TL; DR
Full story
Every day we consume what mental health professionals call:
“An obscene and borderline dangerous amount of information.”
All so we can take what we’ve learned, turn it into an easy-to-consume information syrup, and deliver it to you.
(That’s our excuse anyway – honestly, we’d probably do it anyway).
Here’s what we’ve learned in the last 24 hours:
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The market has become a little too expanded, meaning prices were due for a pullback but instead moved sideways
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That sideways price action finally breaks and prices start to fall
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But this is a healthy thing: as we said, the crypto market was due for a correction
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The theory is that we are now experiencing a downturn (wave A), which will be followed by a recovery (wave B), before finding a new short-term low (wave C).