The crypto investors were desperately following the prices of Bitcoin and altcoins going down when we flashback to the last two weeks. Meanwhile, the uptrend in the stock markets in the U.S. and the march of Gold and Silver brought unforgettable memories to the investors.
The narrative shifts within the paradigms can be observed clearly in the markets' current situation. Due to an ambiguous case of a cyber attack or a glitch in an update on the Windows operating system, the whole world suffered tech - driven hard times for a while.
When we look at the situation, there are two lessons to be taken:
1- Technology might have some downs as well. Be prepared and have a manuel back up.
2- The internet - based financial system might be at risk, the cryptocurrencies with blockchain technology can be a great alternative against security concerns.
Shitcoin Charts Everywhere
The bloodbath in precious metals and the stock made people question the health of the current uptrend that these assets are already in.
While the price of Gold was around $2480, a slight correction was already anticipated by lots of investors.
Since the correction went beyond the estimations, the long position holders took more profit and weak hands sold more Gold at the same time. As a result, the rare event of a %2 drop in a day happened in one of the soundest assets of the entire history of humankind.
As you also see on the chart, all the green candles were neutralized within 2 days of dump only.
The stock market investors might feel more discomfort due to the risk of breakdown from the uptrend that the price had been on. In such a case, the trend of technology stocks will be hampered and the potential of the deeper red candles will become a stronger risk.
As crypto market negatively diverged from the uptrend in both precious metals and the stock markets, it is time for it to regain some power to test another all - time - high with new investors. Without the fear of the German government's Bitcoin dump, Mt. Gox customers' potential sell - off and the global tension, the crypto market wants to recover its oversold prices.
What do you think about the situation in crypto and global markets?
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Posted Using InLeo Alpha