CRYPTO CRASH -- What Are We Expecting??

It's the second day of double digit losses. What are we expecting? Well, a lot of this is NOT because of South Korea or Japan or whatever....this correction was long overdue. The catalyst for the crash and "bubble pop" may have been those incidents and the incoming things that seem to be negative news.

Right now, we're starting to approach the panic stage. What happened is a lot of the average Joe's who entered the market late because they finally heard about it and how it was going to the moon, are now starting to panic as well and are in a dilemma of holding tight and looking away or selling.

Double digit sustained losses for the second day in a row has us wondering....when is it ending? Where is support? Well, for now, it might not be too far away.

BITCOIN

Temporarily, BTC was able to find oversold support at the $9000 level. Is this really enough support to bounce and see moves to the upside? Maybe... I'm not fully confident on it yet, and it seems we are still looking at the $8,000 level.

ETHEREUM

Ethereum touched below my $771 support target which allowed me to enter into a nice trade on this current oversold bounce. Next support levels would be $618 and $519. If BTC stays supported at $8,000, I'd think $618 is a lot more likely for support for ETH.

I hope everyone's been staying safe. This correction was definitely coming and I don't think it's over yet. I will say that I think the ATH's for the crypto market is probably set for the time being. We're now hoping for support and stabilization before any volatile movements again. Likely scenario is a touch off of resistance with a strong bounce up but never making a higher high. This is the typical trend for cryptos. If you're in long term hold positions, don't worry about this at all...you weren't selling anyway!!

Happy trading!!