Blood moon: Bearish sign for crypto industry
September usually considered a bearish month for crypto. But this time bull cycle is not something like before. As we know Black Rock, Micro Strategy, Fidelity and many other big institutions are in the crypto market. On the other hands governments are also considering BTC and other major crypto currencies as their strategic reserved. Do you know big whales/players believed greatly in astrology. Today we all are witnessing blood moon (the moon eclipses). Currently BTC is trading at ~$111000 and big crypto analyst are predicting a big correction.
On the other hand, In September we are also looking for Fed interest rate cut of atleast 0.25bps. As CPI, PPI and joblessness data showing strong signs and there are high probabilities of rate cut. Analysts are predicting, it will be sell the news event as market already priced in and ready for a big correction before continuation of its up-trend.
Big tech CEO are silently offloading their stocks as we heard Microsoft CEO sold 15% of its company shares and today NVIDIA CEO sold his shares. These are the signs we should keep in mind while making trade for upcoming days. Things are not as they are looking. After rate cuts we know counties hits by recession. There are many other things are going side by side like Ukraine -Russia war, Israel-Gaza war and many other as well.
Bitcoin broken its golden line
EMA50 for 1 day is usually treated as golden line by many crypto gurus. As it is working according the pattern. In June, July and August market retest the line and bounce back immediately. But now in September it has broken and retested as well by flipping strongest support to resistance now. Now EMA50 is treating as a strong resistance and it is a clear sign we are moving ahead of big correction i.e 15% to 25%.
Nothing to worry about, It will be a healthy sign for market if it occurs. Because market never used to go in a straight line. Correction is a good sign and give more strength and fresh liquidity to market. But what if it is the top of market? As big players are getting out of the market. Do they know something which we don't. Certainly there will be many insider news. But to be on safe side always used to follow big money. They will never let you down if you follow them.
Author
Tanvir Zafar
Independent Analyst
Tanveer Zafar is an experienced writer passionate about covering topics about Blockchain, Cryptocurrency and Markets. He has five years of writing experience in these areas of interest.
