FOMO or Fear on Missing Out Seems to be in full swing.
I wrote the other day saying there was likely to be a retraction it just took about 24 hours longer. Now it seems like people are trying to buy on the falling knife again another huge mistake but one that new investors make all the time.
So far all of today has been a downtrend with small bumps back up but this trend most likely will continue for the next few days as there really is nothing new on crypto to really give it that boost.
While there is news of BAKKT launching and Fidelity opening up to institutional investors in a few weeks that has yet to happen so right now all that buying power has simply been a move out of altcoins with some additional market cap. But there really is not much to back it up.
I feel like the next 2-3 weeks will be a steady retraction and then we will get another mega boost once Fidelity and BAKKT get closer to launching and then actually DO launch.
We should all know by now saying one thing and then actually DOING IT is a big gap here in the crypto world but that goes with anything in business and stocks really.
Over the next 72 hours these might end up being good buy in points.
As always this is for entertainment purposes only and is not financial advice. Always do your own research before investing.
The other bit of news that was helping the markets was a rumor of Ebay going to add bitcoin. This is NOT happening nor is it being worked on. (Plus seriously do people still use ebay ?)