of a deepening correction.
Read this:
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