That faint red line is close to major resistance. I haven't caught up on the sentiment do you think it's going to push through? I think it will fail to break out personally and start heading down over time maybe 50% over 12 months.
I don't think the dumb money will be able to prop it up this year (nor do I think they have been flushed out as would generally happen in this kind of bull-bear cycle), nor will there be the insto investment needed. Agree though, too many variables. Being over 20k has already beaten my expectations and I'm not in the money yet to win that bet that it will be sub 20k by June. That will be a nail-biter!!
How much worse can it get? Well, I suppose it depends on which side of the fence you are sitting on. Bob Loukas has just uploaded a new video.
Another positive use for cryptos, will it ever end? Crypto is enabling billions worth of Chinese fentanyl to flood the U.S. - reports Two new reports released on Tuesday and Wednesday show how Chinese chemical companies and drug cartels have used crypto to produce well over $50 billion worth of illegal fentanyl around the world, with much of it ending up in the United States. Researchers at blockchain analytics firm Elliptic published a report on May 23 demonstrating how willing and able Chinese chemical and pharmaceutical manufacturers were to sell fentanyl precursors in bulk. “Elliptic researchers received offers from more than 90 China-based companies to supply fentanyl precursors, 90% of which accepted cryptocurrency payments,” they wrote. Crypto has been illegal in China since 2019, but the chemicals used to manufacture fentanyl are not illegal nor even controlled in the country. Elliptic’s blockchain analysis shows that the cryptocurrency wallets used by these companies received thousands of payments, with the number of transactions rising by 450% year-over-year. The total value of these transactions was $27 million, which would purchase enough precursors to produce $54 billion worth of fentanyl in U.S.
SEC Files 13 Charges Against Binance Entities and Founder Changpeng Zhao. Charges include operating unregistered exchanges, broker-dealers, and clearing agencies; misrepresenting trading controls and oversight on the Binance.US platform; and the unregistered offer and sale of securities. If you got any crypto on Binance …. Get it out NOW!!!! Before you get locked out! There are also rumours SEC is going to file motions against Tether. If true, it will be a death blow to the crypto markets.
A good time to pick up some fallen knives. similar pattern on many alt coins Algo, File, Jasmy, Harmony, Gala
Slow and steady wins the race. Would be good to break into that range and then have a small pullback to allow for more accumulation before the next leg up. Would prefer that scenario rather than getting ahead of itself.
My young son's opinion on the crypto stable coins. He gets more views on sh!t coins than pms, the young ones are only interested in being a millionaire now...... SB