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RE: Bitcoin engulfs out of key support zone ... volume suspect ... can we get some follow through Tuesday?
Not a convincing bounce at all.
For me the greatest risk to the crypto market right now is actually the stock market. If we get a "risk off" type panic in traditional markets it'll hit crypto just as hard. Even though we look oversold there is no reversal on volume since the 6K low so that's not good.
Yep, funnily enough SPX bounced yesterday too ... Crypto was supposed to be a safe-haven ... but it appears to be highly correlated to risk sentiment.
"Highly correlated to risk sentiment" Nailed it there.
I dont know if Crypto was supposed to be a safe-haven. Definitely I thought SBD was supposed to be a safe-haven....and to some extent Tether. But it turns out neither are particularly safe.
Get some Gold and Silver mate ;)