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Pretty sure by now, everyone is aware that Cryptocurrency is a 24/7 market. But what happened in the other markets will it affect the Crypto market? Unfortunately, it's a yes. Why?
Let's take a look at the current gloabl market - everyone is looking at Evergrande, one of China’s largest property developers. Evergrande currently has some $300 billion in liabilities and her loans was due however she has told major lenders not to expect repayment. And how does this affect worldwide, this is due to fears of an economic contagion triggered by the collapse of China's Evergrande.
As I mentioned earlier, since Crypto Market is a 24/7, this means if someone is looking for cash, they will definitely sell off any possession of any coins/tokens. A large sell off in the Crypto Market means a likely bearish market. And we must definely take into consideration of the fact that most people really value liquidity.
And also please take note that today is still China's holiday; if you think the effect of Evergrande will affect your portfolio greatly, do take a neccesary adjustment or precautions whichever deemed to you is the right move.
Additionally, if you remember FOMC meeting is around the corner too, we will never know what they will be talking about too. Since Somewhere in June, Bitcoin slides after FOMC meeting and China crackdown and last month, Crypto offiically make it into the FOMC meeting agenda
Therefore, always look into the news too & last and not least, let's look at the charts.
BTC/USD D1 chart - will the support around $40,000 be broken?
BTC/USD W1 chart - will the MA20 is able to support it well and MA 50 assist with the support?
Feel free to share with me at the comment section below, what will you do in this current market? or you will make the similar move as El Salvador as she buys more bitcoin
** Disclaimer: This is not intended to be investment advice. Always seek a duly licensed professional for investment advice **
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