After selling at 13050 on the july 10 peak after following the advice of a few tradingview commentators, I thought about buying back but noticed the same thing happening as the june 26 and july 10 peaks.
The alt coins have started to dump in the last couple of hours and bitcoin stays level, kept fed because all the alts are paired to the bitcoin. selling off of the alt coins keeping bitcoin high for now. Would not supprise me if bitcoin in turn drop again at the daily close or maybe tomorrow. Looks very foolish from my view to buy here no matter what happens this week.
How do you figure that? BTC largely traded in USD, you think those markets are just going to sit there and not move because someone shitcoin lost a bit of value
Bitcin is traded in USD, but as alt coins fall in value they are paired to bitcoin in most cases so the buying of bitcoin with alt coins keeps it artifically inflated, because there is less liquidity on the USD market because those coins are not being sold for USD. That keeps the price inflated.
And it's not not just some shitcoin, it's most of the alt coins combined some 30%-40% of the total market cap of crypto. They will drop, bitcoin will go sideways, (while it is really deflating) then the big BTC will no longer be supported by these alt coins and a sell off will occur as the amount of bitcoin in bearish hands increases. It has happened many times before, and looks like it is happening again.
