Why is the correction happening to such extent?
Everybody is talking about crypto. That is why.
Whales know that THIS is when to sell. If your family member, your mom, your friends, your school teachers, your social media is talking about crypto and bitcoin , you KNOW you are in a bubble.
Crypto is no exception.
The whales took profits, and want to induce panic sell, which they have succeeded.
They are currently in their last stage of their market shake out before they buy in as cheap as possible.
The red shows how it has been consolidating. According to the , it is supposed to reach around $6000
However that stopped around $8000, and yet consolidating again. There is a possibility that another mini-pennant consolidation for another drop to $6000
There is a major support at that range. Reason why we stopped at $8000, is because large amount of people set auto-buy at this level. It is an obvious auto-buy point.
Too obvious. That is why we won't stop there.