Interpretation of cryptocurrency market on Nov 23 2022
The market saw a small rally last night; ETH is technically showing signs of a bigger bottom. BTC is not for now.
However, ETH is now more significant than BTC in terms of overall market appeal, and the movement of BTC will significantly affect the overall market cap. But ETH will affect numerous small-cap tokens. For the time being, the direction should be long, regardless of which term. For short-term operations, stop loss is a must.
Now the market depth could be better. Investors are like scared birds. A short period with a large single smash plate, as long as the smash through the dense area of the hanging single, after that is the hanging single thin vacuum zone. If the market can afford to undertake the sell-off, the price will stay high. If you can trigger panic, this operation will be very successful. Using borrowed tokens to sell or derivatives to short can be profitable. Just a few days ago, this tactic was seen on ETH. It's just that the ETH takeover force is more substantial and less pronounced than CRV.
But there will always be a day when the market counters this approach. The malicious smash is an isolated case and may not form a market synergy. The success is also not because of a significant shortfall in the project. The expectations themselves have not changed, so the risk is also great. This time the CRV short is an example.
However, ETH is now more significant than BTC in terms of overall market appeal, and the movement of BTC will significantly affect the overall market cap. But ETH will affect numerous small-cap tokens. For the time being, the direction should be long, regardless of which term. For short-term operations, stop loss is a must.
Now the market depth could be better. Investors are like scared birds. A short period with a large single smash plate, as long as the smash through the dense area of the hanging single, after that is the hanging single thin vacuum zone. If the market can afford to undertake the sell-off, the price will stay high. If you can trigger panic, this operation will be very successful. Using borrowed tokens to sell or derivatives to short can be profitable. Just a few days ago, this tactic was seen on ETH. It's just that the ETH takeover force is more substantial and less pronounced than CRV.
But there will always be a day when the market counters this approach. The malicious smash is an isolated case and may not form a market synergy. The success is also not because of a significant shortfall in the project. The expectations themselves have not changed, so the risk is also great. This time the CRV short is an example.
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