Cryptocurrency mega-thread

[beez]

Luckily BTC bounced off the $58k range lows.

 

[BACCS]

Luckily BTC bounced off the $58k range lows.

Brutal brutal day! Mt Gox starting to distribute from cold wallets has created mass panic during a low volume period for the market. The German's aggressively selling in massive clips also not helping... Pretty well induced a crypto black swan event for the first time since FTX's collapse.

Summary of what's happened:

• Biggest long liquidation event since the FTX collapse in November 2022 (and within 10% of that day too)
• BTC and ETH daily RSI's at nearly 20
• ETH has roundtripped the entire ETF approval candle from May
• BTC trading below its lower Bollinger Band on the weekly; for context, it's only ever closed a weekly below here during bear markets (ETH also close to tapping this)
• Last time it tapped the lower BB on the weekly was August 2023 (last time it lost the 200D EMA as well) - took 59 days of sideways chop before a sustained breakout
• Most alts are down 70-90% from March highs and many are back near bear market lows from last June
• ETH has lost an uptrend that it has held as support since last October

Took 8 weeks to recover after FTX and last August, so unless by some miracle the ETFs start aggressively buying again, I don't think much will change until late August. Potentially might see another wick just below where we end up at the end of this week; otherwise, I can see it being a lot of 'slightly up, slightly down' chop for a while.

 

[Macca180]

buy